Answer:
In business and engineering, new product development covers the complete process of bringing a new product to market, renewing an existing product or introducing a product in a new market. A central aspect of NPD is product design, along with various business considerations.
Explanation:
Product development typically refers to all of the stages involved in bringing a product from concept or idea through market release and beyond. In other words, product development incorporates a product's entire journey. ... Identifying a market need—Products solve problems.
Following are some common examples of product development. Packing wheat flour in retail bags for household consumption. Packing cooking oil in retail pouches for household consumption. Converting land line phones into wireless handsets for easy portability and full-time access to communication.
