Question

In what ways do you think the development of new products differs from the development of new services? (Substantive answers please)

Answer 1

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The development of new products and the development of new services are the soul of any business. Investing in the development of any business does not suppose to be an optional extra but it is crucial for business development and its profit purposes. but the criteria for the development of the new product are completely different from the development of new services.

There are many phases which go into the development of many products:

The very first phase of product development is idealogy which is a good mixture of creativity, brainstorming and of course research. Ideas can Come from many sources. One can get ideas from their employees, their competitors and the current demand in the market

The next sale in researching. The only idea about anything is not enough the product which is being produced by the company should be efficient enough to fulfill the requirement of the client and it should be profitable and should be marketable.

Next phases testing where the customer gives the input about the product. if the sale is good that means the customer likes the product the idea of producing that product is successful.

The last phases are about analyzing the product And the rolling out phase where you are ready with your market plan related to the new product.

In the case of service development different criteria. Development of any services should have four characteristics :

The first characteristic is that the service should be objective instead of being subjective.

The Idea of service development should be precise and more specific instead of being broad and vague.

The services should be fact-driven and not bases on any opinion.

And there should be methodological facts instead of any philosophy.

Stages of service development

Planning and strategy:

They should be precise planning of business strategy development and new service strategy development. There should be a specific idea from the employee and the customer's side and then the implementation of the same. There should be a clear concept about the idea and the description of the services which represent the features that lead to the final business analysis.

Implementation:

This step includes service development and testing of the product which leads to customer acceptance. After disturbing the services and provided to the employees and their families to test the responses which give the details studies about the functioning of services. The last episodes are the commercialization of the product where the service goes live to the market and the customers.