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Product and Service Development in Burger King : Report

   

Added on  2020-06-06

15 Pages4715 Words215 Views
PRODUCT ANDSERVICEDEVELOPMENT

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1 ........................................................................................................................................1P1. Procedure of improvement in goods as well as services and the levels of consumerintegration...............................................................................................................................1P2. Various elements that are effective in developing a new product and service at marketplace........................................................................................................................................3TASK 2............................................................................................................................................6P3. Life cycle phase of product or services in an organisation..............................................6P4 Product line management required for individual products and services.........................7TAKS 3 ...........................................................................................................................................8P5 Covered in PPT. ...............................................................................................................8TASK 4 ...........................................................................................................................................8P6 Reflecting on working in a team, presentment and creative improvement.......................8CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12

INTRODUCTIONNew product and service development can be considered as a crucial process for attaininghigh growth and success. Service and Product improvement is a procedure which helps ingaining competitive edge in the market area (Tukker and Tischner, 2017). It is a systematicprocess which begins with generating thoughts, ideas and explaining a clear concept and end upwith the introduction of products in market area to the targeted customers. In this modern era,competition is so high in market that each business is concerned with satisfying their needs andwants through consuming products and services as per their own choice and requirements.Burger King is the chosen company for this particular report that deals in multinational food andbeverage products and services. The prim centred field of Burger King is to attract large numberof people towards their offered products and services for rendering variety of new items. Thisreport studies about various processes that are included in improvement of goods as well asservices, different applications that are involved in the process of product development of anyspecific organisation as well as the life cycle stages of goods or services in a institutionalsportfolio. TASK 1P1. Procedure of improvement in goods as well as services and the levels of consumerintegrationA product can be considered as the most essential element for each small as well as largebusiness enterprise for reaching at a higher position through selling their products to potentialbuyers. In this modern era, each business firm is concerned with introducing new and innovativeproducts at market place for attracting customers towards their firm and this leads theorganisation towards high growth and success. The prices of products are predetermined andcompany charges a fixed price to the customers which are mentioned on the product. As apopular American food retail company, Burger King offers wide variety of food item andservices. The company is widely concern on satisfying the needs and wants of customers as toattaining high growth and profit at market place. Burger King is renowned for its premium aswell superior characterstics goods and services which are delivered to their clients. as in thismodern world, people are very much concerned towards the quality of products rather than price(Tukker and Tischner, 2017). Company serves its products in very reasonable prices which are1

affordable by each people. The cost of product is fixed and sold at a low price. Services are alsoknown as the most essential components which help in serving some necessary intangiblebenefits. At some point, it is hard for an organisation to identify the needs and wants ofindividuals at market place and so, firm goes towards the needs and wants of majority of people,it means organisations are concern on producing the products which is having high demand atmarket place. In the process of product and service development, various steps are involved inwhich some are associated as below: Product and service concept:This can consist as the fundamental process through which company can attain highgrowth and success in market area. In the recent scenario, organisations are widely concerned ongaining high profit and revenue at market place (Nagamachi and Lokman, 2015). Products andservice concept plays a important part in position of products and services in wide area of marketfor capturing more customer’s attention. In this, the price, quality, distribution process, productdesign and elements of services are involved. As a large business organisation, Burger King isconcerned with analysing the market situation for sustaining customers for a long time andprovide them satisfactory products and services than their rivals. The company is famous for itsvariety of hamburgers with high quality and tasty ingredients. Customer Integration:This refers as an essential element of customer relationship management which keepsnew tools and technologies in place that provide allowance to the customers for process theirown transactions and to have an effective and direct connection with firm. By this process, theneed of mid eater and middleman is reduced and also saves money and time of firm as well ascustomers. It is an important path by which company can perform business with the properguidance of human resource department. The level of consumer integration can be measuredthrough the enhancement in communication level of buyers. Burger King is widely concerned onsustaining a large number of customers towards their firm through introducing new andinnovative products as well as services in the market place (Homburg and Kuehnl, 2014). Product service system supporting sustainable performance:This leads the firm towards high growth and success. This approach significantly dependson service oriented organisational environment that is required to introduce a new businessmodel. An effective product service system helps in rendering new and innovative services to2

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