What we know about New Product Development (NPD)

This paper explains the concept of New Product Development (NPD) – the process of bringing a new product to market – and how to ensure its success.

Successful new product launches are those that listen to consumer needs and develop an in-depth understanding of what drives consumer preferences. Whatever brand strategy is chosen for a new product, the business must be prepared to invest a significant amount of money over the long-term to support the product. Often new product launches fall down as the media investment is much lower than required, and solely focus on short-term gains.

Definition

New product development (NPD) is the process of bringing a new product to market. This includes conceptualising ideas, designing, developing and eventually launching a new product or service in...

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