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Learning Product Development and planning to give a certification exam?
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In business and engineering, new product development 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.
Product development is the complete process of delivering a new product or improving an existing one for customers. The customers can be external or internal within a company. And it can support many different types of products from software to hardware, to consumer goods and services.
The seven stages of the New Product Development process include — idea generation, idea screening, concept development and testing, building a market strategy, product development, market testing, and market commercialization. Here's an insight into each of these stages for understanding how to develop a new product.
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