Developing new products and services

Developing new products and services involves creating and implementing strategies to identify customer needs and market opportunities, and then designing and launching new products or services that meet those needs and opportunities. This capability includes conducting market research, analyzing customer data, developing product or service concepts, creating prototypes, testing and refining products or services, and launching new products or services to the market. It also involves promoting a culture of innovation and creativity, and maintaining positive relationships with customers.

Beginner competence definition

At the beginner level, developing new products and services involves understanding the basic principles of product and service development and the company’s policies and programs related to innovation. Beginner-level professionals should be able to participate in developing new products and services, communicate effectively with customers and stakeholders, and follow established protocols and procedures related to product and service development.

Intermediate competence definition

At the intermediate level, developing new products and services involves a deeper understanding of product and service development strategies and their application to the company’s products or services. Intermediate-level professionals should be able to lead efforts to identify customer needs and market opportunities, develop product or service concepts, create prototypes, and test and refine products or services. They should also be able to analyze customer data to identify patterns and opportunities for improvement, and communicate effectively with customers and stakeholders. Intermediate-level professionals should also have the skills to train and coach others on product and service development strategies and policies.

Advanced competence definition

At the advanced level, developing new products and services involves a comprehensive understanding of product and service development strategies and their application in complex, global organizations. Advanced-level professionals should be able to design and implement product and service development programs that comply with legal and regulatory requirements, promote customer satisfaction and loyalty, and align with the company’s overall business goals and values. They should also be able to use advanced techniques such as design thinking, customer co-creation, and agile development to identify customer needs, develop customized product and service development strategies, and measure progress towards achieving desired outcomes. Advanced-level professionals should also have strong leadership skills, with the ability to inspire and motivate teams to achieve product and service development goals and drive continuous improvement throughout the organization.