The New Product Development(NPD) is the process of bringing a new product to the marketplace. Your business may need to engage in this process due to changes in consumer preferences, increasing competition and advances in technology or to capitalize on a new opportunity.
Innovative businesses thrive by understanding what their market wants, making smart product improvements and developing new products that meet and exceed their customer’s expectations.
🔸NEW PRODUCT CAN BE: –
Products that your business has never made or sold before but have been taken to market by others.
Products improvements or innovations created and brought to the market for the first time. They may be completely original products or existing products that you have modifies and improved.
🔸NEW-PRODUCT DEVELOPMENT PROCESS: –
Major Stages in New Product Development are mentioned below:
✔️Concept Development and Testing;
✔️Marketing Strategy Development;
🔸NEW PRODUCT DEVELOPMENT STRATEGY: –
Two ways to obtain new products
1.ACQUISITION: It refers to the buying of a whole company, a patent, or a license to produce someone else’s product.
2.PRODUCTS DEVELOPMENT: It refers to original product’s improvements, modifications and a new brand from the firm’s own research and development
(BBA, 3rd SEM, MORNING,SECTION-B)