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Product Service Development InTRODUCTION

   

Added on  2020-10-04

12 Pages4054 Words192 Views
Business DevelopmentDesign and Creativity
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PRODUCT SERVICEDEVELOPMENT
Product Service Development InTRODUCTION_1

Table of Contents
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INTRODUCTIONIn the current market scenario, there is very high demand of the customer regardingproducts and services. It is very important for the corporation to make satisfy its customers. Inorder to make customers happy and satisfied, firm has to increase product customisation anddeliver something new and innovative along with its services. Thus, it can be said thatorganisation has to focus on the new product development so that it can achieve outstandingoutcome in the market. (Achrol and Kotler, 2014). The current assignment defines the theoriesand concepts about the new product development. In addition to this, procedure in application tothe development of product and services with respect of Tommy Hilfiger has been addressed.The various stages of the new product development and product life cycle has been alsodiscussed in this report with respect of Tommy Hilfiger company. With help of this research, thedetail knowledge about the new product development can acquired by individuals.LO 1P1 Explanation about the new product development stage and level of integrationTommy Hilfiger is an American multinational corporation which deals with the fabricproducts, designer wear, denim, cosmetic, toiletries, home furnishings etc. The main purpose ofthe company is to launch the new product that is Woollen Sweatshirt for male and femalecustomers (Athey, Suckling and Rogers, 2012). Production manager has great responsibility inthis aspect to launch the new product in the market and keep satisfy its customers by identifyingtheir needs and wants. In this manner, manager have considered on the various phases of the newproduct development so that they can successfully develop the new product that is WoollenSweatshirt for male and female. These several stages of the new product development arediscussed as follows-Idea Generation- Under this stage, new idea and creativity can generate in the mind ofproduct manager. The new idea can generate only while company desires to gainmaximum profitability in the business. This new idea should be developed according tobusiness objective, existing situation of organisation, future requirement and customerrequirement (Berthon, Pitt and Shapiro, 2012). In the context of Tommy Hilfigerorganisation, it is going to launch Woollen Sweatshirt for male and female customers.This idea has been created due to the high demand of customer. In order to fulfil thedesires of customer and improve product customisation, production manager is focusing
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on this new idea. The new idea about the new product development can be generated bymarket research, feedback of customers, customer requirement, agent’s reviews etc.Idea Screening- Once the ideas have been generated in the mind of customer, then in thenext stage, manager has to screen these ideas and select some appropriate thoughts fornew product development (Bickhoff, Hollensen and Opresnik, 2014). Product manager ofTommy Hilfiger will select some most appropriate and useful thoughts for developing thenew product that is Woollen Sweatshirt for male and female.Concept development and testing- This is extremely critical stage under the new itemdevelopment in which product supervisor will focus around the idea advancement andtesting of the thought regarding the new product development. In this stage, productmanager gives the data about the new commodity development for collect informationabout of customer feedback, surveys and remark about the new item, changes can bemade by the item director in the product development.Business analysis- While product manager successfully tests the new product, then in thenext stage company has to analyse the situation of business. In the stage, manager has tofocus on the budget of new product, distribution, marketing etc (Challagalla, Murtha andJaworski, 2014). Tommy Hilfiger’s production manager focuses on the budget ofWoollen Sweatshirt for male and female.Product development- This is the final stage for new product development in whichmanager considers on the plan to develop the new product. Marketing manager have todesign a systematic planning of the new product development and distribute the newproduct. On the other hand financial planning can design by the financial department.Test marketing- Once the product is developed in effective manner then in the next stagecompany will focus on the test marketing. In this phase, product manager introduce theproduct in the small scale in very small market. With assistance of this stage, companycan analyse the effectiveness of new product on the basis of customers feedbacks,reviews and comments. With help of this stage, company can make the improvement inthe new product on the basis of customer feedbacks.Commercialisation- In this stage, finally Tommy Hilfiger will launch the new productthat is Woollen Sweatshirt for male and female customers. In this stage, corporation have
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