The circular economy constitutes significant potential in achieving sustainability goals by proposing a transformative alternative to traditional linear resource flows characterized by extraction, manufacturing, use, and disposal. Though the environmental aspects of circular economy strategies constitute the main focus of current academic research, societal implications of this transition are increasingly gaining recognition. Concurrently, the imperative for innovation in product development is increasingly driven by the need to address challenges related to social well-being. Thus, using circular economy framework, this chapter aims to identify the relationship between new product development and societal well-being by drawing on existing literature and business cases. We initially highlight several new product development strategies including enhanced product longevity, inclusive design, design for sustainable behavior, product-service-systems, and ethical sourcing and production, and discuss how these strategies are linked with societal well-being. Then, we utilize R-hierarchy as a lens to investigate potential social impacts of new product development strategies. The findings of the study point out that some of the new product development strategies have direct and indirect social impact including social inclusion, public awareness, sense of community, and employment, and local development. The chapter concludes with recommendations for marketing managers, designers, and practitioners on implementing these strategies effectively to incorporate sustainability and inclusivity into new product development.