New Product Development (NPD) is a exploring field, leading to oceans of knowledge in various fields of working environment. NPD includes various Catalogs like Idea Generation, Idea Screening, Concept Development & Testing, Business Analysis, Prototype & Market Analysis, Technological Implementation & Commercialization. Before going in depth with NPD and its catalogs, we need to understand a basis concept called PLC (Product Life Cycle), PLC is the same as its called Product’s life expectancy. How long does a product can hold the market and prevent its value from detreating. This PLC concept can be explained in 4 stages, they are Introduction, Growth, Maturity & Decline. Consider a particular product or example, food ordering apps it was a new strategy to accrue every restaurant small scale hotel, 3 star, 5 star & 7 star and to create a common ground for every one in business, used this data base or common ground to spread the name of their product, leading to growth of their idea, after a curtain period to time the total idea gets mature & competitors arise in the market with similar apps. As competitors arise the profit gets neutralized and profit for the particular project goes down.

Introduction: In this stage the product is represented and the idea of a product in terms of utility and function is standardized. Involves Research, Survey & Development.
Growth: Growth is a crucial stage of any product to either success or fail in the market. In this stage product value can be manipulated to gain profit depending on its success rate.
Maturity: In this stage product gains a stability in the market and a regular flow of the product is observed. Depending on the success of the product, other competitors begin to rise.
Decline: Cost of the product will decline as there are other competitors for the same product. Production and requirement of the product may or may not remain constant. Below are the details for the NPD catalogs.
Generating Idea: Generating idea is a curious process, involving research and development, marketing, survey & huge Investment.
Idea Screening: A prototype of the idea is made and tested, customer views, market study & various other factors play in decision making of the product.
Concept Development & Testing: A proper plan for developing and production of the idea is studied and process testing with respect to costing, return of investment and various other factors formulated and processed.
Business Analysis: At this stage the first step to actual development the product is planed and executed, necessary machinery, man power, storage & various other factors are planed out for the manufacturing process. Various forms of marketing strategies are formulated for success of the business.
Prototyping & Market Testing: First lot of the product is launched into the market and observe the drawbacks of the product with respect to consumers. After the feedback is analyzed necessary Engineering changes are done to improve the business.
Technological Implementation: This stage helps to improve the production depending on the demand of the product from the market, large scale production planning and establishing new plants to support the market.
Commercialization: Now the idea is taken its shape of the product and product has occupied the market as per its demand, standardization of the price and success of the idea is obsereved.