Product & Service Development

Product and Service
Development

Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
LO1. Processes involved in new Product or service development.........................................1
P3. Product life cycle..............................................................................................................5
P4. Product line management.................................................................................................6
P5. Designing and pitching product idea................................................................................7
P6. Reflective statement.........................................................................................................9
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12
Books and journals...............................................................................................................12

INTRODUCTION
In modern times one come across many products and services present in market, which
are result of requirements and dynamism of current and future needs. Some of them are not even
thought by anybody a decade or before, but the visions of developers and needs arose by
changing times have necessitated these developments. Few examples could be online payment
apps, Unmanned Ariel vehicles and many more. Developers and companies for this purpose
makes intensive and inclusive researches (Blanchard, Christofol and Richir, 2021). They
forecasts preferences and expectations of consumers and time, and makes scientific analysis
before developing and introducing any new product in market, making best uses of technological
developments, opportunities and business models. Success of these new products depends on
various factors. These factors are studied in report that how a new product, that is bought by any
business organisation penetrate and succeed in market and for this purpose report have
undertaken case study on Gym equipments by an established and popular brand of sports outfits
and equipments Nike. Nike is a well renowned powerful international brand. This company is
well known for its shoes and sports products. It is one of the highest grossing company in this
market, generating around 60% sales of the USA itself and has more than 1900 stores
worldwide. Nike so far has not introduced any such products that satisfies needs of Gym
operators and their users. Thus, this will be a new kind of product by Nike, in new markets and
thus fulfils purpose of this report on Product and Services development. Report shall be first
studying different processes involved in Product development, what is a products life cycle in
business operations and markets followed by what steps are involved in management of product
line so that desired results are met.
MAIN BODY
LO1. Processes involved in new Product or service development
When any new product has to be bought in the market, either by a new organisation or
any existing organisation, the launch of that new product passes through a set of different stages,
which are necessary from development to the point where it becomes directly accessible to the
customers. Understanding of these stages becomes important in this context (França and et.al.,
2017). In this report, analysis of the processes involved in development of new product and
service is made in context of Dumbles and Treadmill gym equipments.
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Idea generation- This stages tells about generation of an idea in mind of the company.
This is the stage of conception of the idea in the minds of developers that happens when they
assess the need of that new product in the market and how that new product will be helpful for
company in revenue generation. For generation of idea about gym equipments of dumbles and
treadmills, Nike can make use of two sources possibly, one is internal, when Research and
development department of company bring the idea, or there are external sources which can
pertain to any source like customers, suppliers, distributors etc. In case of Nike the idea must
have came from external sources when company saw new trends rising in market.
Idea screening- In this step, company looks at the advantages and disadvantages which
the new will bear on profits and efficiencies of company. Nike will make thorough screening of
different angels and dimensions thus involved in development and launch of new Gym
equipments (Huang, Hsu and Chen, 2019). Question like cost of development, attraction of
targeted customers base, potential revenue deriving, impact over socio-cultural and political
sentiments etc. are answered under this stage. Dumbles and Treadmills products to be developed
by Nike, screening about cost of developing is nominal whereas, these products have large
potential to create new consumer bases for company.
Concept development and Testing- After company have made all thorough analysis
regarding advantages and disadvantages to the company from new product. The idea passes on
the stage where it becomes a concept from an idea. Concept development is a precise task and
totally consumer oriented. Under this Nike will be bringing and developing concepts that how
particular products be launched before different consumer segments in best possible way so they
can understand rationale behind developing product and then make best use of it (Ibarra,
Ganzarain and Igartua, 2018). For example, as the Nike is intending to bring Gym products in
the market, it must develop concepts for every set of consumer differently, like athlete,
professional players, regular gym operators etc. After concepts are developed company must
attempt testing efficacy of product in targeted markets either physically or symbolically.
Market strategy development- When the company have developed product concepts
and tested its efficacy in targeted set of consumer markets, it is the time to attract consumers
through appropriate use of marketing strategies. Under this Nike will be generating consumer
awareness about its gym products of Dumbles and Treadmills, undertaking strategies to attract
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them and convincing them about potential uses of new products. Nike can do so by using
Marketing Mix 7P's model.
