New Product Development, also referred to as NPD, is a management methodology that is used to develop any product or service. In the general sense, it is a systematic methodology employed to manage all processes of new product development ranging from strategy development to launching a new product to the market. These processes can in general be classified as idea generation, research, development, testing, analysis, and launching to the market. While certain companies engage in rather marketing oriented activities within scope of these processes, other companies need to engage in efforts that concentrate on R&D. Every company may have its individual new product development strategy that will satisfy the company’s needs or make the company achieve success on the market. What matters is the capability to manage these processes in a systematic and properly measureable way.
Companies do not necessarily have to employ dozens of engineers and make innovations with special focus on research and development (R&D) in order to develop products and services that can be successful on the market. Sometimes, a new product development activity may comprise the alteration of a product’s packaging or changing the service format without altering the product at all. Hence, it is possible that a company’s new product development activities place special focus on marketing activities in order to systematically develop products and services.
Kordinat provides services for its customers’ New Product Development activities in collaboration with consultants of the American Product Development and Management Association (PDMA).