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New product development. In business and engineering, product development or new product development ( PD or NPD) covers the complete process of bringing a new product to market, renewing an existing product and introducing a product in a new market. A central aspect of NPD is product design, along with various business considerations.
Product design is the process of creating new products for sale businesses to its customers. [1] It involves the generation and development of ideas through a systematic process that leads to the creation of innovative products. [2] Thus, it is a major aspect of new product development . Product Design Process:
Product innovation. Product innovation is the creation and subsequent introduction of a goods or service that is either new, or an improved version of previous goods or services. This is broader than the normally accepted definition of innovation that includes the invention of new products which, in this context, are still considered innovative.
Innovation is production or adoption, assimilation, and exploitation of a value-added novelty in economic and social spheres; renewal and enlargement of products, services, and markets; development of new methods of production; and the establishment of new management systems. It is both a process and an outcome.
A product strategy sets the direction for new product development. Companies utilize the product strategy in strategic planning and marketing to set the direction of the company's activities. [1] The product strategy is composed of a variety of sequential processes in order for the vision to be effectively achieved.
Product demonstration. In marketing, a product demonstration (or "demo" for short) is a promotion where a product is demonstrated to potential customers. [ 1] The goal is to introduce customers to the product in hopes of getting them to purchase that item. Products offered as samples during these demonstrations may include new products, new ...
Commercialization or commercialisation is the process of introducing a new product or production method into commerce—making it available on the market.The term often connotes especially entry into the mass market (as opposed to entry into earlier niche markets), but it also includes a move from the laboratory into (even limited) commerce.
Product planning. Product planning (or product discovery) is the ongoing process of identifying and articulating market requirements that define a product's feature set. [1] It serves as the basis for decision-making about price, distribution and promotion. Product planning is also the means by which companies and businesses can respond to long ...