New Product Development

Wikipedia gives the traditional definition of new product development:

In business and engineering, new product development (NPD) is the term used to describe the complete process of bringing a new product or service to market. There are two parallel paths involved in the NPD process: one involves the idea generation, product design, and detail engineering; the other involves market research and marketing analysis. Companies typically see new product development as the first stage in generating and commercializing new products within the overall strategic process of product life cycle management used to maintain or grow their market share.

As Wikipedia points out, it's a very traditional and limited in its applicability anymore, but if you read traditional texts, you will get this.

In the new marketing environmentm, all this has changed. Now it's the entrepreneur locating his passion and his mission, and collaborating with other entrepreneurs and with users to co-design products. Things change too fast and time to market is so important you can't use this very linear approach to creating products.

Also, I think gaming technology gives a more cost effective way of evaluating the market for the product.

These are my thoughts on new product development. If you have any points or comments or questions, post them here. For my Linkedin profile, go to www.linkedin.com/in/timbosworthsprofile. For my thoughts on real estate 2.0, go to www.yourstopforrealestate.com/blog. For writing and publishing, or to order my book, go to www.kearneymusicschoolmurders.blogspot.com.