Product and Service Development

Introduction
It is vital for a business to have a broad future vision, a vision to be a successful leader in whichever field it operates. To be a successful leader, company needs to develop new products and services from time to time. Product and service development has been important in the past and it's getting increasingly important in today's highly competitive business world as markets are becoming fragmented, competition is getting stronger and product life cycles are getting shorter than ever (Slack:2002, Pg:392). Product and service development has become essential not only for com…