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.
1