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New Product Development
New product development (NPD) is the set of functions and processes involved in bringing a
product or service from the idea stage to the market. On average, new products account for more
than 30% of sales and prots, and this explains the 2.5–3.0% R&D share of GDP spent in developed
countries. Companies are constantly ghting to enhance or maintain their market share position,
and new products are viewed as competitive weapons and tools to achieve differentiation and gain
competitive advantage. And, since NPD and product innovation are recognized as crucial elements
of growth and business strategy, senior management ...