New product development is the process of bringing a new product to market. It involves generating ideas, screening concepts, developing and testing selected concepts, creating a marketing strategy, analyzing business factors, developing prototypes, test marketing, and commercialization. The goal is to create new products that open new markets, replace existing products, or expand current markets in order to maintain or increase a company's market share and competitive advantage. Some key reasons for developing new products include creating profitable products, responding to new technologies or customer needs, and defeating competitors.