Planning Phase Of New Service Development

Imagine you are hired by a new start-up company. You are tasked to recognize and explore a new business opportunity of creating a new product or service for your company. As part of your new business vision, you will create a business plan describing all keys elements of the business opportunity which will ultimately be presented to an executive team in a venture capital group for possible funding and execution.

Service innovation happens when a company changes and improves their customer service methods. This makes the company’s product more desirable to customers because they are offered better customer service. This also gives the company the opportunity to build a better relationship with their customers. Often service innovation involves getting customer feedback on how to better their customer service. Better customer service creates more customers and; therefore, more cash flow and profits are experienced by the company.

Reaching an initial understanding. This process should consider family and friends who should be considered to be partners in this planning process. However, the ultimately decision has to be of the service user, as they are considered not to be compos mentis.

Service management combines the required services with organizational solutions and thus new generation user service becomes simplified. These forthcoming services are necessitated to be interrelated and combined in order to meet the demand of socio- economic factors such as environment analysis, safety measurement, climate management, agriculture modernization

Service improvement is arguably one of the most important challenges facing the National Health Service (NHS) today, as both patients and service users search for a ‘good quality’ service, and expect services to be both efficient and effectual. All staff within the health service need to be educated and competent in their roles, in order to be able to offer a service that is beneficial to the patients that make use of it.

Imagine you are hired by a new start-up company. You are tasked to recognize and explore a new business opportunity of creating a new product or service for your company. As part of your new business vision, you will create a business plan describing all keys elements of the business opportunity which will ultimately be presented to an executive team in a venture capital group for possible funding and execution.

This paper presents a marketing plan for the Electric Car Corporation (ECC); a first mover in manufacturing an electric car in the United Kingdom. The paper starts with a brief introduction to the company, its product offerings, and areas of operations and then explains why a marketing plan is essential in the strategic planning process of an organization. Afterwards, the process of new product development at ECC has been discussed. The marketing plan starts with a comprehensive situational and SWOT analysis of the company as well as its new product offering. In this paper, the SWOT Analysis is done to analyze the company's core strengths, major weaknesses, potential opportunities and threats which can be helpful for its short term and long term marketing planning.

This paper will discuss the business chosen for the assignment. A mission statement will be developed, setting the business apart from others in the same or similar market. The vision statement will also made, discussing the direction the business wants to take in the future. Other topics such as, principles or values will be discussed. Concluding the paper will analyze the mission and vision statement, and values in guiding the business in a strategic direction. Followed by an evaluation of customers need in giving the competitive advantages.

The proposal submitted by Time Merchants was clearly organized and captured the reader’s attention. TM’s plan provided essential details to investors without overwhelming them with vague language and unnecessary information. The focus was direct and the message was articulated with ease. Time merchants effectively utilized verifiable statics and market research to substantiate the purpose of the plan. Consequently, the proposal did contained statics for many categories, which could intimidate the reader. However, these stats were necessary to demonstrate the potential effectiveness of the service and short term growth. This information is essential for investors. Also, the potential risks were highlighted, but was followed by the possible solutions. Which can provided investors with a sense of confidence in the services that are marketed. This plan is easy to interpret and the specific details regarding cost, project growth and profit valuable element that can assist in successful attracting investors to fund the

Innovative Widgets is small firm with about 50 employees. The firm provides widgets, which serve as components for machinery used by companies across industries. Innovative Widgets is a very customer centric company. Since it is small company with a specific focus on providing components, it needs to pay attention to the requirements of its customers. Their business model relies heavily in loyal customers, which lead repeat purchases over time. To achieve this, the company has to develop a string service based model to deal with its clients.

According to Posselt & Förstl (2012) previous research has shown that one main contributor to successful implementation of new services is a unique or superior service. Storey and Hull (2010) coincide and further explained that it is not possible to use a “one size fits all” approach when developing personal services. They conducted a study, which investigated the effect of different organizational knowledge management strategies on the process of service development. They stated that for organizations, which rely mainly on personalized information where services involve personal interactions and

UBS Group is a worldwide financial advice and solutions provider. One of the main reasons why UBS Group is standing in the leading position in the global financial market is that it embraces the concept of service design and as a result improves its organization’s performance.

The FedEx Corporation has a main focus on innovation striving to come up with better ideas that will benefit their customers and the organization as well. FedEx 's automated shipping system, FedEx Tracking and their electric trucks are a few examples of the innovative products that the firm has implemented in order to give their customers better solutions and services. In 2017, FedEx will launch the use of alternative jet fuels that will be used to turn forest waste into jet fuel in which they claim this process will create a “smarter fuel” that way they can deliver sustainable packages to their customers. With their systematic ongoing approach of innovation FedEx has sponsored with the FedEx Institute of Technology at the University of Memphis for better and more accurate research results (Innovation-About FedEx). While shipping more than 8 million packages and shipping worldwide, it is necessary for FedEx to analyze and unfold new services and products to satisfy their customers appropriately by providing efficient and timely mannered shipping services.

This section of the proposal requires classifying the category or business discipline in which the proposed business would fall in. In my view in order to develop or introduce a new product/service Ansoff’s Business Matrix would be a good strategic approach to screen and narrow the choices. This tool will be helpful in effective business planning.

Before starting a business, entrepreneurs need to take and use the methods to generate creative ideas for product to be marketed and test new ideas. The methods are the focus group method, brainstorming, brainwriting and problem inventory analysis. These methods are best suitable for an organization that needs expansion in products or services