Business analysis- Under business analysis step, Nike makes analysis about impact of
new product development and impact of its aftermaths over business. This is basically review of
costs, profit and sales of new products in market and what new advantages shall dumbles and
treadmill products bring for company. For the sales review, Nike can make surveys about sales
of similar products in the market by other businesses and from this they can forecast its cost and
profits.
Product development- Product development is the process of actual development,
processing and manufacturing of the new product after all the analysis of its cost and targeted
sales are made and marketing strategies regarding the same are prepared by the business. Nike
shall undertake production of dumbles and Treadmills, as per designs made in product concept
development, that means gym equipments which shall be useful for different consumers such as
athletes, professionals etc. in different manners. Product development is significant as it leads to
physical availability of products to consumers and requires sudden pool of investments in
business for undertaking business operations of R&D, production, packaging, distributing,
appropriation of raw materials and many more.
Market testing- Under Market testing, Nike shall be launching few samples of its new
Gym products, to check their efficacy in market and the consumer response that they can
generate. Dumbles and Treadmills are specific heavy weighted gym products. Therefore, it is
necessary that Nike must gather feedbacks and responses from customers, through launching
them in many accomplished and established gyms. Considering stature and success of Nike in
market, Nike can do it easily and also can try testing their products in International market as
well.
Commercialisation- Commercialisation is the final step of decision making where
businesses decides to finally launch the product in market. This step incurs maximum cost for
business, this includes distribution of product in market, Nike have to build or lease a
manufacturing facility, sales promotion activities and marketing activities of its new gym
products, of Dumbles and Treadmill goes hand in hand this time, similarly Nike will have to
monitor that everything goes by plan. Also, in commercialisation process Nike will build brand
for its new product before consumers and achieve competency in market more than other
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business players (Kasiri and et.al., 2017). For this Nike must consider two things, one is
introduction timing of new product in market and secondly place of introduction of products,
which would be targeted.
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P3. Product life cycle
Product life-cycle defines different stages of life of product or durability in any business
before it is outlined from market and business completely. Under this section, report shall be
taking instance of existing products of Nike, like Shoes, that are available in Market. Also, how
this particular product have to pass through various stages, from its introduction to decline in
market is analysed in report. These stages includes Introduction, Growth, Maturity and Decline.
Introduction- Introduction is stage of bringing product in targeted markets of company
once product has been developed and it is ready for final use by consumers. At this time stakes
of product is highest in product life-cycle (Ladhari, Souiden and Dufour, 2017). Business
operations for Nike in this stage includes production of shoes products in pre-decided manner as
per demands and preferences of consumers, sales marketing and promotional activities for
attracting consumers and informing them and developing distributive channels for reaching out
to consumers.
Growth- Growth involves the stage where consumers are already using shoes of Nike,
buying it and Nike is ready with all sort of statistics, increasing sales and increasing profits.
More developments that take place at this stages are changing preferences of consumers, their
rising demands and expectations with the Nike shoes. These developments are required to be
monitored by Nike, to be analysed and then intend to fulfil them in order to achieve customer
satisfaction so they continue buying product. Also, at this stage competitors become more
awakened and brings new policies to snatch consumer base, monitoring their activities is also
important for Nike.
Maturity- Maturity is that stage in which sales for shoes will starts declining so does
revenue for Nike. This stage comes after product have reached its zenith in market and is no
more preferable by consumers. In case of shoes products of Nike, this stage may come when
more competitive products of same type are bought by any other player, or Nike loses its
competitive edge where its products becomes obsolete for consumers. This can also happen if
company reduce its focus over shoes products and decline innovation and expenditure on same.
Prices in this stage become more competitive and margins are seen declining (Lee, Woo and
Joshi, 2017).
