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Product and Service Development - Assignment

   

Added on  2021-05-31

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LO1 : Product and Service DevelopmentNew Product and Service Development(NPD) : is the total process that takes aserviceor aproductfrom conception to market.Newor rebrandedproductsandservicesare meant to fill a consumer demand or an opportunity in the marketplace.1)Explain the processes involved in developing products and services and levels of customer integration within the stages of development, then apply these processes to developing a productor service in a specific regulatory institution (the selected company).A-Idea Generation :The new product development process starts with idea generation. Idea generation refers to the systematic search for new-product ideas. Typically, a company generates hundreds of ideas, maybe even thousands, to find a handful of good ones in the end.Example : PepsiCo has gathered ideas for the development of soft drinks from several sources that have taken the opinions of the employees and studied the competitors thoroughly.B-Idea screening :The new product development process is to examine the idea. The idea of checking means nothing else than filtering ideas to choose good ones. In other words, all ideas created to discover good ideas and drop poor ideas are examined as soon as possible. While the purpose of generating ideas was to create a large number of ideas.Internal source : is the research and development department and previous studies .External source : Are distributors , competitors , customers, suppliers .Example :PepsiCo has chosen the idea of multiple flavors according to the wishes of customers where it chose to add flavors apple and lemon according to customer demand
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C-Concept development and Testing :The process of developing new products, attractive ideas must be developed into the concept of the product. The product concept is a detailed version of the idea of the new product the idea is converted into a product and a sample is made and the benefits of the product and how to use and the extent of its compatibility with the target market are determined and at this stage a sample is distributed to the target customers to test the product and take feedback from them on the product whether it needs to be developed and does it meet the required needs .Example : PepsiCo has produced a sample of carbonated and peach flavor soft drinks for a limited time from customers voting on the flavor they love.D-Marketing strategy development :The new product development process is the marketing strategy development. When a promising concept has been developed and tested, it is time to design an initial marketing strategy for the new product based on the product concept forintroducing this new product to the market.Example :PepsiCo designs ads on tv and social media on a sample of soft drinks flavored with peaches and berries to determine the flavor that will winE-Business analysis :Once decided upon a product concept and marketing strategy, management canevaluate the business attractiveness of the proposed new product. The fifth step in the new product development process involves a review of the sales, costs and profit projections for the new product to find out whether these factors satisfythe company’s objectives. If they do, the product can be moved on to the productdevelopment stage.Example : PepsiCo worked to evaluate the market situation and calculate the balance sheet of the product in terms of calculating the cost of production, profit and marketing, determining the sales volume for the first year and determining prices in line with the market .F-Product development :
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