Product and Services Development

This document discusses the process of product development and the stages involved. It also explores the life cycle stages of products and services in XYZ Limited and the need for innovation. Additionally, it highlights the importance of team working and creative development in the success of the company.

PRODUCT & SERVICES
DEVELOPMENT

Table of Contents
INTRODUCTION................................................................................................................................3
TASK-1 ................................................................................................................................................3
Product development process involved in new product and service development-....................3
TASK-2.................................................................................................................................................5
Life cycle stage of the product and services in XYZ Limited portfolio and whether innovation,
adaption, or renovation are needed for the individual products and services-............................5
Task 4....................................................................................................................................................7
Ability to critically reflect on the skill of team working, creative development and presentation
of XYZ Limited..........................................................................................................................7
CONCLUSION....................................................................................................................................8
REFERENCES...................................................................................................................................10

INTRODUCTION
In this file are going to discuss about the product and services that what are the process of
product development and its stages. And life cycle stage of the products and services in XYZ
Limited company and innovation, adaption and renovation for individual products and services and
ability to critically reflect on the skill of team working creative development and presentation.
Importance and need of product development and innovations will be helpful to expand and growth
of the XYZ Limited. This company is providing clothing, home products and luxury food products.
TASK-1
Product development process involved in new product and service development-
It is a basic concept of market to develop new products because it is process to develop new
products for the requirement of market. There is a process to develop any product threw the various
stages because process sets out different stages of development. Some stages are depends on the
nature of the business-
There are 8 stages of product and service development-
Idea generation- it a stage where an idea generate inside mind about the product that what
should be the new product, how it should be, what should be it designing, what should be contains
packaging and how it should be provide to the customer threw the sources of online marketing and
shops. In this phase many ideas occurs about whole process of development and product. Idea
generation is a form of create a raw diagram in mind (Tukker and Tischner, 2017). For this, M&S
also generate the idea of introducing 3D personalised T-shirts by analysing the needs of their
customers. Using this idea generation, company easily enhances the sales and as the concept is new
and there is increases chances that it will easily attract wide range of customers towards them.
Idea evaluation- it is a phase of evaluate the idea by screening. that means filtering the idea
that what can be possible things do and what can not. Because worth full idea can taking forward.so
it is a phase to evaluate the idea by filtering. In this stage, as the company is generating new idea of
introducing new 3D personalised T-shirts then during this stage the idea is evaluated and it has been
analysed that to fulfil the needs of their customers, company has to produce innovative products
which further help to raise sales and profit.
Concept definition- it is a third phase of development of a new product in (XYZ Limited).
in which concept of product and it' s services are taking into consideration that what should be the
designing and packaging of product and potential of market that this product can work or not in

market that means the place of product in market (Chang and Taylor, 2016). In addition to this, this
stage describe whether the product is understandable by their customers and it has been analysed
that users demand for new 3D personalised T-shirts and to fulfil this, XYZ Limited introduce this
new concept. For this, a small group is selected and provide them full information about new
product and after that the concept testing is completed.
Marketing Strategy: It is the stage which helps to promote the products into a market. In
this stage, M&S chooses modern method of marketing which involves social media such as
Facebook and Twitter. In this way, the new concept of 3D personalised T-shirts will easily reach to
wide range of customers.
Business analysis- it is a stage to analysis that idea can fit into the business or not because
strategic plan explain that what should be the demand of product, cost and profit margin. In this
stage, XYZ Limited will assign $200 for each new 3D personalised T-shirts and that is why it also
helps to minimize the cost of the product. Hence, it has been analysed that introducing this product
in market will help to maximize the profit of a firm.
Product development and testing- this phase describes all the details of an idea. it is a
phase where an idea of products takes a place and the product has developed. After the development
it is require to testing of product that it is working on not according to expectations. new product
prototype allows consumers to bring it in daily life.
Test marketing- After new product is developed, the next stage is market testing. In this
stage M&S has to select small number of representative cities in which they can conduct trial of full
marketing mix prior before launching new product of 3D personalised T-shirt. Thus, it is basically
identified by feedback of customers. This will help particular company in order to modify as per the
requirements of customers (Tukker and Tischner, 2017).
Commercialisation- if test marketing stage becomes successful, then M&S company steps
ahead in order to introduce new product on a large scale in the whole world. For this, the cited
company has to make huge amount of investment and makes advertisement of the new product that
has been produced by them in terms of 3D personalised T-shirts. These advertisements is therefore
done on social media, TV, radio, newspapers or magazines.
Product launch- after all this , in this phase product has launched in the market.
So above all these are the phases of the product development in short, developing new
product and services starts from the generating idea and potential of new product to survive in
market. after that you have to make sure that this idea can fit in your business or not. Then market
research comes in process where product has been tasted (Chang and Taylor, 2016). That it is

