New-product development (NPD) is the overall process for developing a new product, although the exact stages in this process may vary by company.
According to Kotler and Keller, the major steps include the following: 
- Idea generation
- Idea screening
- Concept development and testing
- Marketing strategy development
- Business analysis
- Product development
- Market testing
- Product commercialization
These stages are roughly sequential, but may in some cases occur simultaneously. Occasionally the term’s meaning is restricted to that part of the process done by technical (e.g., research and development) departments.
New-product development concerns activity within an organization, in contrast to the acquisition of finished new products from outside.
- ^ Kotler, Philip, and Kevin Lane Keller, Marketing Management 12th edition, Pearson/Prentice Hall, 2006, pp 654-655.
- ^American Marketing Association, AMA Dictionary.
- ^ Govoni, N.A. Dictionary of Marketing Communications, Sage Publications (2004).
- ^ Business 2 Community, Eight Simple Steps for New Product Development.