Product and Service Management - Introduction to New Product Development

Full course: https://www.udemy.com/4-strategies-for-product-and-service-management/?couponCode=PROMONOW

Developing New Products
There is a simple business truism: a product or service company is only as strong as the products or services it provides. This is why companies invest so much money and time in developing new products.
The success or failure of a product can have serious implications for a company, which is why the company will make every effort to choose the correct approach to develop a new product or service.
Detailed versus Strategic Approaches
When it comes to choosing the right approach to create products and services, some approaches are very detailed and strategic.
These approaches are usually used by experienced companies, whereas other, less strategic approaches are usually used by companies that have only just started in business and are inexperienced.
This topic discusses products and services but from now on "products" will be used in a general and broad way to refer to both.
"Build it and They will Come" Approach
There are several less strategic approaches to the development of products and services. One less strategic approach is the "build it and they will come" approach, which is generally used by new and inexperienced businesses.
In this approach, the product is the brainchild of the company's owner, who has also designed it. But his passion for the product isn't always matched by the market, and sales can be very low. Persistence is needed if the product is to be a success, but very often it is the case that no market exists and the idea is abandoned.
“Seat-of-the-Pants” Approach
The "seat-of-the-pants" approach is also mainly used by new companies, especially in situations where the company's leadership is weak when it comes to organizational development and management.
This approach poses problems with regard to prioritizing resources. The company doesn't have enough experience to identify what resources should be used to develop the product and what resources are needed to keep the company running.
This approach can be successful, but the product needs to have market demand. Sometimes the company realizes that it has a good product, but knows that it needs help to fulfill its potential. In this case, the company may seek investors to provide funding to further develop the product.

Full course: https://www.udemy.com/4-strategies-for-product-and-service-management/?couponCode=PROMONOW