Product and service development INTRODUCTION 3 MAIN BODY3 P1 Processes involved in the development of product and service

Product and service development

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
P1 Processes that involved in the development of product and services ...................................3
P2 Application of processes to the development of a product ...................................................4
P3 Life cycle stage of product and service in a company's portfolio .........................................5
P4 Evaluation of product line management choices required for individual choices ................6
P5 Designing and pitching a product and service taking into account testing, launching and
distribution .................................................................................................................................7
P6 Reflective statement on team working, creative development and presentation...................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Product development is the process of introducing new product with different
characteristics including additional benefits to the consumers (Tukker and Tischner eds., 2017).
It can be addition to existing product or implementing purely new product into the market.
Present study will be based on Boots UK. It deals in health, beauty and pharmacy and
also one of the largest retailer in the country.
Report emphasized on processes that are involved for the development of product and
services and application to development of a specific organizational product or service. It also
includes life cycle stage of product or services and management choices are required for
individual product and services.
MAIN BODY
P1 Processes that involved in the development of product and services
There are eight stages that are involved for new product development of product and
services are as follows:-
Idea Generation:- This is the first stage that help in providing idea regarding product that it
want to introduce in the marketplace. For example:Boots UK is bringing new product as herbal
beauty cream that helps in removing acne problem among teenager. For developing this idea
company is doing proper research and development so that it help in identifying needs and wants
of consumers.
Idea Screening:- In this stage ideas that are generated from various perspective got filtered and
good one will be selected for bringing new product into the marketplace. As some are giving
their ideas related to other products so from that herbal beauty products is chosen for
manufacturing new product development.
Development and testing:- After selecting the best idea concept is being developed for the
process of manufacturing product and then testing is being done on certain group of target
customers (Chang and Taylor, 2016). In this its price and cost that will be needed decided so
that it must be affordable to consumers.
Marketing strategy development:- Deciding marketing strategy also plays an important role
for developing new product into the market. A proper strategy followed that consist of target

market, market share, profit and sales. This help in deciding cost that needed for manufacturing
herbal products in Boots UK.
Business Analysis:- After deciding market strategy and concept analysis is done for identifying
market condition for the future. Review is being done by taking into consideration certain factors
such as sales, profit and cost that require for developing product into the market. Consumers get
attracted when sales of the company is maximum as compared to its competitors.
Product development:- For the purpose of developing product into market proper description is
being taken into account for introducing new product for enhancing business operations of Boots
UK. While manufacturing herbal product it is important to note that ingredients that are involved
for manufacturing this do not affect health of consumers.
Testing marketing:- This is the last stage process and product that is used for manufacturing
herbal products will be tested for analysing its positive impact in the market. Testing can be done
by doing advertising, targeting consumers for analysing its impact on variety of products.
Commercialisation:- Testing provided an information regarding final launching of product into
the marketplace (Kim and et. al., 2016). Through this it is being introduced in market for the
purpose of gaining more profit in the future. Therefore, these stages help in development of new
product.
There are different risk that will be associated while implementing new product or
service into business as competitor is the biggest risk that reduce development of new product
into the marketplace. Behaviour of customer is another risk that include if consumer provide
negative feedback regarding product or services then it is a risk for its development in the
organization.
For minimizing risk proper system will be adopted by Boots for minimizing risk from
the company. Providing compatibility services to consumer that help in enhancing business for
the future course of action. Digital technology will be used for enhancing product and service
development by using effective designing, testing, researching that enhance business operations.
P2 Application of processes to the development of a product
Boots UK is developing new product as herbal beauty products for teenager. Its
development process include certain stages such as:
Generation of Idea:- This is the first stage in which marketer thinks upon various perspective as
which product line is chosen for developing new product. Marketer is generating idea regarding