Explain the concept of New product development
process
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New product development is the process of bringing an original product idea to market. Although it differs by industry, it can essentially be broken down into five stages: ideation, research, planning, prototyping, sourcing, and costing.
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The product development process encompasses all steps needed to take a product from concept to market availability. This includes identifying a market needs, researching the competitive landscape, conceptualizing a solution, development a product road map, building a minimum viable product etc
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