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New Product Development Explained

New product development (NPD) is a process designed to develop, test, and consider the viability of new products entering the market in order to ensure an organization's growth or survival. A new product can open an entirely new market, adapt or replace an existing product, significantly broaden the market for an existing product, or reintroduce an old product to a new market through different packaging or marketing. Organizations develop new products to add to their portfolio, create future stars and cash cows, replace declining products, take advantage of new technologies, maintain or increase market share, defeat or keep up with rivals, and gain competitive advantages.

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Mohammed Sameer
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56 views1 page

New Product Development Explained

New product development (NPD) is a process designed to develop, test, and consider the viability of new products entering the market in order to ensure an organization's growth or survival. A new product can open an entirely new market, adapt or replace an existing product, significantly broaden the market for an existing product, or reintroduce an old product to a new market through different packaging or marketing. Organizations develop new products to add to their portfolio, create future stars and cash cows, replace declining products, take advantage of new technologies, maintain or increase market share, defeat or keep up with rivals, and gain competitive advantages.

Uploaded by

Mohammed Sameer
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

Presentation Transcript

New product development :


New product development NPD is a process which is designed to develop, test and
consider the viability of product which are new to the market in order to ensure the
growth or survival of the organisation.

What is a new product? :


What is a new product? A product that opens up an entirely new market. A product
that adapts up or replace an existing product. A product that significantly broadens
the market for an existing product. An old product introduced in a new market. An
old product packaged in different way. An old product marketed in a different way.

Why develop new products? :


Why develop new products? To add to product portfolio To create stars and cash
cows for future To replace the declining product To take advantage of new
technology To maintain/increase market share To defeat rivals To keep up with
rivals To make competitive advantages

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