Product & Service Development

PRODUCT & SERVICE
DEVELOPMENT

TABLE OF CONTENT
INTRODUCTION................................................................................................................................3
TASK 1.................................................................................................................................................3
P1. Processes Involved In The Development Of Products And Services.......................................3
P2 Processes in Application Development of Organizational Product or Service..........................5
TASK 2.................................................................................................................................................6
P3. Life-Cycle Stage of The Products or Services in a Company’s Portfolio.................................6
P4 appropriate product line management choices of products or Services....................................7
M2. Coherent and Justified Evaluation From a Range of Validated Sources................................7
TASK 3.................................................................................................................................................8
TASK 4.................................................................................................................................................8
CONCLUSION....................................................................................................................................9
REFERENCES...................................................................................................................................10

INTRODUCTION
A product or the service is the offering given to the consumer. The product is basically the
one time exchange of the value while the service includes longer period. Moreover, consumer of the
product or services often judges in accordance with quality of relation between the service provider
and consumer while using the service. Therefore, product and service development is the
development of the product and service which could facilitate the consumer in many terms. In this
report it has been discussed the process involved in development of product and service, followed
by the process of development of mobile application, followed by product life cycle as well as
product line management (Nagamachi and Lokman, 2015). This report will aslo highlight of the
development of Banking application for Nedbank to provide proper services to its customers and
increase their satisfaction.
TASK 1
P1. Processes Involved In The Development Of Products And Services
The process involved in development of project and services
Idea generation
Idea generation is the first step to the process involved in the development of a product or a
service. It is basically the start with the concept. Initially all ideas are the good ideas. Ideas can be
generated from various different sources. The best way to start with the idea is through SWOT
analysis. Thus, this analysis will helps in finding the company position in the marketplace. The
ideas of the product can be generated through market research, by listening to the suggestion of the
targeted audience, by encouragement of suggestion from various partners and employees of the
company or either by looking at the success and failures of the company's competitors.
Idea screening
This step includes the consideration of market potentials, affordability and return of
investment related to the product or service. This step in the product development is very crucial
step as it take into consideration at the initial stages that whether the idea of development is suitable
or not, and if not then the idea must be rejected as soon as possible to avoid any considerable
investment on the product down the line.
Concept development and testing
This step basically help in the future concept development of the product or service.
Moreover, this step also pay emphasis on what will be the message transferred to the market with
the development of the product. This step of concept development and testing comes after the idea
passes the screening stage, here the idea needed to be tested to see the customers' reaction towards
the product (Tukker and Tischner eds., 2017).