Innovative product development
Innovative product development is seen as the transformation of a market opportunity into a product, which could be tangible (something you can hold or touch) or intangible (a service or experience).
It could be a fundamental alteration to an existing product or the development of a completely new product in response to changed customer requirements and/or market circumstances. The main conditions for successful product development are a good understanding of customer requirements, knowledge of the competition and of the market. Cost, time and quality are decisive for a (potential) customer when making his/her choice.
The iterative process of product development involves many uncertainties and challenges. Obtaining knowledge of and analysing best practices can eliminate or reduce (financial) obstacles and uncertainties.