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Product and service development is critical to the success of many firms and having a well-managed development process is critical to the success of the firm. Product development involves a series of steps such as conceptualization of the product development idea, design, and eventually the marketing of the created or the rebranded goods and services. Often, these steps ensure that the end product responds to the needs of the target market and also the competitive advantage as the products move down the supply chain.
Product Design and Product Development Process
Product design and product development processes are almost intertwined and often used interchangeably. However, product design can be defined as a sequence of steps which a product team has to follow to come up with a solution to a particular design. The product design is a step-by-step series of tasks which follow products right from the idea generation step to the final production. On the other hand, product development process is an even broader concept as it entails doing market research, analyzing the competition and finally coming up with a roadmap on how the product will reach the end user.
How a New Product/Service Provides a Competitive Advantage
A new product or service can provide the firm with a competitive advantage if it is tailored to respond to the customer needs. Customers are likely to shift from one firm to another if they are sure that the new product/ service responds to their specific needs in terms of quality and price. Manufacturing new products helps to address the seasonal expectations that customers have in the market. Customers are likely to be more satisfied when they are aware that the new products are born out of innovativeness and the firm’s desire to improve on quality. Such expectations eventually result in a tilt in the scale for the target customers who may not have developed loyalty with other competing firms in the market (Ong & Shen, 2009). Another reason as to why new products/services helps to provide a competitive advantage is that new products often target rational and undecided customers and as such, the new products or services can be tailored to address such expectations.
New Product Example and How It Gave a Competitive Advantage
An example of a new service that I was directly involved in was the launch of an alternative taxi business. In our hometown, most people were so much used to Uber. Using the Uber app, clients have been requesting for transport services at their convenience. Despite its efficiency, customers felt that Uber was capitalizing on its monopolistic existence to charge clients higher (Bozarth & Handfield, 2019). Besides, some of the Uber drivers had often exemplified improper customer relations with notable insecurity breaches. The launch of an alternative taxi app emerged as a relief to some of the city dwellers that had often rooted for an alternative taxi business. The new product improved the competitive advantage as most residents shifted their loyalty to the new launched service app.
How the Phases of Service and Product Development Apply to the Mentioned Product
All the five phases of product development were applied in ensuring that the product is launched to the market. The first step was to generate the idea which came with the need to come up with an alternative taxi business. The second phase was to screen the idea to see whether it is feasible in terms of costs against revenues and possible profits. The third phase was developing the concept through research to explore the SWOT analysis and market analysis (Shen et al., 2010). Fourthly, is the actual design and launch of the service to the target market before it was later commercialized.
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