Podcast
Questions and Answers
What does product development (PD or NPD) cover in business and engineering?
What does product development (PD or NPD) cover in business and engineering?
- All mentioned processes (correct)
- The process of renewing an existing product
- The process of bringing a new product to market
- The process of introducing a product in a new market
What is a central aspect of new product development (NPD)?
What is a central aspect of new product development (NPD)?
- Product design (correct)
- Cost analysis
- Market research
- Quality control
How is new product development described broadly?
How is new product development described broadly?
- The transformation of a product into a market sale
- The transformation of a market opportunity into a product available for sale (correct)
- The transformation of a sale into a market opportunity
- The transformation of a product into a market opportunity
What do the products developed by an organisation provide?
What do the products developed by an organisation provide?
What does NPD require an understanding of?
What does NPD require an understanding of?
Flashcards
Product Development (PD or NPD)
Product Development (PD or NPD)
The entire process of taking a product idea from its initial concept to its launch in the market.
Product Design
Product Design
Focus on all the steps required to create a new product, starting with defining the product's features and functionalities.
New Product Development (NPD)
New Product Development (NPD)
It's a process that converts a market need or opportunity into a tangible product ready for sale.
What do new products provide?
What do new products provide?
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What is essential for NPD?
What is essential for NPD?
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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.
