Product Development

What is Product Development?

In business and engineering, new product development (NPD) covers the complete process of creating and shaping a new product to sell.

NPD requires an understanding of your customer needs and wants (customer development), the competitive landscape, and the nature of the market.

Once you've created your new product, you need to:

  1. Position it against your true competitors.
  2. Price it according to the customer's willingness to pay.
  3. Get it out to the market.
  4. Keep improving the product until your customers can't stop talking about it (AKA, product-market fit).

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