New product development (NPD) is a process that designates the complete process of bringing a new product or service to market. There are two individual parts involved in the NPD process. One part of NPD involves the idea generation, product design, and engineering. The other aspect of NPD involves market research and marketing analysis. The way in which these two parts come together varies by industry or with individual strategic plans. However, organizations almost always view new product development as the first stage in creating and developing new products while also considering product life cycle management which can subsequently be used to maintain or grow their market share. In this era of globalization and international outsourcing, organizations are increasingly focusing on redesigning the product development process to adapt to changing capacities. New business strategies, organizational structures, business processes and technology are being...

As a result, organizations take totally different directions in the evolution of their product development process. While some of these differences are the result of legitimate reasons, a frequent problem that is prevalent is the lack of a common framework of the best practices of product development in changing business environments.
With extensive investment of time, an organization could develop the mature internal expertise necessary to produce an effective set of capabilities for product development. During the entire process, from the initial concept to the launch of new product, the activities of the production and marketing functions are usually just as critical as those of the product development design functions. Nearly all of these activities are interdependent is some way or another. The…