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new product development (NPD)

The process of developing a new product, service, technology or process (or innovating on an existing one), from the initial idea to its launch.

Classically, NPD can be divided into 6 stages, each with a deliverable and often a gate: Idea screening (selection of the most promising ideas), Concept testing (feasibility and market study, identification of prospective users and testing of the concept), Business Analysis (will this product be profitable?), Prototype testing, Product implementation, and Launch.