New Product Development (NPD)
New Product Development describes the complete process of bringing a new product or service to market.
There are two parallel paths involved in the NPD process: one involves the generation of ideas, product design, and engineering the details; the other is in the area of market research and marketing analysis.
Organizations traditionally see new product development as the first stage in generating and commercializing new products as a part of the overall strategic process of product life cycle which management uses to maintain or grow their market share.
What is the core problem solved by a new product?
What is our niche in the marketplace?
Is there such a strong demand for one type of product that a simular one may still achieve strong market share?
Is the time spent developing such have a strong return on investment in a justifiable amount of time?
Budget: $1,000 - $5,000 monthly