Unit 22: Product and Service Development
Unit code J/508/0534
Unit level 5
Credit value 15
Introduction
This unit explores
the journey from ideas generation through to the launch of a new product or
service. It examines the processes behind new product development (NPD) and it also
considers the potential risks involved. Through the combination of theory and practice
students will develop knowledge and understanding and be able to apply that knowledge
within either an organisational or entrepreneurial context.
Almost every
day we encounter new products and services through a variety of marketing promotions.
But how do they get from a single idea to, in some cases, becoming a household item
and brand? How did, for instance, the mobile phone, e- books, 24/7 banking services
and fast food become part of our lives? Moreover, why do some products enjoy a
long and profitable life span, whilst others disappear almost overnight? What are
the secrets to success?
Learning
Outcomes
By the end of
this unit a student will be able to:
- Explain and demonstrate
processes involved in new product or service development.
- Assess the life-cycle
stage of the products or services in a company’s portfolio and evaluate whether
innovation, adaptation or renovation are needed for the individual products or services.
- Design and pitch
a new/renovated product or service.
- Demonstrate an ability
to critically reflect on the skills of team working, creative development and presentation.
Essential
Content
LO1 Explain and
demonstrate processes involved in new product or service development
The
product/service concept:
- Definition and
meaning of both product and service concept, including tangible and intangible
attributes.
- The level of
customer integration in product/service development and marketing. The
product–service system to support sustainable performance.
New product/service
development:
- Ideas generation,
ideas screening/selection, creative methods, concept testing (marketing research)
and business analysis.
- Risks associated
with new product/service development: competitor activity, customer behaviour, macro
factorial and internal technical changes, levels of investment and change of strategic
aims.
- Minimising the risk
of new product failure: compatibility, trialability, observability and complexity.
- Minimising the risks
in service management: intangibility, perishability, inseparability and variability.
- The use of
digital technology in researching, designing, testing and development of new
products and services.
- Software
systems for New Product Development (NPD).
LO2 Assess the life-cycle
stage of the products or services in a company’s portfolio and evaluate whether
innovation, adaptation or renovation are needed for the individual products or services
Products and
services:
- Five product
levels: Core benefits, basic product, expected product, augmented product and
potential product.
- Market classifications
of products and services within both B2C and B2B contexts.
Product
life-cycle and services:
- Different forms
and operation of a product life-cycle.
- Product
life-cycle management: repositioning and revitalising the product.
Product line
and service management choices:
- Standardisation
vs adaptation.
- Macro factors and
their influence/impact upon the development of new/adapted products and services.
- Trends and the
role of innovation.
LO3 Design and
pitch a new/renovated product or service
New product
development or service innovation:
- Market testing.
- Product launch
(linking to marketing communications) and distribution. Guidance on designing and
pitching new/adapted products/services.
- New or improved
service launch, marketing communications and generating consumer interest.
LO4 Demonstrate
an ability to critically reflect on the skills of team working, creative
development and presentation
- Cognitive skill
development:
- Theories of and
approaches to reflective learning and development. Team working skill
development.
- Creative
product/service development and entrepreneurship.
Learning
Outcomes and Assessment Criteria
|
Pass
|
Merit
|
Distinction
|
|
LO1 Explain and demonstrate processes involved in new
product or service development
|
|
|
P1 Explain the
processes involved in the development of products and services and the levels
of customer integration.
P2 Apply
these processes in application to the development of a specific
organisational product or service.
|
M1 Consistently
demonstrate a justified application of subject knowledge and understanding to
the processes of product or service development.
|
LO1, LO2 and LO3
D1 Provide a well- articulated, coherent and
logically presented pitch that has a fully justified approach to decision-
making throughout the development process, market launch and distribution.
|
|
LO2 Assess the life-cycle stage of the products or
services in a company’s portfolio and evaluate whether innovation, adaptation
or renovation are needed for the individual products or services.
|
|
|
P3 Assess the
life-cycle stage of the products or services in a company’s portfolio.
P4 Evaluate
which appropriate product line management choices are required for individual
products or services.
|
M2 Provide a
coherent and justified evaluation that is supported by material synthesised
from a range of validated sources.
|
|
|
LO3 Design and pitch a new/renovated product or service
|
|
|
P5 Design and
pitch a product or service taking in to account market testing,
product/service launch and distribution.
|
M3 Design a
creative, dynamic and detailed pitch that provides evidence of a well planned,
developed and evaluated product or service.
|
|
|
Pass
|
Merit
|
Distinction
|
|
LO4 Demonstrate an ability to critically reflect on
the skills of team working, creative development and presentation
|
D2 Provide an insightful and independent reflection
on teamwork and creative development, giving valid and justified
recommendations.
|
|
P6 Complete a
reflective statement that critically reflects on team working, creative
development and presentation.
|
M4 Address
concerns and issues with recommendations for improvements.
|
100% Plagiarism Free & Custom Written,
Tailored to your instructions