Product and Services Development

Product and
Services
Development

Contents
INTRODUCTION...........................................................................................................................1
Portfolio of SAMSUNG..................................................................................................................1
LO 2.................................................................................................................................................2
Assess the life cycle stage of the Products.............................................................................2
LO3 Design and pitch a new/renovated product or service.............................................................5
Market opportunity for the proposed product or a service.....................................................5
Using models such as 7Ps, Proposed marketing strategy.......................................................5
Synopsis of the competition and industry by using framework such as Porter’s 5 forces
analysis...................................................................................................................................6
Financial overview.................................................................................................................8
LO1................................................................................................................................................10
Explanation of each phase of NPD process for new and improved product development. .10
LO4................................................................................................................................................13
CONCLUSON...............................................................................................................................15
REFERNECES..............................................................................................................................16

INTRODUCTION
The main motive of every business entity is to deliver high quality of products and services
to the customers so that they can easily grab attention of the customers effectively. In order to
satisfy the customers in more effective manner every business is required make alterations in
their existing offerings. Here, these businesses do believe in developing their core products as
well as services according to the customers with the motive of offering them high quality
services to them effectively (Piontek and Müller, 2018). The present report is based on
Samsung; a well known brand South Korea which is offering its services worldwide effectively.
The respective company belongs to Conglomerate sector. It was incorporated in the year 1938
and headquartered in Samsung Town, Seoul. Samsung own remarkable global presence as it has
vaster product and service portfolio. Here, it can be said that product portfolio of Apparel,
automotive, chemicals, consumer electronics, electronic components, medical equipment,
semiconductors, solid state drives, DRAM, ships, telecommunications equipment, home
appliances etc. Whereas, its service portfolio includes Advertising, construction, entertainment,
financial services, hospitality, information and communications technology, medical and health
care services, retail, shipbuilding and many others.
The present report includes detailed description on the product portfolio of Samsung, life
cycle stages of the product. Later recommendation is provided to the same. Also, the product
provides information on Market opportunity for the proposed product or a service. It also
includes 7Ps for developing effective marketing strategy. Later on, for developing understanding
on the competition within the same industry, Porter’s five force analysis will going to be used. At
last, NPD process would explain for the product development effectively.
Portfolio of SAMSUNG
Product Examples
“Smartphones” “Galaxy Smartphones – Galaxy Fold, Galaxy
Note, Galaxy S” etc.
“Tablets” “Galaxy Tab S, Galaxy Tab A, Galaxy Tab
Active” etc.
“Wearables” “Galaxy Watch, Galaxy Fit, Galaxy Buds,
AKG Headphones, Audio, Accessories”.
1