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Questions and Answers
What does product development (PD or NPD) cover in business and engineering?
What is a central aspect of new product development (NPD)?
How is new product development described broadly?
What do the products developed by an organisation provide?
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What does NPD require an understanding of?
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Study Notes
Product Development (PD or NPD)
- Covers the process of designing, creating, and launching new products or services in business and engineering
- Involves the entire process from ideation to commercialization
Central Aspect of New Product Development (NPD)
- Creation of new products or services that meet specific customer needs or wants
Description of New Product Development
- Broadly described as a transformation of a market opportunity into a product or service that meets customer needs
Products Developed by an Organisation
- Provide a means for the organisation to deliver value to customers and generate revenue
Understanding Required for NPD
- Requires an understanding of customer needs, market trends, technology, and business strategy
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Description
Test your knowledge of product development and new product development (PD or NPD) with this quiz. Explore the process of bringing a new product to market, renewing existing products, and introducing products in new markets. Assess your understanding of product design and its relationship with business considerations in the NPD process.
