New product development

(1) The overall process of strategy, organization, concept generations, product and marketing plan creation and evaluation, and commercialization of a new product.
(2) Sometimes this term is restricted in meaning to that part of the process done by technical (R&D and manufacturing) departments.
(3) Sometimes used to denote the person or persons an organization, in contrast to the acquisition of finished new products from outside.
(4) The development of original products, product improvements, product modifications, and new brands through the firm's own R&D efforts.