Product Development: Processes, Life Cycle, and Management Choices for Samsung

Product and Service
Development

Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
TASK 1............................................................................................................................................3
P1 Processes included in improvement of goods and services and levels of users integration -
.....................................................................................................................................................3
P2 Application of above processes in improving of new goods within the business context-
.....................................................................................................................................................4
TASK 2...........................................................................................................................................6
P3 Assessment of product or service life cycle stages within portfolio of selected company....6
P4 Evaluation of appropriate product line management choice for chosen product or
service of organisation...............................................................................................................7
TASK 3............................................................................................................................................8
P5 Design and pitch a product or service taking into account market testing,
product/service launch and distribution..................................................................................8
Positioning..................................................................................................................................9
TASK 4............................................................................................................................................9
P6 Complete a reflective statement that critically reflects on team working, creative
development and presentation..................................................................................................9
CONCLUSION..............................................................................................................................11
REFRENCES.................................................................................................................................12

INTRODUCTION
Developing product is the procedure of operating on a new thought or concept improved by
company to sustain in long run and expand their business by bringing innovation in marketplace
as per the need of customers (Granato and et.,al., 2020). Firm produces goods and services to
foster their business and transform various opportunities in today's competitive and globalized
economic environment. The following report is based on a company named Samsung which has
well known image in the global market, its headquarter is in Seoul, south Korea. The respective
company was founded in 1938 it is well known for the mobile phones and electronic devices.
The following report is going to cover the process included in the development of goods and
services along with the life cycle stage of the product. This report also evaluates the various
product line management choices for individual product and services. After this, a pitch has been
designed for the product by keeping in mind about the market testing, launching and distributing.
MAIN BODY
TASK 1
P1 Processes included in improvement of goods and services and flat of users integrating -
Competition has been increases day by day within the economy because of new
technologies and by providing unique product in the market. So it is very crucial for the existing
organisation to stay updated with growing goods for being achievable in long term. Nowadays,
lot of goods introduced in the market with free entry but only least of them attain success and
reach to desired users. So, Samsung have come in the market with a new idea of washing
machines that have a quick dryer and tumble dry innovative feature (Marion and Fixson, 2021).
This idea simplifies the life of those people who live the bachelor’s life or go to offices. In
regards to successful establish new goods in market, selected company can utilize following
primary stages of improving goods which are listed in below-
 Idea creation - determination of good thought to establish a brand-new good and
services in the market can be determined through analyzing different options. This is
being considered as the initial steps of developing the goods in the market. Management
can get diverse content for their product from company workers because they directly
communicate with the consumers and know more about the productions operations. They

interact with the buyers on regular basis that assist them in determining the needs of
development.
Inner beginning - it is done by the R&D department of the firm by doing proper market
research which includes what the user actually wants. Whereas, purchaser and provider are
being considered as the external sources that select the company by providing buyers value
as well as apportion appropriate sources for goods making (Sano., and et.,al., 2020). Hence,
Samsung, can take internal sourcing services in order to facilitate the development of new
product and launch effectively in the market.
 Idea screening - it is the second step of filtering thoughts from different ones. It
assist the Samsung company to understands which goods and services will finally turns
up to profitable goods for company. Thus the areas which are established must be
screened totally. Best goods choice must be selected by the company.
 Conception development and examination – this phase comprises of development of
new idea in product concept. This stage provide detailed analysis related to product like
what exactly goods have, purpose behind establishing goods as well as the target users.
In addition to this, the development of the product is taken on the basis whether the idea
become successfully execute in the market or not.
Market scheme - Samsung widely determine all market trends and run the business
appropriately by doing the proper market research (Wehrle and et. al., 2021). After determining
all cultural trends, the respective company make or improve their market policy on the basis of
research conducted by them and the strategies used by their rivals in surrounding . Policies must
be easy and converse at all horizontal of business, so workers are capable to analyse that.
Samsung's marketing mix analyses brand and product serving too. These factors must be seen as
one unit and should endorse all together. Samsung products are developed under 6 major global
decision and in it has 53 manufacturing services. These goods are separated in division. They
pricing strategy which is used by Samsung can justify the combination of the different pricing
policy just as price skimming, competitive pricing any others. on the basis of product range, time
of launching and the climate of the outside market. Samsung is active through various channels
in the market just as sales and service dealers, modern retail and suppliers. Company promotes
products through newspaper, digital media and any others. Business has raised its income by
good ratio. Samsung subsidiaries are as Samsung electronics, Samsung SDs. Industry consist