Decline- Decline is stage of complete wipe of product from market by company, which is
attributed to many reasons like increased competition, declining sales, rising cost for company or
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Nike's shoes are no more preferred by users. Improper channelisation of products to targeted
markets can also be the reason in which consumers stops preferring products due to late
deliveries or non-availability.
P4. Product line management
Product line management is the task of managing and controlling production and sales of
New products (Gym equipments of Nike in this report) or existing product in such a way that
they derives optimum results to company. This technically deals with identifying, make
expansion and use those opportunities which increase sales and ultimately revenues for company
(Lenka, Parida and Wincent, 2017). This can be done by Nike in following manner:
Clarity on sales and marketing strategies
Sales and marketing strategies are adopted to attract more and more customers, generate
awareness among the about benefits they will avail by using product and thus convincing them
for making purchase. Nike would have done it through a number of strategies, making best use
of traditional as well as modern methods, which will pool huge investments in this order. Thus,
considering prominence of sales and marketing activities, it is imperative that Nike must monitor
results derived from such strategies and that should align with desired results and customer
choices as well.
How sales and marketing strategies are converted in units
In this process it is noted that forecasts and predictions made under marketing strategies
should align with production targets and activities. For example, when in marketing strategies
Nike will analyse and evaluate needs and choices of consumers, regarding quality and quantity
of products and expectations of consumers in market. Then, while carrying out production
activities these targets must be met.
Prepare detailed Product line analysis
In this a detailed product line analysis plan is prepared with consideration of historical
statistics, present performance and future targets. This would help Nike in identifying deviations
with ease, in implementation of set production mix.
Take actions
After deviations are identifies that are resulting in deviations from targets and poor
performance, Nike shall go ahead for formulating such policies and strategies, taking note from
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marketing and production statistics as well as form projected targets, which would lead in
bringing actual and desired results closer (Ouyang and et.al., 2020).
P5. Designing and pitching product idea
Discussion in the report is on all new category of product for Nike that are Gym
equipments. Nike is already a renowned brand but that only in terms of sports related products,
sports outfits like t-shirts, trousers, shoes etc. and sports equipments like bats, balls, nets, rackets
and several in line. Gym equipments are not in the line of production for company but if we
consider modern trends in world, Gym equipments and materials, especially dumbles and
tredmills, are more commonly used products than any other sort of fitness related products like
sports products. Even if we consider sports products than Gym equipments are usable along with
them. Also, importance of Gym equipments is significant from the fact of rising fitness trends in
the world (Papadas, Avlonitis and Carrigan, 2017). People are becoming more careful about their
fitnesses, body mentions and inner body health. This creates a very good opportunity for Nike to
launch these products at this time. Nike have a strong brand image in minds of people due to its
existing products quality, especially in shoes. Thus, if Nike brings quality products of Gym, it
could cater a huge support from existing customers as well as new customers who shows faith in
the company. Also, utilising this brand image, Nike can induce customers for focusing on their
fitnesses, which will as part of loyalty of people for the company. When people will look at
advertisements of Nike about equipments as well as supplements and proteins, they will be
attracted and feel connected in the same way they connect themselves with Company. This way
Nike brand also have huge potential in bringing fitness revolution in world, and not just only in
seeking profits for company itself (Schroeder, Anggraeni and Weber, 2019). This can also be
acclaimed as part of fulfilment of social responsibility by business entity. In this way Nike can
undertake pitching different segments of its potential consumers for buying its new products of
Gym equipments and ultimately increase its sales and profits for company. The report have
developed this understanding by accounting testing of new products in different segments of
consumer markets separately, which are also conceptualised by Nike in the processes of product
development.
 Market opportunity: - As per the selected product of weighted arm bands of Nike, it was
a market opportunity for an organization. It is defined as a situation in which a company
identifies the product which is needed by the consumers. In terms of weighted arm bands
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it was the market opportunity for all the youth generation. In today’s world almost all the
audiences go to gym and use certain equipment’s. As per the emerging trend it was an
opportunity for the business. With respect to this by implementing such product it was
very easy for all the consumers to use such effective arm bands of best company. The
business organization develops new products every year so with regards to the gym
product all the customers liked it especially the youth generation.
