Processes involved in product and service development

Product & Service
Development

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Processes involved within developing products, services and many more...........................1
P2. Application of processes to develop particular product or service of company....................4
M1. Consistent demonstration of justified application related to subject knowledge as well as
understanding processes to develop product along with service.................................................5
D1. Well articulated, coherent as well as logically presented pitch which has justified
approach for decision making throughout process of development, market launch along with
distribution...................................................................................................................................6
TASK 2............................................................................................................................................6
Covered in PPT ...........................................................................................................................6
TASK 3............................................................................................................................................6
Covered in PPT............................................................................................................................6
TASK 4............................................................................................................................................6
P6. Completing reflective statement which reflects for team working, development of creative
and presentation...........................................................................................................................6
M4. Addressing concerns as well as issues with recommendations related to improvements....7
D2. Insightful as well as independent reflection on teamwork as well as creative development.
......................................................................................................................................................8
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Development of product and service is said to involvement of all stages for bringing a
product from idea via market release. It incorporates either modifications in existing
commodities or formulation of entirely new tangible or intangible components which have
desires to satisfy defined customer's wants (Ács, Szerb and Autio, 2016). To understand about
product and service development, Guess Company is considered which is a clothing brand
together with retailer. Along with this, it also markets various other fashion accessories like
perfumes, watches, bags, cloths and many more. The report explains processes that are involved
in development of products as well as services. Further, it applies the processes to develop
specific organisational product or services. At last, the report involves complete reflective
statement which reflects on team working, creative development along with presentation.
TASK 1
P1. Processes involved within developing products, services and many more.
Product development is defined to modification in features as well as characteristics in
the exiting commodities or manufacturing a totality new item as per pertaining trends in market
or customer choices (Bharwani and Mathews, 2016). With the help of developing products or
services, companies offers new and overwhelming values in order to flocking customers towards
them. Guess is the company which offers variants of items including glasses, watches, clothing
and so on for leading in competition and meeting requirements of population. It has headquarters
in California, United States since 1981. the managers of the business have analysed product
lifecycle stage so that it can determine which products lies in what stage so that further decisions
are framed to attain objectives. As per product lifecycle stage, it is seen that its watches that are
made with leather are in declining stage as population are becoming more conscious for the
protecting animals and because of this, they are less preferring those goods which are made from
leather. In this case, the managers have taken choices for innovation wherein they will make
significant changes in their leather watches and offer them as Hand Beaded watch. The watch
will be manufactured by using threads despite of leathers and various other materials that are eco
friendly. Further, managers design the pitch by considering various factors that are market
opportunity, marketing strategy, synopsis of competition and various others.
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In present era, to deal with situations related to declining sales volume, demand and many
more managers are following procedures that are related to new product development in order to
make improvement in existing ones that falls in declining stage. Some of the processes which are
involved in developing new product are as follows:
Illustration 1: New product development process. 2020
(Source: New product development process. 2020)
Idea generation: It is the first process in developing a product that includes generation of
ideas. Companies when planning to developing something they comes with innovative ideas that
is generated through spoting gaps within market as well as using various other methods. The
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