Product and Service Development Report - Tesco, PSD, Semester 1

This report provides an analysis of Tesco's product and service development. It begins with an introduction outlining the importance of market research before launching a product. The company overview section focuses on Tesco, a multinational grocery and merchandise retailer. The pitch section highlights the growing demand for healthy and plant-based food options. The development process is explained, including idea generation, screening, concept development, business analysis, marketing strategy, product development, commercialization, and monitoring. The market launch strategies, including television advertisements, social media marketing, and the product life cycle stages (introduction, growth, maturity, and decline), are discussed. The distribution process emphasizes the importance of choosing the right distribution channels. The report concludes by summarizing the key aspects for successful product launches and references key sources.

PRODUCT AND SERVICES DEVELOPMENT

TABLE OF CONTENT
• Introduction
• Company overview
• Pitch
• The development process
• Market launch
• Distribution process
• Conclusion
• References

INTRODUCTION
• Before launching any product in the market it is important for the company to look for some of the
aspects that can help the company in launching their products successfully in the market. In order to
promote the product and to make it a success the company have to look for certain aspects.

COMPANY OVERVIEW
• Tesco is one of the largest British Multinational grocery and merchandise retailers. The company was
established in the year 1919 by Jack Cohen. The company is headquartered in Welwyn Garden City,
Hertfordshire, England, UK. The company is operating in more than 11 countries and are famous for
affordable products. The company offers wide variety of products such as clothing, books, electronics,
furniture, petrol, telecom, financial services, etc.

PITCH
It is important for the companies to understand the need and demand of healthy food that is growing up day
by day. People nowadays are getting more and more conscious about their health and their diet. Their is a
high demand of plant based protein food that can help the consumers in taking protein rich diet without
harming any animal or without meat products (Relvas, C. and Ramos, A., 2021.). The vegetarian meal are
in high demand. According to a survey, around 4.1 million euros worth of plant based protein products are
in demand. The company by providing these food boxes can capture those segments and can also become a
sustainable company. It will help the company in increasing their revenues and will also enhance the image
of the company.

THE DEVELOPMENT PROCESS:
• The development process includes the process of converting an idea into an actual products which will
be served to the customers (Seyyedamiri, N. and Tajrobehkar, L., 2019.).The company is going to
provide ready to eat healthy food boxes which can be a healthy replacement for homemade food. The
development process involves some of the following steps:
• Idea generation
• Idea screening
• Concept development and testing
• Business analysis
• Marketing strategy
• Product development
• Commercialization
• Monitoring and evaluation.

MARKET LAUNCH
• The market launch for the new product that is going to be offered by the company can be promoted in
various ways. In context to Tesco, they promote their products through television advertisement,
discount offers. The company can also utilize the social media marketing in context to this new product
as the market segment for this product is generally middle age people who are generally active on social
media platforms (Smith and et. al., 2018.). The four stages of product life cycle are given below:
• Introduction
• Growth
• Maturity
• Decline

DISTRIBUTION PROCESS
• In order to make their product successful and available, they company needs to look firstly for the
correct distribution channel which can provide utmost benefit to the company as well as the product. The
company firstly needs to identify a suitable distribution types and also profile the correct distribution
partner (Wang and et. al., 2020.). The company needs to create a target list for each category of their new
product and then need to create an effective marketing plan. This will help the company in making their
distribution channel effective and efficient for the product.

CONCLUSION
• From the above report it is concluded that it is important for the company to make sure that they have
development process, market launch and distribution process ready in order to make sure that the
product is successful in the market. A pitch will help the company to know about the specification of the
produt and its importance.

REFERENCES
• Relvas, C. and Ramos, A., 2021. New methodology for product development process using structured
tools. Proceedings of the Institution of Mechanical Engineers, Part B: Journal of Engineering
Manufacture, 235(3), pp.378-393.
• Seyyedamiri, N. and Tajrobehkar, L., 2019. Social content marketing, social media and product
development process effectiveness in high-tech companies. International Journal of Emerging Markets.
• Smith and et. al., 2018. Mobility as a Service: Development scenarios and implications for public
transport. Research in Transportation Economics, 69, pp.592-599.
• Wang and et. al., 2020. Does customer participation hurt new product development performance?
Customer role, product newness, and conflict. Journal of Business Research, 109, pp.246-259.

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