{"id":6617,"date":"2018-12-11T10:20:10","date_gmt":"2018-12-11T10:20:10","guid":{"rendered":"https:\/\/www.pre-scient.com\/?p=6617"},"modified":"2024-01-25T06:30:36","modified_gmt":"2024-01-25T06:30:36","slug":"what-is-new-product-development","status":"publish","type":"post","link":"https:\/\/www.pre-scient.com\/us\/what-is-new-product-development\/","title":{"rendered":"What is New Product Development?"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Often businesses confront consumer preferences, increasing competition and advances in technology; credits to a rapidly changing market scenario. Your business may need to capitalize on an opportunity with the sole intent of getting a monopoly on your respective sector.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A common practice of companies is to engage in a process of understanding what their market wants, making smart product improvements, and developing new products that meet and exceed their customer&#8217;s expectations. This entire procedure can be termed as \u2018New product development\u2019 (NPD).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">New product development is the process which involves forming strategy, organizing requirements, generating concepts, creating product &amp; marketing plan, evaluating and subsequent commercialization, thereby bringing a new product to the marketplace.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8216;New products&#8217; can be:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Products that has never been manufactured or sold before but have been introduced to ther market by others<\/li>\n\n\n\n<li>Product innovations created and brought to the market for the first time. They may be completely original products, or existing products that have been modified and improved<\/li>\n\n\n\n<li>NPD is not limited to existing businesses, but rather, new businesses, sole traders or even freelancers can forge a place in the market by researching, developing, and introducing new products. Similarly, one doesn&#8217;t need to be an innovator to master NPD. One can also consider purchasing new products through licensing or copyright acquisition.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">This article explains the importance of NPD and Industrial Design which is a subset of NPD and describes the steps involved.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Often businesses confront consumer preferences, increasing competition and advances in technology; credits to a rapidly changing market scenario. Your business may need to capitalize on an opportunity with the sole intent of getting a monopoly on your respective sector. A common practice of companies is to engage in a process of understanding what their market wants, making smart product improvements, and developing new products that meet and exceed their customer&#8217;s expectations. This entire procedure can be termed as \u2018New product development\u2019 (NPD). New product development is the process which involves forming strategy, organizing requirements, generating concepts, creating product &amp; marketing plan, evaluating and subsequent commercialization, thereby bringing a new product to the marketplace. &#8216;New products&#8217; can be: This article explains the importance of NPD and Industrial Design which is a subset of NPD and describes the steps involved.<\/p>\n","protected":false},"author":1,"featured_media":11337,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[108],"tags":[],"class_list":["post-6617","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-new-product-development"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What is New Product Development? | Prescient Technologies<\/title>\n<meta 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href=\"https:\/\/www.pre-scient.com\/us\/category\/knowledge-center\/new-product-development\/\" rel=\"category tag\">New Product Development<\/a>","rttpg_excerpt":"Often businesses confront consumer preferences, increasing competition and advances in technology; credits to a rapidly changing market scenario. Your business may need to capitalize on an opportunity with the sole intent of getting a monopoly on your respective sector. A common practice of companies is to engage in a process of understanding what their market&hellip;","_links":{"self":[{"href":"https:\/\/www.pre-scient.com\/us\/wp-json\/wp\/v2\/posts\/6617","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pre-scient.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pre-scient.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pre-scient.com\/us\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pre-scient.com\/us\/wp-json\/wp\/v2\/comments?post=6617"}],"version-history":[{"count":3,"href":"https:\/\/www.pre-scient.com\/us\/wp-json\/wp\/v2\/posts\/6617\/revisions"}],"predecessor-version":[{"id":15883,"href":"https:\/\/www.pre-scient.com\/us\/wp-json\/wp\/v2\/posts\/6617\/revisions\/15883"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pre-scient.com\/us\/wp-json\/wp\/v2\/media\/11337"}],"wp:attachment":[{"href":"https:\/\/www.pre-scient.com\/us\/wp-json\/wp\/v2\/media?parent=6617"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pre-scient.com\/us\/wp-json\/wp\/v2\/categories?post=6617"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pre-scient.com\/us\/wp-json\/wp\/v2\/tags?post=6617"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}