Product development often called new product development (NPD) or new product management - is the process of creating and launching a new product, service or re-launching an existing service or product. It's an approach that is deliberately structured and aims to sidestep the chaos of creativity and ensure that you remain on track transforming an idea into a reality. There's an entire industry that has sprung up with processes, structures and frameworks for running product development process. While all have merits, it's possible to use a simple series of steps to help create a successful product or service. Task assigned: In this coursework, you are required to identify ONE (1) company from the industry list (as below). You are then required to creatively develop a new product/service from the chosen company and analyze the stages of new product development that you will go through in the marketplace, various creative techniques that you will use to sustain your new launch and the key challenges involve in your new product development and recommend justified solutions. The report should be a professional and concise, imparting the important ideas and points clearly by emphasizing the phases of new product development, various creative techniques used and the key challenges involve in your new product development and recommend justified solutions. (2000 words)