new product development
Business and engineering term for the process of creating and bringing a new product to market.
Our company is focusing on new product development.
A new product development project has started.
研究開発 (R&D) is broader, encompassing basic research and development, while 新製品開発 specifically targets the development of new products.
Compound of 新 (new), 製品 (product), and 開発 (development).