Product and Service Development: Processes, Life Cycle, and Management

Product and Services
Development

Contents
INTRODUCTION ..........................................................................................................................4
TASK...............................................................................................................................................4
P1 Inform the processes concerned in the evolution of offering and the stages of consumer
segregation...................................................................................................................................4
P2 Refer these procedure in usage to the evolution of a particular structure good or service.....5
P3 Evaluate the stage of life cycle of the offerings in portfolio of the organisation...................6
P4 Valuate which suitable management line of product select are needed for people offerings.8
P5 Designing and deliver a merchandise or service carrying out on account market testing,
launch and distribution of product and service............................................................................9
P6 Complete a reflective statement that critically reflects on team working, creative
development and presentation....................................................................................................14
CONCLUSION .............................................................................................................................16
REFERENCES..............................................................................................................................18

INTRODUCTION
Firms offers goods as well as services in order to retain, expand and foster its consumers
base in accordance to satisfy the necessarily of the consumers, transforming, discovering
business openings those possibilities in to some type of commercially feasible specific goods,
specifically in currents competitive as well as broaden economic environment. The following
report is based on the international organisation Tesco plc, that concentrates on making new
merchandise for firm in accordance enhance the sales revenue. Respective firm specialises in
retail products with having several outlets in European and Asian countries (Rosen, and Choi,
2021). The following report will cover about the Inform the processes concerned in the evolution
of offering and the stages of consumer segregation and applying the process in use to the process
of a specific company's offering In addition to this, it will include the discussion of the life-cycle
stage of the offering in a portfolio of the firm.
TASK
P1 Inform the processes concerned in the evolution of offering and the stages of consumer
segregation.
Overview of TESCO:
Organisation was formed in 1919 and company function their business as one of the
largest general as well as retail sector. Firm is having their headquarters om Chestnut United
Kingdom. Company is operating has more than 2,200 outlets that are small marts, super markets
as well hyper market. Company's original product segment increased to electrical goods,
incorporate banking, protection administration and telephone equipment.
Product development method comes in the several steps as well as levels. A product gets
more developed by including various ideas of market evaluation, internal element and various
more research that is comprehended (Urnau, and Canciglieri Junior, 2021). All of this
information need to be applied at the time of creating new offering and supply it into the market.
The several level of evolution are mentioned beneath briefly -
 Concept making– This is starting and initial level of the development of services and
product . A firm thing and study regarding the creative concepts from several origin like
consumer competition in trend and various other. It is the major level because it is the top
arrangement of entire evolution of the product.

 Showing the content – In the market there are numerous of goods and services get
developed in the market area and the firm will have evaluated their concept in
comparison to their competition and expectations of the consumers (Boßlau, 2021). The
thought is financially as well as technically the top as it will be examined at the or this
stage.
 Experiment the idea – This is mandatory in which the entire concept can gain invention
as well as appropriate consequence of the consumer with out usually frequent in the area
of the market. Hence, it has supported in market testing of the design of product, market
value, innovating ideas and consumer satisfaction as well.
 Business analytical – It is the support of this strategy management can also be capable to
evaluate appropriate productivity and execution regards of the goods in the selected area.
The entire idea acquire innovated so the firm knows their whole weakness as well as
strength to understand the segmentation of the market.
 Development of product – All the elements gets evaluated and the concept will be made
as it requires proper plan, design and execution of all the manufacturing process (Haiyun,
and et.al., 2021). The firm will look for the need of the large as well as small scale
manufacturing market testing outcomes.
 Commercialisation – In this level the entirely new produced product gets supplied in to
the market area and it is known as the commercialisation app that includes buying and
selling of the goods to the consumers. The firm will introduce good to advertise strategy
and concentrate on the supply techniques and place.
P2 Refer these procedure in usage to the evolution of a particular structure good or service.
Activity of making a latest business concerning model is referring to as increasing the
consumer content. This can be the method by which a firm converts an organisational
opportunity in some type of offering which meets the needs of the consumers in order to
generating.
Making of idea is the method of construction the application by filtering the current
model or positioning a new organisation that minimises the existing space. After that, screening
of the idea is the next stage of it, that consist of shifting by all the innovative characteristics and
selecting the appropriate one based on the customer feasibility as well as acceptability. It will
support the organisation to face the potential issues and possibilities which are there.