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New product development (NPD) or product development in business and engineering covers the complete process of launching a new product to the market. Product development also includes the renewal of an existing product and introducing a product into a new market. A central aspect of NPD is product design.
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Research and development (R&D or R+D) [1] is the set of innovative activities undertaken by corporations or governments in developing new services or products. [2] [3] [4] R&D constitutes the first stage of development of a potential new service or the production process.
The Product Development and Management Association (PDMA) is an American nonprofit professional society that organizes and publishes information about new product development. Founded in 1976, [1] they currently have about 3500 members worldwide, [2] with 22 chapters in the United States and 16 affiliates in other parts of the world, including ...
Lean product development has been claimed to produce the following results: Increase innovation ten-fold [10] Increase introduction of new products 400%-500% [10] [11] Companies such as Toyota can attribute their success to lean product development. In 2000, Toyota launched 14 new products, a larger product line than GM's entire product offering.
A product pipeline is a series of products, either in a state of development, preparation, or production, [1] developed and sold by a company, and ideally in different stages of their life cycle.
New business development concerns all the activities involved in the creation of a new enterprise and in realizing new business opportunities, including product or service design, business model design, and marketing.
The product of the technology may be a commodity such as polyethylene plastic or a sophisticated product like the integrated circuits used in a smartphone. The development of a competitive product or process can have a major effect on the lifespan of the technology, making it longer. Equally, the loss of intellectual property rights through ...