product and service development process

• Product and Service Development (PSD) Process encompasses much more than just the production of a product or the creation of procedures for delivering a service. It involves a holistic approach that includes research, design, testing, and improving the product and the service. It goes beyond the manufacturing process and focuses on understanding customer needs, market trends, and technological advancements to create innovative and compelling offerings.
• Using PSD with market research data, entrepreneurs can understand the competition, customer demands, and market changes. This strategic advantage empowers businesses to continually outperform the competition, foster a robust and lucrative customer base, and tailor their products and services to meet customer needs precisely. These phases serve to validate their potential
• Step 1: Trend analysis and real world observations: The first step requires identifying product or service opportunity gaps and combining them with emerging trends.
• Step 2: Consumer and market research: Conduct market research to properly identify the needs and desires of the target market and what features or benefits will satisfy that.
• Step 3: Actionable insights: Generating new ideas and improving existing products or services requires brainstorming and creative thinking.
• Step 4: Concept development and refinement:

  ⦁ Ideation - Evaluate the ideas with the most promising potential for success in the market.

  ⦁ Prototyping - Once an idea has been selected, the company must prototype its proposed product or service.
• Testing - Determine if the product functions as intended or if the desired service offering appeals to the target audience.
•  Refinement - Once the prototype has been enriched with the analysis feedback, the final product or service can be crafted and delivered to the market.
• Step 5: Implementation and launch: After conducting market testing and making necessary adjustments, the final product or service is ready for its official release to the general market.
• Step 6: Result Assessment: This may include gathering customer input, analyzing sales data, and considering various achievement indicators. A post-launch analysis aims to identify areas that can be improved for future launches.