In order to survive in the uncertain and merciless market competition, every company faces the problem of allocating the resources at its disposal and how to use them as efficiently as possible in order to be able to compete with the competition, as well as to be able to improve its products and find a market for them, because it is a crucial element from which the company makes a profit and thus ensures its existence. When the term "new product development" is used, it means that in the company's operations, this term is used to describe the process by which the company launches a new product or service on the market. The development of a new product is a very complex and risky process, therefore there are many reasons why a new product or service fails on the market. Unsatisfied consumer needs, as well as innovative activities undertaken by competitors on the market, often represent an incentive for companies to place modified or completely new products on the market. In order to expand the volume of business and increase the level of income and profit, companies develop new products, which should fulfill the needs of customers. When the company has conducted market research and determined the needs that exist in that market, it is ready to start developing a new product. The development of a new product is an imperative for business development and company survival in a dynamic and ruthless market. If a company relies on its existing product range, it accepts a high risk of losing its market position. It is a very challenging task to design a new product that the customer is willing to buy. Modern customers are not easy to satisfy, because they are attracted by the whole set of benefits they can have from a certain product and are often ready to pay more for additional benefits provided by new or innovative products. It is precisely in this segment that there is significant potential for gaining the competitiveness of new products on the market. It is important to point out that the development of new products and services requires a lot of commitment and costs for the company, and the risk that the new product will not succeed on the market is very significant. Therefore, it is very important for the company to strategically determine the development of new products and to undertake all necessary activities in order to reduce these risks and for the new product to experience success on the market, which will result in significant income and profit for the company.