New Product Development (NPD) covers the complete process of bringing a new product to market, renewing an existing product or introducing a product in a new market. A central aspect of New Product Development is Product Design, along with various business considerations. New product development is described broadly as the transformation of a market opportunity into a product available for sale. The products developed by an organisation provide the means for it to generate income. For many technology-intensive firms their approach is based on exploiting technological innovation in a rapidly changing market
R&D places a major role in converting the market need into desired Innovative product. Design engineer studies the market requirement, convert them into technical specification, do the feasibility study and comes out with multiple innovative concepts. These concepts are further screened and best concept enters the design face followed by cycle of validation, design optimization and prototype manufacturing. A cross function team of lead from various department involves in further planning and production of the product.
