Unit 22 Product and Service Development Assignment Sample – BTEC-HND-LEVEL 4
This assignment sample explores the product development process that starts with idea generation and ends with the launch of services and products. It analyses the product development processes and considers the probable risks associated with the process. By pairing the process with best practices, students will develop concepts and apply knowledge within an entrepreneurial or organizational context.
Every day we come across new services and products through multiple marketing campaigns. You may wonder how they transform from ideas to household brands or products. How did 24/7 banking customer support, fast food delivery services, and branded smartphones become a part of our systematic lifestyle? Why do some services or products enjoy a profitable life span, whereas others vanish over a fortnight? Moreover, what are successful trading secrets?
This unit aims to develop knowledge about the issues associated with product development.
Students need to acknowledge the issues related to large-scale product development.
This unit makes the learners familiarized with processes including the tangible analysis.
They will get to know how to assess the responses of the clients to the new items.
Assignment solution of Unit 22 Product and Service Development
- On successful completion of the assignment, students can explain the processes concerned with service or product development.
- They will be able to assess the development life cycle of services and products in an organization’s portfolio,
- To determine whether adaptation, innovation, or reinvention is required for specific products or services.
- Design and promote a newly developed product and services.
- Assess the importance of creative development, teamwork, and effective presentation.
LO1: Understand processes that influence product development
This section of the assignment sample provides an understanding of the processes that impact product development and menu planning. Students will get to know about policies and processes that management should comply with while developing and marketing products.
They ought to consider the texture, taste, flavors, outlook, and manufacturing aspects of products. Product developments incorporate ideas generation, business analysis, and service testing,
They would identify risks related to product development and minimize the odds of product failure.
LO2: Assess the product development life cycle
This section aims to develop the knowledge needed to categorize products and services within B2C and B2B organizational context. The positioning and reinventing of products in PLC. Differentiate between standardization and adaptation, and recognize microelements that influence the development life cycle.
LO3: Develop and promote new services and products
This section offers guidance on the distribution, launching, and marketing of newly developed services and products. Plan service or product launches that would create interest among customers.
Students will understand how to apply design principles within the food industry. Get ideas on stock presentation. How to attract customers through producing, planning effective market campaigns?
P1: Explain the processes behind developing services, products, and level of customer integration.
Planning innovation strategies plays an important part in the food industry. It incorporates small-scale development, presentation methods. It analyses the latest trends in the food industry, and the risk factors involved.
Companies should maintain legislative guidelines like safety issues, commodity labeling, and risk analysis. The impact of globalization in the food industry and trends plays an important role.
Idea generation is the act of developing new ideas and requires immediate problem-solving skills. It is an important step in the product development process.
Allen and Hamilton proposed the New Product Development (aka NPD theory) that states that idea generation searches for viable product ideas that meet the company’s objectives. Customer-oriented idea generation is a success factor of product development. The idea behind developing solar chargers originated from preliminary searches through secondary data available on the Internet.
Customer reviews on secondary sources revealed that people face problems while charging their electronic gadgets as they remain indoors for longer. The need for battery charging is present almost everywhere. In the scenario of unpredictable power supply and lack of power for sportspeople and travelers, Solarz generated the idea of a solar charger.
Concept testing is one of the crucial product development phases, and it involves product testing within a group of target customers. After formulating the product development idea of a solar charger used to charge mobiles, the company tested the product idea with a group of 25. Individuals said that they demanded a product that could charge the battery of products including MP3 players, smart phones, and digital cameras. They expressed the necessity of an eco-friendly product. So the company changed the product and made it adaptable to commonly-used gadgets.
P2: Apply processes that relate to the development of a specific service or product.
The company wants to develop solar chargers that customers can use to charge Smartphone’s. First and foremost it conducts a SWOT analysis to scan the company’s strengths, weaknesses, opportunities, and threats. While strength and weakness are internal to the organization, threats and opportunities are external factors.
Things to consider when conducting SWOT analysis include market trends, return on installments and distribution cost estimates. SWOT analysis forms the roadmap to a company’s success. A company may develop a couple of roadmaps taking into account different risk factors.
- Screen the Product Development Idea
A group reviews the idea produced by the company and decides whether to drop or continue with the project. It is a critical phase and eliminates the idea that doesn’t seem impressive or acceptable.
- Case study
Now that the company reviewed the concept externally and internally, it’s time to develop a business case and a set of relevant metrics. Metrics reflect the product value, sales figures, and data related to product usage.
This is the phase where the product takes off. It’s ready for customer testing, and you ought to get designing completed by your technical team. In this phase, Beta testing takes place, and management settles on product manufacturing and packaging options.
- Brand Strategy
Association of brand or company to service affects the success quotient. In strategic promotions, concerned business forms alliance with reputable Smartphone operators, and manufacturers. In bulk marketing and sales strategy, local Smartphone manufacturers would collaborate with Solarz. Company gains from the benefit of associating brands with products, as it doesn’t need to market products separately.
How do state and federal legislations affect large-scale product development?
Federal Legislations have been there for the last sixty years to regulate product safety among nations across the world. People comprehend health insurance as protection from chemical-physical or microbial impurities. But, it is much more. People don’t understand the ill effects of unbalanced Objectives for developing laws (WHO/FAO, 2002) are: To provide buyers with a high level of health protection.
