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New product development (NPD) or product development in business and engineering covers the complete process of launching a new product to the 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.
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.
The new product is called a spin-off. Organizations use this strategy to increase and leverage brand equity (definition: the net worth and long-term sustainability just from the renowned name). An example of a brand extension is Jello-gelatin creating Jello pudding pops. It increases awareness of the brand name and increases profitability from ...
A product strategy sets the direction for new product development. Companies utilize the product strategy in strategic planning and marketing to set the direction of the company's activities. [1] The product strategy is composed of a variety of sequential processes in order for the vision to be effectively achieved.
It refers to an approach used in product development in which functions of design engineering, manufacturing engineering, and other functions are integrated to reduce the time required to bring a new product to market. [1] By completing the design and manufacturing stages at the same time, products are produced in less time while lowering cost.
A product pipeline is a series of products, either in a state of development, preparation, or production, [1] developed and sold by a company, and ideally in different stages of their life cycle.
In new product development, product, packaging, positioning and advertising information can be collected through researching to confirm a new product proposition. In diagnostic studies, qualitative research is used to determine how the brand image has changed since the start of an advertising campaign .
A minimum viable product (MVP) is a version of a product with just enough features to be usable by early customers who can then provide feedback for future product development. [ 1 ] [ 2 ] A focus on releasing an MVP means that developers potentially avoid lengthy and (possibly) unnecessary work.