Process of developing a new product or service for the market. This type of development is considered the preliminary step in product or service development and involves a number of steps that must be completed before the product can be introduced to the market. New product development may be done to develop an item to compete with a particular product/service or may be done to improve an already established product. New product development is essential to any business that must keep up with market trends and changes.
Use this term in a sentence
- Corporate Entrepreneurship and its Importance in Large Companies
- How to Succeed in Business
- New Business Ideas for the Budding Entrepreneur
- How to Motivate and Retain Employees â Essentials Every Organization Should Know
- Importance of Developing Leadership Skills
- Macroeconomic Factors and the Management Environment