Editing New product development (section)

{{Short description|Process of bringing a new product to market}}
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'''New product development''' ('''NPD''') or '''product development''' in [[business]] and [[engineering]] covers the complete process of launching a new [[product (business)|product]] to the [[market economy|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]]. New product development is the realization of a [[market opportunity]] by making a product available for purchase.<ref>{{Cite book |title=A dictionary of business and management |date=2009 |publisher=Oxford University Press |isbn=9780199234899 |edition=5th |oclc=277068142}}</ref> The products developed by an commercial organisation provide the means to generate [[income]].

Many technology-intensive organisations exploit technological [[innovation]] in a rapidly changing consumer market.<ref name=":9780273736561">{{Cite book |title=Innovation Management and New Product Development |date=2012 |publisher=Pearson Education |isbn=9780273736561 |edition=5th}}</ref> A product can be a tangible [[asset]] or intangible. A service or [[user experience]] is intangible. In law, sometimes services and other processes are distinguished from "products". NPD requires an understanding of customer needs and wants, the competitive environment, and the nature of the market.

Cost, time, and quality are the main variables that drive customer needs. Aiming at these three variables, innovative companies develop continuous practices and strategies to better satisfy customer requirements and to increase their own market share by a regular development of new products. There are many uncertainties and challenges which companies must face throughout the process.<ref name=":9780273736561" />