The overall process of strategy, organization, concept generation, product and marketing plan creation and evaluation, and commercialization of a new product
a set of activities beginning with the perception of a market opportunity and ending in the production, sale, and delivery of a product (Ulrich & Eppinger 2000)
The process which consists of developing, testing, naming, and packaging prototypes
Expenses incurred in development of new products (salaries, laboratory equipment, test equipment, prototypes, research and development, etc )
A strategy for company growth by offering modified or new products to current market segments Developing the product concept into a physical product in order to ensure that the product idea can be turned into a workable product
The entire cycle for a new product from concept through manufacturing including design, engineering, materials selection, component selection, manufacturing process selection, and documentation
The process of getting the product (goods or services) ready to offer to your target customer base An obvious music example is the need to rehearse before going on stage or in the studio Product development takes place before anything is sold
The phase in which the organisation determines if it is technically and financially feasible to produce a new product p 301