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'New Product Development' or NPD is a term used for defining the process of introducing new product to market. This 'new product' can be better described as a set of benefits that a business offers to its consumer for creating better market presence in the times of tough competitive environment. It requires a deep understanding of consumer needs and the way market works. The concept is based on three variables, namely cost, time and quality that are the basic driving factor of customer needs. There are numerous approaches that deal with NPD for facing the marketing challenges in a better way. One such approach involves eight distinct stages and is more commonly known as Eight Stages Process of Koen.