What is New Product Development in Marketing?

Learn New Product Development definition in marketing with explanation to study “What is New Product Development”. Study new product development explanation with marketing terms to review marketing course for online MBA programs.

New Product Development Definition

  • Development of original products, product improvements, product modifications, and new brands through the firm's own product development efforts.

    Principles of Marketing by Philip T. Kotler, Gary Armstrong

New Product Development Explanation

New item advancement is the way toward carrying another item to the commercial center. Your business may need to take part in this procedure because of changes in shopper inclinations, expanding rivalry and advances in innovation or to gain by another chance. Creative organizations flourish by understanding what their market needs, making keen item upgrades, and growing new items that meet and surpass their clients' desires. NPD isn't constrained to existing organizations. New organizations, sole brokers or even specialists can manufacture a spot in the market by inquiring about, creating and presenting new or even erratic items. Essentially, you don't should be an innovator to ace NPD. You can likewise think about obtaining new items through permitting or copyright securing.

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