Developing Products and Services

$[$WLO: $3][$CLOs: $1,2,3]$

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

$15\mathrm{.}2,$ we reviewed the product development process, and Table $15\mathrm{.}1$ offers a view of the phases of product and service development.