New product development involves designing, producing, and selling new products as a means of increasing firm revenues and profitability.

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New product development is a common strategy used by companies to introduce new and innovative products into the market, with the aim of increasing their revenues and profitability. This process involves various stages, from idea generation and concept development to product design and testing, manufacturing, marketing, and sales. The ultimate goal of new product development is to create products that meet customer needs and preferences, are distinctive and better than existing offerings, and can generate sustainable competitive advantage for the company.

New Product Development Involves Designing, Producing, and Selling New Products