 7 P’s of marketing: -
Product Price Place Promotion Process People Physical
evidence
Nike offers
wide variety
of products
for both men
and women.
So, they
implemented
a new gym
product
which is
weighted
arm bands.
It was
beneficial
for all the
individuals
as they
would be
getting best
quality
bands.
The
company
always set
up their
prices as
per the
value of
specific
product.
They
always
offer good
looking
and
durable
items. So,
by
developing
gym
product it
was very
durable
The
company
sell their
product
around the
world and
through
both
online and
offline
marketing.
It was
easy for
all
consumers
to
purchase
the
product
from
websites
and also
By enabling
a new
product they
use the
method of
modern
promotional
strategies.
They started
showing
videos that
involve
personalities
by wearing
weighted
arm bands.
Nike focused
on business
expansion so
by
developing a
new product
they
followed the
process of
effective
research and
development.
As per the
gym product
they started
focusing on
the youth
generation
and lead to
higher
efficiency.
A company
can achieve
success if
there are
talented
employees
so with the
help of
them a new
proposed
product got
established.
It always
invests in
those
people who
can help in
leading
growth.
In context
with the
new gym
product
they were
selling
the item
through
both
online
and
offline
and its
packaging
was the
main
physical
evidence.
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and
effective
quality
they
charged
premium
prices for
the
product.
from the
retail
stores.
 Financial overview: -
Particular 31/12/19 ($) 31/12/20 ($) 31/12/21 ($)
Implementing
technology cost
15000 - -
Promotional event 9000 8000 6000
Advertisement
expense
6000 5600 5800
Catalogues 2000 4000 3000
Training charges 6500 8000 8500
Total Cost 38500 25600 23300
 Porter’s five forces model: -
There are wide variety of the external factor that get determine the strength and weakness
that impact on the products of Nikes that is based on the porter five force analysis, there are
the following intensities of these forces that are currently influencing the Nike” Gym
weighted arm brands”. The porters five forces are will be explained further in relation to the
development of product is as follows-
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 Competitive rivalry- This competition is helpful to determine and maintain their share
of the sports wear as well weighted arm brands for determining the competition that can
influence the environment of industry and performance of individual firm. Also, there are
few moderate firms that can meaningfully impact the performance of firm. Apart, from
this market development of product Nike will ensure the competitive advantage as well
as focused on growing share in gym weighted arm brands.
 Bargaining power of buyers- Nike customer will be directly influence and will affect
the performance of business, The elements of five force analysis show there is low
switching cost this belongs to the strong force as well as moderate substitutes availability
of Nike “Gym weighted product’’.
 Bargaining power oof suppliers-bargaining will affect the business. This elements of
the five forces will get affect the raw materials of Nike. In the case of ‘’ gym weighted
product’’ there is high overall supply of the product as well as large population of
suppliers that is get determined as weak force.
 Threats of substitutes- This analysis will be helpful to get define the forces of
substitution as well as the industry environment. The Nike ‘’ gym weighted product’’ has
the moderate availability of the products substitutes as well as there is low switching cost
of products
 Threats of new entrants- new entrants’ threats can disrupt the performance of Nike
industry environment. Due to Nike’’ gym weighted product is high cost that is weak
force as well as there is high economy of scale and moderate cost of doing business is
moderate force of business.
Research about product- This is indeed a very important step and the step at priority ads well.
Without researching about manner in which consumers are using the product, what ae the
expectations related in market, how distribution is undertaken of similar products, what are most
potential competitive threat, future trends related to that product, what innovations will be
required in future are some of the questions that Nike have to answer, before it launches its
Treadmill product in market. Prior research about usage and expectations related to Treadmill
will help Nike is securing its goals as earliest as possible.
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Clear and concise introduction- This step is important when Nike goes for advertising
its Treadmill product in market. It shall provide all relevant information of the product to
consumers in manner where consumers can gather good insight about use and competency in
shortest manner possible. This is exactly called generation of awareness, where some important
things are communicated by company and rest of the other information are understood by
consumers on their own. Long information can make buyers to fail on reading and lose their
interests, no matter how competent Treadmill of Nike is.
