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New Product Development (NPD) is a huge subject and one that is absolutely essential to the survival and growth of any company providing a product or service.
In our last article on New Product Development, we looked at the stages involved in developing an idea into a developed product. This is not a stand-alone activity, however.
In the New Product Development (NPD) process, the prototyping stage is where the idea starts to become a reality. This is the point where engineering and design are tested, market studies are undertaken and the company’s ability to fully support the product is assessed.
Intense global competition, rapid technology change and changing patterns of market opportunities means companies have to continually invest in New Product Development (NPD), if not for profit then for survival.
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