🔹NEW PRODUCT DEVELOPMENT:

The New Product Development(NPD) is the process of bringing a new product to the marketplace. Your business may need to engage in this process due to changes in consumer preferences, increasing competition and advances in technology or to capitalize on a new opportunity.
Innovative businesses thrive by understanding what their market wants, making smart product improvements and developing new products that meet and exceed their customer’s expectations.
🔸NEW PRODUCT CAN BE: –
 Products that your business has never made or sold before but have been taken to market by others.
 Products improvements or innovations created and brought to the market for the first time. They may be completely original products or existing products that you have modifies and improved.
🔸NEW-PRODUCT DEVELOPMENT PROCESS: –
Major Stages in New Product Development are mentioned below:
✔️Idea Generation;
✔️Idea Screening;
✔️Concept Development and Testing;
✔️Marketing Strategy Development;
✔️Buying Analysis;
✔️Product Development;
✔️Testing Marketing;
✔️Commercialization;
🔸NEW PRODUCT DEVELOPMENT STRATEGY: –
Two ways to obtain new products
1.ACQUISITION: It refers to the buying of a whole company, a patent, or a license to produce someone else’s product.
2.PRODUCTS DEVELOPMENT: It refers to original product’s improvements, modifications and a new brand from the firm’s own research and development

SACHIN PAL
(BBA, 3rd SEM, MORNING,SECTION-B)

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