New Product Development

n.

Pronunciation

/nu ˈprɑdəkt dɪˈvɛləpmənt/

Acronym

NPD

Definition

The process of a business developing a new product and bringing it to market.

New Product Development involves a disciplined approach to research, development, and marketing a new product. NPD can also refer to a major update to an existing product that adds new features or innovates existing features. Businesses do not necessarily have to be the original inventor of the product in an NPD cycle.

Category

Business

Related Terms

Product Data Management, Product Lifecycle Management

Product Information Encyclopedia

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