A form of derivative product that adds or modifies features without significantly changing the product functionality. Find more New Product Development (NPD) terms here.
Information about the firm’s customers, competitors, or markets. Information may be from secondary sources (already published and publicly available) or primary sources (from customers themselves). Market research may be qualitative in nature, or quantitative. Read more about market research in these thought leadership papers: We already know our customers, so
A good or service that has never before been available to either consumers or producers. The automobile was new-to-the-world when it was introduced, as were microwave ovens and pet rocks. Additional New Product Development (NPD) definitions can be found at the NPD Glossary. © Global NP Solutions Your Strategic
A new product project which seeks to position an original product in a new market without substantially changing the original product. Learn more New Product Definitions here.
A prediction, over some defined time, of the success or failure of implementing a business plan’s decisions derived from an existing strategy. Find more NPD definitions here.
One who purchases or uses your firm’s products or services. Find additional definitions on New Product Development here.
A multifunctional group of individuals chartered to plan and execute a New Product Development project. Virtual product development teams have special concerns due to dispersion. Four Tips for Virtual Teams addresses how to better manage product development efforts when the working team members are dispersed across the globe. For more
A type of new product project that does not introduce dramatic changes to the product, but can influence consumer behavior by implementing new pricing or other cost advantages. Find definitions of more New Product Development terms here.
The process by which a new product is introduced into the market for initial sale. Find more definitions of New Product Development (NPD) terms here.
Projection of achievable sales revenue, often based on historical sales data, analysis of market surveys and trends, and salespersons’ estimates. Also called sales budget, it forms the basis of a business plan because the level of sales revenue affects many aspects of commercialization of a new product.