This chapter discusses the new product development process. It begins with the challenges companies face in developing new products and different organizational structures used. There are six main categories of new products and common reasons why products fail, such as overestimating market size or poor design. Companies must organize effectively for new product development, with options like product managers or new product departments. The development process involves generating and screening ideas, developing product concepts, testing concepts with customers, and developing a marketing strategy before commercializing. The goal is to successfully manage each stage of the process to launch new products that customers want to adopt.