Product & Service Development

This presentation focuses on product and service development, specifically on the concept of globalisation, driving factors, impact of technology, PEST analysis, challenges, and conclusion. It also includes references for further reading.

Product & Service
Development

Cover Content
• Introduction
• Concept of Globalisation
• Driving Factors Of Globalisation
• Impact Of Technology On Globalisation
• PEST Analysis
• Challenges Of Globalisation
• Conclusion
• References

Introduction
Under this section of report, firm which has been chosen to further understand the
concept of NPD I.e.L`Oreal Paris. This subsection of report will keep its focus on
product life cycle and appropriate product line management choices which are
required for individual products or services of the company. Apart from this, Design
and pitch a product or service taking in to account market testing, product/service
launch and distribution. Lastly, a reflective statement is also enclosed under this
assignment which will critically reflects on team working, creative development
and presentation.

Cont.…
In context of L`Oreal Paris, company have already developed an effective modified hair spa
kit. This new idea the best chance to succeed, L`Oreal Paris need to accurately test the
market and plan the launch accordingly. While company could shell out a lot of money to
consultants or marketing strategists, it is mandatory for can organisation to study the market
by own, and this do-it-yourself approach may be easier and cheaper than holding an
expensive strategy .

Cont.…
Start With Friends and Family: The vast majority of
market research starts with discussing the idea for
Company’s product or service with the people in Business
life wo are close enough and can suggest the best option for
L`Oreal Paris.

Cont.…
• Small Scale Testing: Once L`Oreal Paris decides to move forward with the idea,
company may want to start market testing on a small scale. As L`Oreal Paris creating a
physical product, have prototypes made so that people can test it out and give actual
feedback on its design and functionality. Using all of this feedback to Company’s
advantage. Don’t outright dismiss criticism without considering it, and remember that if
multiple testers have the same compliant, it’s probably a problem worth solving.

Cont.…
• Testing the Market Online : The Internet is a virtually
limitless resource for testing the viability of L`Oreal Paris
idea, and this research can be done in a number of
different ways. One of the best places to start is with
online forums that deal with topics that are related to
modified hair spa kit. Check out the most popular forums
on the topic, paying close attention to the number of
members and the frequency of posts. These metrics will
help L`Oreal Paris to active the forum is, which will give
L`Oreal Paris some idea of how much public interest there
is in its product

Conclusion
From above mentioned report, it has been concluded that proper product development
process for a particular commodity can help in executing the idea into real products or
services which has been made after considering needs and wants of the customer. Apart
from this, it is being also summarized that product life cycle needs to be made properly
which can help in making modifications in existing products or it can also aid in looking at
the overall status of the product from its launching to current position of the product.

References
• Systems preliminary design. Journal of cleaner
production. 53. pp.103-117.
• Mason, C. and Brown, R., 2013. Creating good public
policy to support high-growth firms. Small Business
Economics. 40(2). pp.211-225.
• Florén, H. and Frishammar, J., 2012. From preliminary
ideas to corroborated product definitions: Managing the
front end of new product development. California
Management Review. 54(4). pp.20-43.