fulfilling the requirement of users or not. after that process of modification comes in process where
the product has modify bty the feedback of users. After the modification of product, cost has
decided on different different parameters. after all the process of product development last stage is
product has launched in the market.
TASK-2
Life cycle stage of the product and services in XYZ Limited portfolio and whether innovation,
adaption, or renovation are needed for the individual products and services-
XYZ Limited clothing, accessories, home products and luxury food products. Company has
been established four year ago. Currently company is selling the four different products.
Characteristics of each products are being described below-
Column 1 Product A Product B Product C Product D
Sales Sales of the
product are low
Sales of product are
increasing.
Sale of the product
are at peak.
Sales of products
are declining.
Cost per
customer
Costing per
customer is high.
Costing of product
per customer is
falling.
Per customer cost
is low.
Costing is low
Financial
losses
Investment made
for the product
has not been yet
recovered.
Profits are rising High profits Fall in profits
Customer
base
Products are
purchased and
used by
innovators.
Customer are
raising
Mass Marketplace Reduction of
customer base.
Competitors
Research
There are few
competitors
Competitors are
coming and
significant
competitors are
also present.
There are no new
competitors.
Reduction in
number of
consumers.
Market
Growth
Expecting high
market growth.
Growing market Saturating market Decline in market
Product
Strategy
The huge
promotions and
advertising is to
be done for
raising the
product trials
among consumers
New customers are
being founded with
the help of new
model.
Improving the
product for gaining
market
differentiation and
thus product can
survive in market
for long term.
Modifying the
product with new
and different
features. Tapping
into new market.

Product life cycle- Product life cycle is all about the time period in which a product is
developed and takes a place in market, and because of the same reason it removed from the market
product life cycle is based on four stages(Bayus and Rajagopalan, 2017).
 Introduction of the product.
 Growth of the product.
 Maturity of the product.
 And declined
It has been analysed that in Product life cycle stage XYZ Limited will engage in-
Product A- It is the stage of introducing product (Chang and Taylor, 2016). In this stage
company will be engaged in spending on advertising and promotional aspects so that sales of
product A can be increased which will be sustainably low at time of launching product. In this stage
demand of goods and services is also needed to be created. In this product will be introduced in
market with most innovative and creative techniques and consumers will be made aware about thi,
so that sales of products and services increases.
Product B- It is the growth stage. At this stage customers are becoming satisfied with the
product and are buying it again and again. Thus, the sale of the company is raising. The ratio of the
product repetition for the trial procurement has risen. Competitors have started to overflow the
market with more appealing and attractive inventions. In this stage public awareness will be
increased and the sales of product B will also be increased. In Growth Stage product B will face
high amount of competitors, they will also face various challenges during this stage. Company will
engage in finding solutions to challenges which are being faced by them.
Product C- It is the maturity stage. In this stage the cost of product will be decreased
because of increase sales and also because various competitors has left the market place. The sale of
Product C at this stage will be consistent. In this stage there might occur chances that profit of XYZ
Limited see a down fall. This can also be the stage where various competitors enter the market
place. This is the ultimate stage for the products and services that can be faced by company. In this
stage production cost also gets declined. This is most crucial stage for company. It can affect their
growth.
Product D- It is the decline stage. In this stage product D will see a declining phase. At this
stage the sales of goods and services will lower down. There will be more competitors who have
entered the market and is going to replace product D. In this stage sales volume will decline and
also profit index will be lower down. In this stage for product D, the company might engage in
stopping sales of product. So there might be chance that business gets closed in this period.
Evaluating which is appropriate product line management choices that are required for individual
products or services. Explaining below given product line management choices and in light of