- States must ensure that safe and eco-friendly products are available in the market.
- Companies would protect and nurture plant life and the environment.
What is the importance of customer feedback?
Organizations need to understand the feedback/responses of customers to new products. It depends on evaluation strategies like tasting panels, market surveys. It includes targeting the group of audiences and collecting feedback.
A specified procedure gets followed to record responses and assesses future developments. The food industry ought to identify the opportunities. It needs to put in place a responsive feedback program for clear understanding.
M1: Demonstrate the justified application of subject knowledge and assess product/service development processes
Both sensory and objective assessments are important to check the quality of food produced. And ensure that the food produced is accepted by the consumer.
Sensory testing is both time-consuming and expensive. It is because the panelists need to test the food items, so that results are meaningful
Sensory testing gets done based on human perception, touch, taste, odor, and hearing. Food items lose their appeal if they don’t have a pleasing appearance. Note that visual appearance is the key to consumer acceptance of food items. The sensory evaluation process includes factors that contribute to the failure/success of products.
- Objective tests must be appropriate for the type of food product that is being accessed. It is an attribute that determines the quality of a food product.
- Objective tests should correlate with the sensory evaluation of the same Item. It ensures that the test is a reliable index of the quality of food.
- It includes all the instrumental analysis including the laboratory tests. It examines the Chemical composition, bacterial composition, and nutrients composition.
Assess the project development life cycle (PDLC)
The project development life cycle (PDLC) defines the project in detail and establishes the objectives and scope of the project. Likewise, the project development life cycle discovers the Major milestones, while considering the project schedule. It helps the manager to find out the probable risk associated with the project.
The project management plan is not free of limitations, as it is expensive and time-consuming
What are the stages in the Project Life cycle?
Whether you are working on a Project with modest business goals or a multi-departmental initiative with extensive corporate implications, you ought to understand the project development life cycle. An in-depth understanding of the life cycle is essential to keep your project organized and on track from start to end.
To make the NPD processes effective, enterprises should maintain coordination between engineering, R&D, purchasing, and finance departments.
An in-depth understanding of the life cycle is essential to keep your project organized and on track from start to end.
As the marketing department assesses the product, a miscellaneous group comes into play to develop the product.
- Product Innovation
Technological advancement is the driving force behind innovation and gives a new experience to the customers. For instance, Smartphone’s, tablets, and computers weren’t available in the market when companies launched them. Companies attracted potential customers by claiming that their lives would transform if they used those devices. Enterprises might face difficulties while marketing products and need to convince consumers why they would purchase products.
In this development life cycle state, the project gets conceptualized and planned. Management develops an idea or concept and identifies the future scope of the project.
In this life cycle stage, the Planning of the management does the initial planning of the project. It includes breaking down the project into smaller tasks, team building, and scheduling the assignments. Create smaller goals within the large task, and make sure that each gets completed within the deadline. Smaller goals come backed by a larger success ratio.
The project planning steps may include the following:
- recognize the timeline of the project, including all the phases, tasks to be performed.
- Streamline processes using swim lanes and ensure that your team members understand the responsibility and roles in the project.
- Utilize cost estimates to identify the amount that you need to invest in the project to maximize the return on investment.
- Develop your team using external and internal talent pools. Ensure that all the members have the necessary tools to get the task completed.
- Identify the bottleneck that might Cause your project to halt while planning to mitigate the risk. Make sure that you’re maintaining the quality Timeline of the project.
- Conduct meetings, discussions, and outline the project so that the team members get back to work.
- Product Innovation
NPD phase is concerned with the improvisation of existing products. It tells what the organization must do to bring about changes or innovate their existing products and services. The innovation funnel is the tool that helps organizations and companies to innovate products successfully. The funnel management process is one of the popular approaches used by the company to develop measurable and realistic plans.
- Position: It is the focus area of the innovation sector. It tells how the organization frames products or services in front of the public. The positioning includes factors like target users, product ranges, and employees of the organization.
It won’t be wrong to conclude that new product development and invention helps the company maximize revenues, and eases innovation of the product. Improvisation of products and services is incomplete without commercialization, as incomplete commercialization decreases the value or worth of the innovated products.
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LO3: Evaluate product line management choices that are essential for specific products or services
In this section, we will discuss the types of decisions taken by the product line manager, and types of product line strategies.
The key responsibility of the product line manager is to choose the product mix that fosters efficiency in production, sales, promotion, distribution, and pricing. Decisions taken by the production manager include the following
- Product line revaluation
- product line extension
- Product line contraction
Marketing executives make several decisions over the PDLC (aka product development life cycle).
- Should the company expand the product line to meet the diverse needs of a wide range of consumers?
- Should the company reposition the product line and make it appealing to different target consumers?
- To what extent should the product line get contracted?
It also lists items that should get eliminated by product line management.
Unit 22 Product and Service Development assignment concludes that NPD is an integral part of the product marketing procedure. Management needs to promote products priced reasonably at the right place and time. New product demands exhaustive market research on the promotional and packaging elements. It would help management to mitigate risks associated with a newly developed product. With proper NPD processes and marketing plans in place, companies can increase brand awareness and reputation in the best way possible.
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