Definition (1):
Team-based new-product development is an approach to developing new products in which company departments work closely together in cross-functional teams, overlapping the steps in the product development process to save time and increase effectiveness. To get new products to market more quickly, many companies use this approach. Instead of passing the new product from department to department, the company assembles a team of people from various departments that stay with the new product from start to finish.
Definition (2):
According to Philip T. Kotler and Gary Armstrong, Team-based new-product development means “An approach to developing new products in which various company departments work closely together, overlapping the steps in the product development process to save time and increase effectiveness.”
Team-based new-product development is a means for dealing with growing new products where company offices work strictly together in cross-useful teams, covering the ways in the product development procedure to save time and ensure adequacy. To get new products for advertising more rapidly, various companies utilize a team based on a new-product improvement approach. Instead of passing the new product from one office to another, the company organizes a team of officials from different offices that will work with the new product all the way.