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.
2. Aims of Identifying Best Practice in NPD for a start up company:-
The subsequent are the aims of identifying best practices in New Product Development for a start – up company:-
- To reduce the cost of the product by implementing the precise new product development techniques.
- To demeanor research on the product before its launch in the market according to the customer needs and wants.
- To use the efficiency obtain process performance data and related best practices in
new product development.
- To support the use of benchmarking to facilitate new product development process improvement and the achievement of improved innovation, cycle time and technology transfer.
- The product can be completed on time and under the budget which is allocated for its development.
- At last it should meet sales and cost goals which are imperative for the start up companies before to launch its product and extensive business plan should be drawn for that.
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