Product and Service Development

PRODUCT AND SERVICE
DEVELOPMENT

Table of Contents
PART A...........................................................................................................................................1
PART B............................................................................................................................................1
Explanation of each process included in new product development..........................................1
2) Applying NPD in Airbnb........................................................................................................3
Reflection....................................................................................................................................4
REFERENCES................................................................................................................................6

PART A
Covered under ppt
PART B
Explanation of each process included in new product development
New product development is the procedure of bringing a new good to market, it is
effective process that takes things from conception to market (Sozo and Ogliari, 2019). New
services and products are meant to fill consumers demand and chance in marketplace. In simple
words, NPD is process of developing an original product idea to current market. The nature of
this process usually differ with products to products across varied sectors.
Idea generation-
This is the first process of new product development, it is procedure of developing,
creating and communication new idea which are visual and concrete. It is iterative step that all
company require figuring out solutions to range of arduous issues, it includes criteria of choosing
the appropriate idea, implementing it into practice and creating strategic plan for same.
Unbeatable method of idea generation starts from internal source. Firm inspire its workers and
communicate with them to generate new and innovative idea (Cooper, 2016). Firm constantly
keep their focus on volatile market to review changing needs.
Idea screening-
This is the another important process of NPD, in which new products or services idea will
evaluated after passing the first stage, to get most promising ones for firm. Not every idea is
good and suitable to company. Thus, through successful idea screening procedure, organization
will choose and focus whole product development with high possibility of achieving success.
During this process, firm focus on target consumers, size and growth forecast of target market
and also focus on question that is it technically or partially possible to produce new goods.
Concept development and testing-
At this stage, firm consider and focus idea to be relevant, but is has to be tested with
target customers. Here new product or services idea is converted into meaningful and valuable
consumers item to right people to known their reactions. This is the crucial process in NPD,
concept development and testing takes place early on in action and help to determine key
perception, wants and user needs associating with services. When the reaction of people chose
for testing purpose is positive, then firm moves to next stage.
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