System of defined steps and tasks such as strategy, organization, concept generation, marketing plan creation, evaluation, and commercialization of a new product. It is a cycle by means of which an innovative firm routinely converts ideas into commercially viable goods or services.
Besides, what is product development stage?
Before a product can embark on its journey through the four product life cycle stages, it has to be developed. New product development is typically a huge part of any manufacturing process. Just as the product life cycle has various stages, new product development is also broken down into a number of specific phases.
What do you mean by a new product development?
Process of developing a new product or service for the market. This type of development is considered the preliminary step in product or service development and involves a number of steps that must be completed before the product can be introduced to the market.