Product Life Cycle Strategies for Velo

This document discusses the different stages of the product life cycle and provides strategies for each stage specifically for Velo, a product in the market. It covers the development stage, introduction stage, growth stage, maturity stage, and decline stage.

ASSIGNMENT BRIEF
QUALIFICATION UNIT NUMBER AND TITLE
22. PRODUCT & SERVICE DEVELOPMENT (LEVEL 5)
INTERNAL VERIFIER UNIT TUTOR
DATE ISSUED SUBMISSION DATE RESUBMISSION DATE
MONDAY 17THJANUARY 2022
ASSIGNMENT TITLE CREATIVE DEVELOPMENT AS A TEAM TASK
LEARNING OUTCOME AND ASSESSMENT CRITERIA
PASS MERIT DISTINCTION
LO1 EXPLAIN AND DEMONSTRATE PROCESSES INVOLVED IN NEW PRODUCT OR SERVICE
DEVELOPMENT
LO1, 2&3
D1 PROVIDE A WELL-ARTICULATED, COHERENT
AND LOGICALLY PRESENTED PITCH THAT HAS A
FULLY JUSTIFIED APPROACH TO DECISION-
MAKING THROUGHOUT THE DEVELOPMENT
PROCESS, MARKET LAUNCH AND DISTRIBUTION.
P1 EXPLAIN THE PROCESSES INVOLVED IN THE
DEVELOPMENT OF PRODUCTS AND SERVICES
AND THE LEVELS OF CUSTOMER INTEGRATION.
P2APPLY THESE PROCESSES IN APPLICATION TO
THE DEVELOPMENT OF A SPECIFIC
ORGANISATIONAL PRODUCT OR SERVICE.
M1 CONSISTENTLY DEMONSTRATE A JUSTIFIED
APPLICATION OF SUBJECT KNOWLEDGE AND
UNDERSTANDING TO THE PROCESSES OF
PRODUCT OR SERVICE DEVELOPMENT.
LO2 ASSESS THE LIFE-CYCLE STAGE OF THE PRODUCTS OR SERVICES IN A COMPANY’S PORTFOLIO
AND EVALUATE WHETHER INNOVATION, ADAPTATION OR RENOVATION ARE NEEDED FOR THE
INDIVIDUAL PRODUCTS OR SERVICES
P3ASSESS THE LIFE-CYCLE STAGE OF THE
PRODUCTS OR SERVICES IN A COMPANY’S
PORTFOLIO.
P4EVALUATE WHICH APPROPRIATE PRODUCT
LINE MANAGEMENT CHOICES ARE REQUIRED FOR
INDIVIDUAL PRODUCTS OR SERVICES.
M2 PROVIDE A COHERENT AND JUSTIFIED
EVALUATION THAT IS SUPPORTED BY MATERIAL
SYNTHESISED FROM A RANGE OF VALIDATED
SOURCES.
LO3 DESIGN AND PITCH A NEW/RENOVATED PRODUCT OR SERVICE
P5 DESIGN AND PITCH A PRODUCT OR SERVICE
TAKING IN TO ACCOUNT MARKET TESTING,
PRODUCT/SERVICE LAUNCH AND DISTRIBUTION.
M3 DESIGN A CREATIVE, DYNAMIC AND
DETAILED PITCH THAT PROVIDES EVIDENCE OF A
WELL-PLANNED, DEVELOPED AND EVALUATED
PRODUCT OR SERVICE.
LO4 DEMONSTRATE AN ABILITY TO CRITICALLY REFLECT ON THE SKILLS OF TEAM WORKING,
CREATIVE DEVELOPMENT AND PRESENTATION
LO4
D2 PROVIDE AN INSIGHTFUL AND INDEPENDENT
REFLECTION ON TEAMWORK AND CREATIVE
DEVELOPMENT, GIVING VALID AND JUSTIFIED
RECOMMENDATIONS.
P6 COMPLETE A REFLECTIVE STATEMENT THAT
CRITICALLY REFLECTS ON TEAM WORKING,
CREATIVE DEVELOPMENT AND PRESENTATION.
M4 ADDRESS CONCERNS AND ISSUES WITH
RECOMMENDATIONS FOR IMPROVEMENTS.
SUBMISSION FORMAT
THE SUBMISSION IS IN THE FORM OF A GROUP REPORT; A 10-MINUTE GROUP PITCH (POWERPOINT PRESENTATION) AND 5 MINUTES ALLOCATED FOR
QUESTIONS; PRESENTATION EVALUATION; AND A REFLECTIVE STATEMENT.
THE REPORT AND REFLECTIVE STATEMENT SHOULD BE WRITTEN IN A CONCISE, FORMAL BUSINESS STYLE USING SINGLE SPACING AND FONT STYLE CALIBRI
AND SIZE 11. YOU ARE REQUIRED TO MAKE USE OF HEADINGS, PARAGRAPHS AND SUBSECTIONS AS APPROPRIATE, AND ALL WORK MUST BE SUPPORTED
WITH RESEARCH AND REFERENCED USING THE HARVARD REFERENCING SYSTEM. PLEASE ALSO PROVIDE A BIBLIOGRAPHY USING THE HARVARD
REFERENCING SYSTEM. THE RECOMMENDED WORD LIMIT IS SPECIFIED.
THE PRESENTATION SLIDES (AT LEAST 10 SLIDES) FOR THE FINDINGS SHOULD BE SUBMITTED WITH SPEAKER NOTES AS ONE COPY. YOU ARE REQUIRED TO
MAKE EFFECTIVE USE OF POWERPOINT HEADINGS, BULLET POINTS AND SUBSECTIONS AS APPROPRIATE. YOUR RESEARCH SHOULD BE REFERENCED USING
THE HARVARD REFERENCING SYSTEM. THE RECOMMENDED WORD LIMIT IS SPECIFIED. PROVIDE ‘PRESENTATION EVALUATION’ AFTER PRESENTING THE

