To be successful in today's dynamic, fast paced and hi-tech economic environment, organizations are coming up with varied products to gain and sustain competitive advantage in the marketplace. With the increased consumer awareness about the products in the Indian market, organizations should have a clear understanding of the consumer perceptions. They should increase the value of the product being introduced which helps for an innovative product launch.

New Product Development (NPD) can be defined as a process of developing, designing, creating and marketing a new idea or a product or its preamble into the marketplace. NPD is a proactive process/ongoing process where the resources are allocated to identify any changes/alterations in the market and try to seize the opportunity for enhanced and continuous development of innovative (renewed) products. NPD and the delivery process mainly focus on transfer of new products from R&D to manufacturing and from there to a successful market launch.

New products are the backbone (lifeblood) of any company's progress. Innovative products set the lifelines for the firm's profitability and its success. New products are the accelerating factors for maintaining company's supremacy in the market; it facilitates the company to fight the competition better. Therefore, many progressive companies are laying great emphasis on NPD, to have a steady stream of successful and profitable new products.

The two important aspects involved in the development process are the core manufacture of the product and the market analysis (key players with competitive products). Marketers often view this to be the initial stage in the product life cycle management. The company looking for new product development need to evaluate each step based on the set objective criteria whether it is worth investing to continue in the market. Most of the industry experts view that product development consumes 50% of the time which involves all the factors like time, money and the nature of the product.

MBA Review Magazine, New Product Development, Hi-tech Economic Environment, Innovative Products, Product Life Cycle Management, FMCG Companies, Product Diversification, New Market Segments, Financial Tools, Process Methodology, R&D Department, Decision-making Process, Financial Resources, Promotional Strategies, Financial Services, Telecommunications Industries.