Market testing and Product launch- Market testing is the process where company
introduces a few products in targeted markets as a sample before launching products in full-
fledged manner, so that company can avail data on responses of consumers towards new
products (Smith and Merritt, 2020). Whether consumers are comfortable with quality of
products, their prices, manner in which they are made available in market, whether consumers
are wilful to forego products of competitors in response to products of Nike, can company is
capable to manufacture products as per requirements, possible cost to the company, levels of
profits that could be ascertained are some of the questions that company can answer by policy of
Market testing. These questions are crucial to forecast success of any product or service launch
in the market. While looking at potential consumer bases for Gym equipments of Nike, athletes
comes at the very first stance in mind. Athletes are obsessed for maintaining their fitnesses which
is also a part of their job profiles. Fitness is very basic requirement for them and thus they
believe in relying over products of assured quality and on those companies which are faithful
brands. Nike is market leader in this context. Existing customers of Nike have immense loyalty
towards the brand. Also, athletes are very much familiar Nike's sports products quality. In this
way Nike enjoys a very good position in market. Other consumer bases that Nike enjoys include
are of professional Gym operators and Gym chains. Fitness is a well established business and
many entities are undertaking it either through one stop Gym or through chains of Gym. These
businesses have their faithful clients who demands efficient services from them as these entities
charges substantial amounts from them. Thus, Nike's products can become preferable choice for
these business operators, who seeks quality in products to satisfy their high profile clients. Also,
for those people for whom Fitness is passion, Nike can have good consumer base from them,
who are not willing to compromise over fitness because of their passion.
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For effectively pitching idea of new products in minds of these potential consumers, Nike
must consider that it undertakes, effective marketing strategies, reasonable pricing mechanism
( not too high but according to brand image and cost of company) and efficient distribution
channels.
Distribution- Distribution channels are also an important tool of pitching customers and
convince them for making purchase. This is important because in the absence of effective
distribution channels products will not be available with buyers on time and they can easily shift
to other company's product (Taoand et.al., 2019). Also, in absence of efficient distributive
channels consumers will not be fully aware of products, product types and ranges and its quality,
which is also adversely affect goals of company. Therefore, Nike must ensure such logistics and
mobilisation channels that all the products must reach consumers on right time, at right time
place and in right manner, whether distribution is carried through physical transportation or
through online mode. In online mode, Nike can also seek collaborating with online shopping
sites like Amazon or Flipkart (Zhang and et.al., 2017).
Solve real problems- Nike must note down all relevant problems that occur related to
their new product, and try solving each of them for present scenario and future as well. Nike can
underline particularly the ways in which its treadmills are helping consumers and therefore can
make plans for future developments as well. Problems, here, shall be more focusing related to
consumers, and the ways in which they has to be made aware. This is because they are final
people in line of entire channel and consumers are last one marking success of Treadmills of
Nike.
Under current project the two product lines which are discussed comprises of Dumbles and
Treadmills which seemed to be vital as it has been seen that now customers had become more
aware about their health and fitness for which use of Dumbles and Treadmills. Thus, on the basis
of market analysis for Nike it has been analysed that coming up with new products in the product
line of Dumbles and Treadmills would be provided and enhance its success and productivity
level. For success launch and success of the both the product line of Dumbles and Treadmills for
Nike, following recommendation can be made:
 Making use of effective marketing strategy which comprises of use of social media and
other digital channels could be made by the Nike company as it supports improved
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interaction and communication with customers to have improved success and higher
productivity in product line of Dumbles and Treadmills.
 Further, launching of new product line for Dumbles is highly recommended for Nike as
larger number of customers can be attracted for this product line as it supports and
activate a number of different muscles and stimulate muscle growth along with help to
improve both muscle force and flexibility.
