The document discusses the new product development process. It begins by defining what constitutes a new product and outlining the key steps in the strategic planning process. The main stages of new product development are then explained in detail: concept generation, pre-technical evaluation, technical development, commercialization, and launch. The document emphasizes that the process must meet 13 key concepts, including integrating cross-functional teams, allowing flexibility, addressing critical points, and providing organizational learning. It concludes by outlining the implications for aspiring new product managers.