WORK TO DOCUMENT YOUR EXPERIENCE, QUESTIONING SESSION AND TEACHER’S FEEDBACK OF THE PRESENTATION.
ASSIGNMENT SCENARIO AND GUIDANCE
SCENARIO
New product development (NPD) is the process of bringing a new product to the marketplace. Your business may need to
engage in this process due to changes in consumer preferences, increasing competition and advances in technology or to
capitalise on a new opportunity. Innovative businesses thrive by understanding what their market wants, making smart product
improvements, and developing new products that meet and exceed their customers' expectations.
Research the product and services sector of Pakistan and select a company with a wide range of offered products and/or
services. Study the innovation and design function of the organization. You will be required to work in a team of 2-4 members
to undertake the activities of that function.
TASK 1 - (LO1, LO2 AND LO3) – GUIDANCE
Define the product/service concept, with emphasis on customer integration for its development, marketing and sustainable
performance. As a team, develop a product or service for your chosen organisation, using the processes involved in determining
new product/service development: ideas generation, ideas screening/selection, creative methods, concept testing (market
research), and business analysis. This product or service can be totally new, a renovation of an existing product/service, or an
adaptation. The teams have to justify their approach and decision-making.
Develop a project portfolio for the organisation: introduce the organisation that you have studied, and its partner companies (if
applicable). Give an overview of the different products and services offered in their portfolio. Evaluate the range of their
products and services in relation to their life cycle stage. Further, evaluate how to manage the lifecycle stages and the choice of
appropriate productline management choices.Choosing one product line management choice, explain each of the processes
applied for new product development, how each stage of the process was applied and the techniques and methods used.
Each team has to pitch their product or service to a panel [comprising the tutor and other students which can represent either a
group of investors (for an entirely new idea) or the board of directors of a company (if a proposed renovation/adaptation)]. The
pitch should be evident of a coherent product, with a justified approach to decision-making throughout the development
process, market launch and distribution.
TASK 2 - (LO4) – GUIDANCE
This activity requires the students to work independently on a brief report, reflecting on the creative process, group dynamics
and the presentation that was completed for the previous task. Address questions, including, but not limited to, the following:
1. How did the team function?
2. How did the team undertake the assignment?
3. What was the level of interaction between the team members?
4. Did the team work well together or was it dysfunctional? If the latter, how was this dysfunctionality eventually
managed, if at all?
5. What was the quality of the final presentation?
6. With hindsight what should have been undertaken differently and why?
Give valid and justified recommendations.
EVIDENCE CHECKLIST SUMMARY OF EVIDENCE REQUIRED BY STUDENT
TASK 1 Report (2500 words). PowerPoint Presentation, Presentation Evaluation (300 words), Speaker Notes
(1500 words)
TASK 2 Reflective Statement (1500 words).

