Significance of Product Development in Retail Sector : Assignment

Added on - 21 Jul 2020

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In the early age, cultural aspects, learning languages and travelling challenges restricted (Capacci, Scorcu and Vici, 2015). In 14 centuryChristopher Columbus sailed westward and vasco da gamacruised to country for earn money then business travel hasbeen integral part of tourism industry(Cave and Brown2012).Early tourism started with Nomads who travelled aroundthe world in search of food and shelter. Main intension of this traveller is to gathered food and traded around the world and gave rise to thebarter system (Capacci, Scorcu and Vici, 2015).1500 BC is marked as the era when the Europeans visited pyramids and thus developed thetourism for pilgrimage.Early tourism started with Nomads whoINTRODUCTIONThe presentation will discuss the significance of produce development in the retail sector of premium fashion wear. It will describe the impact of product development on the business performance.Furthermore, research methodology tools will be discussed in this study. In addition, presentation will focus on examining strategies incorporated in the product development process of Burberry UKConclusionFrom the discussion it can be concluded that produce development impacts on the business performance of entity togreat extent.It is the way through which organization can gather in depth information about needs of consumers and canmodify or develops its products as per their requirements.ReferencesKarniel, A. and Reich, Y. (2011).Managing the dynamics of new product development processes. 1st ed.London: Springer.Ryding, D. and, (2016). 21st century luxury fashion retailers' marketing strategies for customersatisfaction: UK perspective.International Journal of Business and Globalisation, 16(1). pp.79.Myers, M. D., 2013.Qualitative research in business and management. Sage.Creswell, J. W., 2013.Research design: Qualitative, quantitative, and mixed methods approaches. Sagepublications.Ethical considerationResearcher will prepare the study in ethical manner, individual will not take any information fromunauthorized side. Scholar will follow ethical guidelines and before studying on the Burberry, individualwill take prior permission from the company. Investigator will fill up the concern form from the authoritiesof cited firm in order to prepare the report on the subject matter. The survey respondents would be made tosign consent letters stating their willingness to participate in the research process so that the researcherwould not have to bear any kind of future allegation of employing forcible means to extract responses oropinion from the respondents.Resources requiredResearcher will require human resource for collecting the information on importance of productdevelopment. Investigator will require monitory resources so that it can use advance software for data analysis.Aim“To investigate importance of product development and its impact onbusiness in the retail sector of premiumfashion study of Burberry, UK“.ObjectivesTo understand the significance of product development for business sustenanceTo review the relevant theories and literature on product development from a critical perspective.To examine the strategies incorporated in the product development process ofBurberry UKTo evaluate the impact of product development in the retail sector of premium fashion wear.Research questionsWhat is the significance of product development for business sustenance?Explain critical reviews of relevant theories and literature on product development?Examination of strategies incorporated in the product development process of Burberry UK?Explain impact of product development in the retail sector of premium fashion wear?Critical reviewKarniel and Reich, 2011 has stated that it is of paramount importance that theproduct must undergo the developmental process so that it can survive in thefiercely competitive market arena. It is simply for this reason the businessesworldwide are constantly ideating on the prospect of adoption of strategies thatcan develop their existent product base and also help in coming up with new onesto retain or capture the biggest share in the market competition.According to Ryding et al., 2016 initial stages of product development involvesextensive market research and conduct of surveys to understand the preferences ofthe customers in the targets segment and also to understand the characteristics ofthe similar kinds of products so that elements of distinction can be incorporated inthe product to gain the attention of the customers.Methodology: Researcher will take support of descriptive research design whichwill help in describing each element effectively. By this way individual will beable to develop understanding about subject matter. Furthermore, investigator willtake support of inductive approach, with the help of models and theories individualwill be able to conduct study in effective manner.Data analysis will be done by using thematic analysis tool. It is great model whichcan assist in explaining the detail through charts and graphsBackgroundProduct development is the evolutionary process that is used by entities for meetingwith the needs of consumers and for sustaining in the corporate world for longerduration. Therefore, companies must engage into the act of researching and developingexisting products so that they can retain the end users in the organization for longerduration. On the bases of cost, time and quality – companies develop their strategies forenhancing satisfaction level of clients. Regular developments of products support inincreasing market share of the organizations.Importance of product development
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