Product & Service Development

Product & Service
Development

Table of Contents
INTRODUCTION...........................................................................................................................3
PART A...........................................................................................................................................3
Covered in PPT.......................................................................................................................3
PART B............................................................................................................................................3
Explanation of each process of new product or service development....................................3
Explanation of how NDP ca be used by company.................................................................4
Reflection...............................................................................................................................5
REFERENCES................................................................................................................................8

INTRODUCTION
Businesses in the contemporary competitive marketplace keep on introducing new or
developed products and services so that they can fulfil the changing needs and wants of
customers and continue to exist in market. With the development of products and services the
company can continue to grow and develop profitably in market (Charter and Tischner, 2017).
This report is based on Versace which is an Italian luxury fashion company which was founded
in 1978 and is headquartered in Milan, Italy. The company deals in Italian made apparels and
accessories which are stylish and are innovatively designed having flashy print and bright
colours. In this report the new product development process, life-cycle stage of products and
services, a pitch for a new product which is to be introduced and reflection etc. will be discussed
in detail. This report will help in gaining knowledge on development of new products and
services in market so that companies can grow and expand in market.
PART A
Covered in PPT
PART B
Explanation of each process of new product or service development
It is important that businesses introduce new products and services in market so that the
dynamic demands of customers can be met in an efficient manner which can help the company in
gaining a competitive advantage in market. New product development starts with a conception of
a new or innovative idea which is converted into product which can be introduced in market so
as to reach to customers. Following are the stages of NPD: Idea generation: At this stage the need for developing a new product is identified and a
pool of several potential ideas are generated so that a product which can help the
company in increasing its sales can be developed. The sources of idea generation are
market research, change in customer taste, competitors move etc. Idea screening: At this stage out of the several ideas the best idea is selected which can
help the company in achieving its objectives (Hanski and et. al., 2014).