1. Development Stage
This phase of PLC is the primary stage of any product. Perfect example of this stage is Velo as it falls
under this category. In incorporates establishment of a product starting from R&D, testing, and all the
phases a product goes through before launching it. The production of Velo is incorporated.
Strategy: To stick to the adaption approach, Velo must go through thorough testing to see how will it
exist in extreme weather of the country. The promotion campaigns for Velo should be established
during this phase with regard to the advertising communication standards. This particular product is
centered on innovation and adaption approach (Gotlieb et al., 2009).
2. Introduction Stage
The rallying point shifts here for the product so that it has an influence on the repute of the company
and so that maximum audience knows about Velo. Establish and reinforce links with entities who can
help the company in promoting its products (Gotlieb et al., 2009).
Strategy: The approach to implement at this stage is rapid penetration so that the company is able to
offer Velo at competitive price. Not even a single customer should slip away due to price element.
3. Growth Stage
Velo will be sold and the sales will maximize at this point. Brand identity that Velo needed at the initial
stage in terms of revenues and capitals and some place in the market will be accomplished if and only if
the company adheres to the established strategy. Maximum opportunities are available at this stage.
Strategy: Strategy must be to increase the quality of the products and eliminate ant possible blunder
and mistake that might have happened till now. More and good flavors should be launched to have
more market share. Distribution needs to be increased to meet the need customers.
4. Maturity Stage
This phase will decide loads of things for our product – Velo. Once the product has had maximum sales,
the next stage is the turning point. The product can go downhill or can reach saturation stage, it all
depends on strategies being employed. Appropriate and right step must be taken so that Velo doesn’t
jump to the decline stage and so that it’s product life increases (Yousaf et al., 2017).
Strategies: Marketing approach needs to be changed a little bit to refresh, by increasing our market
segmentation canvas, and assessing the target audience so that they’re more involved in the product.
There’s a need to have rivals at this point so that customers have a choice and they can compare two
brands to know how amazing Velo is. Influencing tactics need to be employed so that non-users get to
try out products.
5. Decline Stage

It’s expected and certain that every product and service reaches to a phase where its sale and profits
start decreasing. There are loads of environmental aspects that push it. When seen from Velo’s
perspective, it could be due to everchanging consumer preference in relation with the consumption of
nicotine. Another condition can be availability of rival’s products that’s liked by consumers. In that
situation, some approaches need to be employed and are;
Strategy: Distribution must be minimized or stopped to the areas that have little to no potential and
where there are very low sales. Advertising expenses on all those market segments must also be
decreased so that the entire focus is on areas and functions that guarantee maximin benefits. Offer low
prices to attract audience and communicate with customers to inform them that this product is
beneficial and how it impacts the human health (Muhammad et al., 2013).
Stages Outline Strategy
Development Stage
This phase of PLC is the primary
stage of any product. Perfect
example of this stage is Velo as it
falls under this category. In
incorporates establishment of a
product starting from R&D, testing,
and all the phases a product goes
through before launching it. The
production of Velo is incorporated.
To stick to the adaption approach, Velo
must go through thorough testing to
see how will it exist in extreme weather
of the country. The promotion
campaigns for Velo should be
established during this phase with
regard to the advertising
communication standards. This
particular product is centered on
innovation and adaption approach
(Gotlieb et al., 2009).
Introduction Stage
The rallying point shifts here for the
product so that it has an influence
on the repute of the company and so
that maximum audience knows
about Velo. Establish and reinforce
links with entities who can help the
company in promoting its products
The approach to implement at this
stage is rapid penetration so that the
company is able to offer Velo at
competitive price. Not even a single
customer should slip away due to price
element

(Gotlieb et al., 2009).
Growth Stage
Velo will be sold and the sales will
maximize at this point. Brand
identity that Velo needed at the
initial stage in terms of revenues and
capitals and some place in the
market will be accomplished if and
only if the company adheres to the
established strategy. Maximum
opportunities are available at this
stage.
Strategy must be to increase the quality
of the products and eliminate ant
possible blunder and mistake that might
have happened till now. More and good
flavors should be launched to have
more market share. Distribution needs
to be increased to meet the need
customers.
Maturity Stage
This phase will decide loads of things
for our product – Velo. Once the
product has had maximum sales, the
next stage is the turning point. The
product can go downhill or can reach
saturation stage, it all depends on
strategies being employed.
Appropriate and right step must be
taken so that Velo doesn’t jump to
the decline stage and so that it’s
product life increases (Yousaf et al.,
2017).
Marketing approach needs to be
changed a little bit to refresh, by
increasing our market segmentation
canvas, and assessing the target
audience so that they’re more involved
in the product. There’s a need to have
rivals at this point so that customers
have a choice and they can compare
two brands to know how amazing Velo
is. Influencing tactics need to be
employed so that non-users get to try
out products.
Decline Stage
It’s expected and certain that every
product and service reaches to a
phase where its sale and profits start
decreasing. There are loads of
environmental aspects that push it.
When seen from Velo’s perspective,
it could be due to everchanging
consumer preference in relation
with the consumption of nicotine.
Distribution must be minimized or
stopped to the areas that have little to
no potential and where there are very
low sales. Advertising expenses on all
those market segments must also be
decreased so that the entire focus is on
areas and functions that guarantee
maximin benefits. Offer low prices to
attract audience and communicate with

Another condition can be availability
of rival’s products that’s liked by
consumers. In that situation, some
approaches need to be employed
and are;
customers to inform them that this
product is beneficial and how it impacts
the human health (Muhammad et al.,
2013).