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The development of new products is a key business function. There is always a high risk of failure but the best companies manage to launch successful new products on a continuous basis. The objective of this module is to provide students with the concepts and insight necessary both to do product development and to manage it. The strategies, processes, tools and techniques used by leading-edge companies for new product development are introduced. The module examines different stages of product development, from idea generation to market testing and includes the assessment and selection of appropriate business models. The role and impact of fourth industrial revolution technologies, like rapid prototyping with 3D printing, are also considered. Key questions addressed in the module are: how does product/process development fit into the overall business context; what products, processes, systems or services should be developed; how does one go about developing a new product/process; and how should one measure performance in product/process development and improve? Further selected concepts and topics like design thinking, design management, success factors, relationship to systems engineering, reduction of uncertainty, and software for NPD are also introduced. Although the emphasis is on physical products, many of the concepts covered in the module are equally applicable to service development.