Read and reflect on Chapter 15: Developing Products and Services.

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. In a two-page journal, address the following prompts:

· Define both product design and product development process. It is important to distinguish between product design and the product development process. How are they different? ·

How does a new product or service provide a firm a competitive advantage?

· Please provide us with an example of a new product or service (one you were involved in or one you know of).

· How did it provide a competitive advantage to the firm that produced it? ·

Briefly explain how the phases of product and service development apply to the product or service you mentioned above. Good product and

service design does not happen by accident; rather, it requires a coordinated effort supported by many individuals, both within and outside of a

firm. In Section 15.2, we reviewed the product development process, and Table 15.1 offers a view of the phases of product and service development.

SOLUTIONS

 

Product design is the process of creating the appearance and functionality of a product. It includes various aspects such as aesthetics, ergonomics, materials, and manufacturing methods. The goal of product design is to create a product that meets the needs of the customers while also being feasible to produce.

Product development process, on the other hand, refers to the overall process of bringing a new product to market. It includes various stages such as idea generation, market research, product design, prototyping, testing, manufacturing, and marketing. The product development process is an iterative process that involves various departments and stakeholders working together to create a successful product.

Product design is just one of the stages of the product development process. While product design focuses on creating the appearance and functionality of a product, the product development process involves all the stages from idea generation to marketing. Therefore, product design is a part of the product development process.

A new product or service can provide a firm with a competitive advantage in various ways. It can help a firm differentiate itself from its competitors, enter new markets, or improve its existing products or services. A successful new product or service can increase a firm's market share, revenue, and profitability.

One example of a new product that provided a competitive advantage to the firm that produced it is the iPhone. The iPhone was introduced by Apple in 2007 and quickly became a game-changer in the smartphone industry. The iPhone provided Apple with a competitive advantage by differentiating itself from its competitors with its user-friendly interface, sleek design, and innovative features such as the App Store.

The iPhone's success allowed Apple to increase its market share and revenue significantly, making it one of the most valuable companies in the world. The iPhone's success also led to the development of other products such as the iPad, Apple Watch, and AirPods, further strengthening Apple's competitive position in the market.