University of X: Product and Service Development - Task 2 & 3 Report

This report provides an analysis of product and service development, focusing on the Guess brand. It begins with an overview of the company and its product portfolio, including jewellery, clothes, and watches. The report then examines the product lifecycle stages, including introduction, growth, maturity, and decline, and applies them to Guess's products. A key focus is the watch product line, which is identified as needing innovation. The report details market opportunities, marketing strategies, and the competitive landscape, particularly within the US retail industry. A financial overview, including costs for raw materials, market research, technology adoption, and advertising, is provided. The conclusion emphasizes the importance of new product development to increase market share and revenue, highlighting the stages of a product's lifecycle. References to relevant literature are also included.

PRODUCT AND SERVICE
DEVELOPMENT
Task 2 and Task 3

Table of Content
 Introduction
 Organisational overview
 Assessment of lifecycle stages related to products or services in the portfolio of
organisation.
 Evaluation of appropriate product line that are required for management choices
related to individual products or services.
 Design and pitch of product or service to take accounting in market testing,
launching of product and distribution.

Organisational overview:
Guess is well popular retail brand
which was established by
Marciano family in the year
1981. The headquarters of the
enterprise are situated at
California, United States.

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Overview of different products and services offered by Guess.
In present era, Guess has wide product portfolio that involves jewellery, leather
bracelets, bags, glasses watches, clothes and many more. Following are overview of
its products and services:
Jewellery
Clothes
Glasses
Watches
Bags

Assessment of lifecycle stages related to products or
services in the portfolio of organisation.
Products also goes through different life cycles. Product Life-cycle is defined to
progression of commodities in different stages that begins from the time it enters in
market. Following are the stages of product life cycle in context to products and
services of Guess:
Introduction
Growth
Maturity
Decline

Evaluation of appropriate product line that are required
for management choices related to individual products or
services.
As per the current scenario of Guess Company, it is evaluated that among the
portfolio, watches are the product line which is offered by Guess requires
management choices. The managers of the company have choice for innovation in
which it can make significant changes in existing product. It also has choice for re-
innovation in which it will make perform activities to make the product a complete
new product.

Design and pitch of product or service to take accounting
in market testing, launching of product and distribution.
As per the discussion, it is perceived that the product of Guess that are at decline
stage is watches and because of it, the entity has faced losses in terms of market
shares, customer base and many more. To overcome the situation, managers of the
organisation are making suitable choices for the innovation of the individual
product that will help in achieving success as well as desired state.

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Following are some elements that managers needs to account:
Market opportunity for proposed product: In United States, population is more
focused with making decisions for the products which are eco friendly and at same
time are categorised as luxurious.
Marketing strategy: It is forward looking approach to attain competitive edge in
market.
Synopsis of competition and industry: It is seen that the retail industry is highly
competitive in United States.

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Financial overview: The overview of finance required for the Hand Beaded watch
is as follows:
Investment required: Guess managers requires small proportion of capital as
investment.
Particulars Amount (In $)
Acquisition of raw
materials
4500
Market research 1200
Adoption of technology 3500
Acquisition of tools and
equipments
2000
Salaries to personnel 1800
Advertising and
promotions
5500
Total 18500

Conclusion
From the presentation, it is concluded that development of product and service
engrosses adding fresh product into the present organisational product line in order
to gain huge market shares and revenues. Product lifecycle stages consists different
stages through which a product or services goes through to attain success.

References
 Cooper, R. G. and Edgett, S. J., 2009. Generating Breakthrough New
Product Ideas: Feeding the Innovation Funnel. Ontario: Product
Development Institute.
 Song, W., 2019. Customization-Oriented Design of Product-Service System.
Singapore: Springer.

Thank you