New Product and Service Development Process

Product & Service
Development

Table of Contents
INTRODUCTION...........................................................................................................................1
ACTIVITY 1 – PART A.................................................................................................................1
Covered in PPT............................................................................................................................1
ACTIVITY 1 – PART B..................................................................................................................1
An explanation of each of the processes involved in the new product or service development. 1
Application of processes to develop particular product or service of company..........................3
Independent reflective statement - demonstrating your ability to critically reflect on the
creative process, the group dynamics and the presentation.........................................................5
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................7

INTRODUCTION
The development of products and services is acknowledged to be a comprehensive
procedure which consists of a number of phases that provides assistance to an organisation in
developing and commercialising a product. The present project is based upon Guess Company
which is a well renowned clothing brand and is also known to be marketing other kinds of
fashion accessories such as bag, watch, perfume and so on. The project consists of new product
development procedure along with its application in new product development process of a
company. Lastly, it encompasses reflection done over individual and team working.
ACTIVITY 1 – PART A
Covered in PPT
ACTIVITY 1 – PART B
An explanation of each of the processes involved in the new product or service development
New Product Development (NPD) can be said to be a comprehensive chain of procedures
which are aimed at conversion of a market opportunity to a marketable new offering in order to
satisfy the needs and wants of public at large. In other words, new product development is
defined as a procedure involving stages which result into the creation of a whole new
merchandise or facility. This process acts as a driver for companies as it is crucial for their
growth and development. In this regard, extensive rivalry, constantly altering consumer
behavioural patterns, insatiable consumer appetites are some of the elements of market which
affects the will of company in a positive manner and force it to make investment within new
product and services in order to gain success and ensure its long term sustainability in market
place.
The development of new services and / or products is considered as the life blood of
corporations as well as society. By developing new products and services, organisations aim to
appeal to a large base of audience. This provides assistance to the corporations in attaining a high
market share so as to inflate its overall positioning across the global retail market. Thus, the
importance of new product development process is further discussed as underneath:-
 New value for consumers: The primary reason why companies across the globe intend
to execute the new product development process is to render value to customers. It is due
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