Answer to Question #208989 in Management for Prince

Question

SUBJECT : SERVICE MARKETING

How is new service development different from new product development , explain difference in 8 points with elaboration ?

Answer 1

The cornerstone of success is built on a product portfolio strategy and a specified organizational structure for new product/service development. Markets, types of services, time span, and profit objectives are all possibilities. Formal brainstorming, soliciting ideas from employees and customers, lead-users’ researchers, and researching about competitors are all ways to generate ideas.

After a precise definition of the concept, the creation and evaluation of the service concept begins. It's crucial to write a description of the service that accurately reflects its unique traits, and then to gauge client and employee reactions to the notion. Technical, marketing, and financial factors are used to evaluate concepts and products. When you have a product definition, a team, a budget, a skeleton development plan, and a final PIC, submit a project proposal for approval.

Construction of a product prototype and testing for consumer acceptance are part of service development and testing. The notion has been improved to the point where a detailed service blueprint describing the service's implementation plan may be created. The product development testing process guarantees that the product performs as planned. This phase begins once the product requirements have been implemented. Testing groups will use a variety of ways to guarantee that the product performs as expected during the testing phase. Your testing methods may differ depending on the type of product you're creating, but the basics remain the same.

For a limited time, the new service might be made available to company employees and their families to see how they react to changes in marketing mix. A pilot study for the service is required to ensure that all operational elements are in order. The majority of new product ideas fail the first time around. Those can shoot or create a picture of a model or prototype to show it to a potential buyer. It also allows advertisers to test it out for themselves to ensure that it is effective.

During commercialization, the service is made available to the public. The first step is to gain and sustain acceptance of the new service among a large number of service delivery workers who will be responsible for service quality on a day-to-day basis. To keep track of all aspects of the service at the launch and throughout the service cycle. Product commercialization is through promotion, going to the market, launching, client acquisition and onboarding, as well as maintenance of the product. What is done after launch is the most important aspect of any product lifecycle, and maintaining the product is a crucial action in this regard. Having a production support crew on standby to resolve any nagging difficulties or having your customer service personnel well-trained to manage consumer concerns will serve you well.