The document discusses new product development and marketing. It describes the importance of new products in sustaining growth and profits. Various categories of new products are outlined, from new innovations to improvements on existing products. The new product development process is then explained in detail, from idea generation through commercialization. Characteristics of successful products and organizing structures for new product development are also covered. Finally, the diffusion of innovations and product life cycle models are introduced as frameworks for understanding how new products are adopted over time.