New product development
New product development: (1) the overall process of strategy, organization, concept generation, product and marketing plan creation and evaluation, and launch of a new product. (2) Sometimes 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 engaged in the new product creation task. New product development concerns activity within an organization, in contrast to the acquisition of finished new products from outside.
Source: http://homepages.wmich.edu/~brogowic/NewProductsManagementGlossary.doc
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Author of the text: Crawford & Di Benedetto
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