What is new product development?

• NPD is the process of bringing a new product or service to the market
• 1 - Generating ideas through different methods e.g. brainstorming
• 2 - Screening the ideas to come up with a specific idea
• 3 - Development and testing of the concept
• 4 - Analysis of costs, sales forecasts and likely profits
• 5 - Market testing of the concept
• 6 - Product launch