What is new product development? (500 words)

- Coined by Andy Grove from Intel in a seminal article, this concept argues that companies need to continuously innovate, launch new products, and develop related processes in order to avoid stagnation.
- Define the steps associated with the new product development lifecycle (concept generation, concept development, business analysis, product development, field trials, and commercialization).
- Tell the audience about the reasons which cause businesses to invest in the development of new products (Client's needs change, so new products are needed. Companies want to increase profits/sales, so they develop new products. They want to compete.)
- Offer either 1 or 2 examples of new products which a well-known company has put on the market.