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Definition

New product development

New product development refers to the development of original products, product improvements, product modifications, and new brands through the firm’s own product development efforts.

New products are the lifeblood of a company. As old products mature and fade away, companies must develop new ones to take their place. For example, only eight years after it unveiled its first iPod, 51 percent of Apple's revenues come from iPods, iphones, and iTunes.

New products are important- to both customers and marketers who serve them.For customers, they bring new solutions and variety to their lives. For companies, new products are key a key source of growth. New products psovide new ways to connect with customers as they adapt their buying to changing economic times.

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