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Systematic new product development focuses on creating a process that allows for the collection, review, and evaluation of new product ideas. [33] Having a way in which employees, suppliers, distributors, and dealers become involved in finding and developing new products is important to a company's success. [34]
Product innovation is the creation and subsequent introduction of a good or service that is either new, or an improved version of previous goods or services. This is broader than the normally accepted definition of innovation that includes the invention of new products which, in this context, are still considered innovative.
Research and development (R&D or R+D) [1], known in some countries as experiment and design, 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.
Innovation is production or adoption, assimilation, and exploitation of a value-added novelty in economic and social spheres; renewal and enlargement of products, services, and markets; development of new methods of production; and the establishment of new management systems. It is both a process and an outcome.
Product life cycle can be viewed as an important source of investment decision for the company. If a company or brand wants to make sure that its products are successful, it needs to study the product life cycle to analyze market attractiveness and supplement the conclusion before it launches a new product or enters a new market. [15]
Product design is the process of creating new products for businesses to sell to their customers. [1] It involves the generation and development of ideas through a systematic process that leads to the creation of innovative products. [2] Thus, it is a major aspect of new product development. Product Design Process:
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