product information given in table evaluate which is appropriate product line management choices
that are required for each of the above given product-
Product Line Expansion -
It occurs when organization expand their product line with more items of product. It can be
done by line stretching and line filling. XYZ limited can use two way strategy. This will be suitable
for Product B.
Product Line Reposition-
Brand persuasion way is to be changed. This can be done by XYZ Limited company for the
product which can not be able to meet target of company or can be other reason also for gaining
interest of their potential customers towards the products. It can be appropriate for Product D.
Product Line Contraction-
It is appropriate for Product D, where items can be removed by XYZ Limited company from
their product line.
Cost Reductions-
Cost can be cut down by company to gain the profit. It can be suitable for Product A. it can
be used by XYZ Limited company.
Discontinuous Innovations-
It is the innovations which dramatically changed and reshape the markets.
Task 4
Ability to critically reflect on the skill of team working, creative development and presentation of
XYZ Limited
Team work can be recognised as a task work and teamwork all together. It is a process where
all the team members work together to accomplish a task. Team work share an understanding for
purpose of goal that each member is willing to work towards. Why some products successful and
other products are not(Thun and Sturgeon, 2019). Team work always proved helpful to increase
production for XYZ Limited. Because company is producing varieties of products. So the need of
team work is an essential. Employees can divide their work and contribute their efforts. I found that
team work plays an import role within industry somehow it increases the production. There was a
few numbers of employees in the production unit of XYZ Limited. HR of the company has
recruited some new employees to overcome from this situation. It was the reason of future growth
of the company. So I found that team work increase the production. Effective team should have
quality to work in different conditions. Like in the case of climate change all the team members
should have ability to work in this climate of XYZ Limited. I have developed my different working
skills in the organisation. I also have learnt to do work in different situations such as – night shift,
change in weather.

Every team work based on other team work so all the employees should work very
effectively. I have experienced to do work with all the team members. I have learnt many new
techniques to work effectively and efficiently in XYZ Limited. Specialised employees or works
who keeps different knowledge and experience, can come together and give their contribution for
the company. It is possible to assemble this kind of team (Gutierrez-Gutierrez, Barrales-Molina and
Kaynak, 2018).The team should hard work together for the welfare of the company. I have learnt to
do work hard for the welfare of the company. I have developed decision making skills according to
critical situations that means how a fair decision should be taken, and how to solve conflicts among
employees. All the members of XYZ Limited should have conflict resolution skill so they can
resolve their problems with each other. All the members of the team should be able to negotiate all
disputes with each other(Dinçer, Yüksel, Adalı and Aydın, 2019). All the team members should be
reliable and trustworthy. So all the members can trust on each other. I have learnt to keep trust on
my team members by making good relationships with them. Above all these are some skills which
should adopt XYZ Limited. Because team work plays an important role in any company if team is
not working properly in company so it can cause of loss. Contribution of all the team members
make an effective team. Team members are the key who represent a team and the teams are the key
which represents a company. XYZ Limited is one of the big company which is providing different
products for the customers so company needs to be care full about its work, and manage and
maintain team work so team can contribute their participation in the new product development and
services.
CONCLUSION
From above study has been summarised that the processes involved in new product or
service development, life cycle stages of the products or services in XYZ Limited portfolio and the
need of innovations, adaption and renovation for the individual products or services and ability to
critically reflect on the skills of team working, creative development and presentation.

REFERENCES
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