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:

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· 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 15.2, we reviewed the product development process, and Table 15.1 offers a view of the phases of product and service development.

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