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New product development is described in the literature as the transformation of a market opportunity in to a product available for sale & it can be tangible ( that is , something physical you can touch ) or intangible ( like a service , experience ,or belief ).
New product development is a task taken by the company to introduce newer products in the market. Regularly there will arise a need in the business for new product development. Your existing productsmay be technologically outdated, you have different segments to target or you want to cannibalize an existing product
It is a process which is designed to develop, test, and consider the viability of products which are new to the market in order to ensure the growth or survival of the organisation.
It is the process of bringing the new product to the market. There are different stages involved in New Product Development such as Idea Screening, Idea generation, Market testing, Commercialization, etc..
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