Product development is the life-blood of companies and societies. Design and development of innovative products are the key for manufacturing companies to achieve the long-term success in an intensively competitive global market. Creating an effective solution for a customer need by developing a tangible product or service from an intangible idea is essential for the survival and growth of businesses. An integrated approach to the management of product design & development is also required to create better quality products with enhanced capabilities, at attractive prices with compressed time to market cycles due to the intensified competition, rapidly changing technologies and shorter product life.To succeed in implementing new product development efforts, it is required to have significant resources, talent and market opportunities. Because of the high risk of failure in implementing new products, it is important to know how product development process works.