New Product
Development

 
 
 

Definition:  The overall process of strategy, organization, concept generation, product and marketing plan creation and evaluation, and commercialization of a new product.

 
As an integral part of the New Product Development process, we must also define:  
 

Product Life Cycle: A collection of generally sequential, non-overlapping product phases whose name and number are determined by the manufacturing and control needs of the organization. Generally the first phase will be Product Planning; the final stage will be Product Retirement.

 
                                                                  
 
 

 
 
 
 
 
 
 
Download this graphic: GS360 Product Development Flow