New Service Product Development Essay

648 words - 3 pages

As to define service, it is an act or performance that one party offers to another that is essentially intangible and does not result in the ownership of anything – Philip kotler
Major or radical innovations- are new services to market as yet undefined eg. First broadcast television services
Start up businesses- new service for a market that is already served by existing product banking for financial services
New services for the currently served market- attempts to offer existing customers of the organisation, a service not previously available from the company eg. Barnes and noble offering coffee.
Service line extension- ...view middle of the document...

Once the new service concept has passed all the front end planning hurdles, it is ready for implementation stage process that includes service development and testing, market testing, commercialization and post introduction evaluation.
This stage should involve all those who have a stake in the new service. The concepts are refined to the point at which a detailed service blue print can be constructed

It is difficult to do a market testing in an isolated market eg. Hospital has only one point of delivery. The new service may be offered to the employees and their families for assessing alternate is to test variation in pricing nad promotion in a less realistic context by presenting customers with with hypothetical mixes and getting responses in terms of intention to try the service under different conditions.
In commercialisation service goes live and is introduced at the market space. This stage has two...

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