Product Creation Development
(Redirected from New Product Development)
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A Product Creation Development is a product development that focuses on transforming product opportunitys into new product solutions (through product commercialization processes).
- AKA: New Product Development (NPD).
- Context:
- It can transform Product Opportunity through product need analysis and product market research.
- It can manage Product Design Process through product innovation and product feasibility.
- It can optimize Product Development Variables through product cost, product timeline, and product quality.
- It can address Product Requirements through product practices and product strategy.
- It can handle Product Development Risks through product risk management and product challenge mitigation.
- ...
- It can often create Physical Products through product manufacturing and production processes.
- It can often deliver Service Products through service product development and product experience design.
- It can often exploit Product Innovation through product market change adaptation.
- It can often improve Product Market Share through continuous product development.
- ...
- It can range from being a Simple Product Creation to being a Complex Product Creation, depending on its product complexity.
- It can range from being a Market Driven Product Development to being a Technology Driven Product Development, depending on its product innovation approach.
- ...
- Examples:
- Product Opportunity Types, such as:
- Product Type Developments, such as:
- ...
- New Software Product Development, for a software product.
- New Consumer Product Development, for a consumer product.
- ...
- Counter-Examples:
- Product Maintenance Development, which focuses on existing product support.
- Product Enhancement Development, which emphasizes incremental product improvement.
- Product Market Research, which focuses on product opportunity identification.
- Product Sunsetting.
- See: Product Development, Product Innovation Management, Product Market Research, Product Design, Product Strategy, Business Product, Product Design, Market Opportunity, Disruptive Innovation, User Experience.
References
2021
- (Wikipedia, 2021) ⇒ https://en.wikipedia.org/wiki/New_product_development Retrieved:2021-8-2.
- In business and engineering, new product development (NPD) covers the complete process of bringing a new product to market, renewing an existing product or introducing a product in a new market. A central aspect of NPD is product design, along with various business considerations. New product development is described broadly as the transformation of a market opportunity into a product available for sale. The products developed by an organisation provide the means for it to generate income. For many technology-intensive firms their approach is based on exploiting technological innovation in a rapidly changing market. The product can be tangible (something physical which one can touch) or intangible (like a service, experience, or belief), though 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. The use of best practices and the elimination of barriers to communication are the main concerns for the management of the NPD .
- In business and engineering, new product development (NPD) covers the complete process of bringing a new product to market, renewing an existing product or introducing a product in a new market. A central aspect of NPD is product design, along with various business considerations. New product development is described broadly as the transformation of a market opportunity into a product available for sale. The products developed by an organisation provide the means for it to generate income. For many technology-intensive firms their approach is based on exploiting technological innovation in a rapidly changing market. The product can be tangible (something physical which one can touch) or intangible (like a service, experience, or belief), though 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.