 Along with this, coming up with the product line of treadmills can also be suggested for
Nike as it also helps in attracting larger number of customers who likes to walk bit did
not get perfect place walking and running. Thus, coming up with a new product line of
treadmills will also attract health-concious people and will improve the customer base of
Nike.
P6. Reflective statement
This was sort of a new opportunity in which our team got to learn about development of a
new product for a big brand like Nike and this report was a bit different from other reports that
were prepared initially by our team. Excitement was also evident in every single candidate that
was involved in preparation of report because of the new nature of report and hence new learning
were developed for everyone. My contributions were more related with different parts of
methods and techniques that were to be engaged in making this report. Also, my advices were
marked very useful regarding selection of chosen new products of Nike. Every team member
was full of energy and they were very keen on working on their parts. I was informed that team
members had made intensive studies from academicals and from different other sources as well.
Most challenging problems were also solved very enthusiastically by all the team members in a
coherent manner. Necessary activities, like preparation, selection, presentation and submission
were jointly done by team after undertaking useful discussions with teachers and team members.
Much usage of internet sources is also made by our team members. This was supported by
frequent communications between members through formal as well as informal channels. This
led to increase in knowledge and competency of everyone in the team as similar files could now
be handled in better and learnt way. Team always shows excitement towards such new works
and reflect very desirable team spirits in this context. Everyone supports each other in
synthesising and researching different angels involved in report.
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Creative development of team workers was seen enhancing as they did brainstorming and
hypothesis enthusiastically on contents, especially in Product life-cycle part of the report. Team
members themselves were seen answering different doubts of their own related to their personal
and professional life. Many team members showed interest in inculcating entrepreneurial skills
within them and sought to develop innovative attitude. Further, a reflection can also be made by
me that the critical skills which are required for presentation comprises of Enthusiasm and
Honesty as during a presentation it is essential for listening to a presenter on the topic along with
having complete focused on the Audience. Along with this, it has been also analysed that ability
to Keep Things Simple is also a vital presentation skill to communicate all information in an
attractive and precise manner together with having a great Body Language to make presentation
more pleasant through stand up straight and confidently.
Further, it has been also seen that many skills are required for creative development and
having proper creative thinking which consists of compilation of analytical, problem-solving,
organizational and communication skills to evaluate and solve a problem. A reflection can also
be made that the people with effective creative-thinking skills are abler to review an item or
product from a unique perspective and have better solution for any problem or complex situation.
Apart from this, a set of critical skills that are required to have effective teamwork consists of
Communication. Communication is the foundation of effective teamwork, Time management,
Problem-solving, Listening, Critical thinking, Collaboration and Leadership. It has been analysed
that effective communication and leadership are rewired to properly set out direction and
effectively guide team members to remove the chances of chaos and confusion in a team which
sets out basis for efficient and more productive teamwork.
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CONCLUSION
Concluding the above report it can be highlighted that innovations and developments,
that too frequently in the market, are necessity of modern time business environment and every
business in order to retain its competitive advantage and continue be in mainstream of business
environment shall cope with these developments and be innovative all the time in products and
services as well as business operations and models. This is new normal of business. No single
steadfast rule of business can be followed and new ideas must be kept bought in business
practices time to time. For developing understanding in this order the report made discussion
with the help of an example of new variety of product, Gym equipments, for an existing well
established brand Nike. The report highlighted various steps which are involved from conception
of any idea to building product as a brand in market, when any business try to bring new product
in the market and to all the steps innovators have to comply duly. Discussion on Product life-
cycle made understanding about how any new product survives in then market and business
operations of parent company until it gets totally outlined from the market or said declined..
under its age a product passes from stages of introduction to growth ( where it is most helpful for
business as well as consumers) to maturity and then gets declined. Product line management
signified about efficient management of production activities and importance of its alignment
with marketing operation in order to get desired results. But tasks does not really ends here and
company needs to be innovative in continuously pitching customers to buy its products in which
market testing and distributing channels can be helpful. Mention of experiences and benefits
derived to report developers, also cited brings clarity about usefulness of such reports.
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