Case Study X. Credit Bank of Scotland Case Case Study

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Bank of Scotland Case

The factors for success in new product development range from large-scale macroeconomic considerations to specific organizational values and even individual leadership capabilities. There must be a real market for the product being developed, and this product must be able to be produced/offered in a manner that is cost-effective enough to create real demand based on available levels of supply. In addition, new products must fit in with the current product offerings, innovative trends, and culture at a given organization. Team members and leaders involved in new product development must also have the right level of knowledge and be aware of their knowledge limitations and other resources they can turn to.

2)

There are definitely some differences when a new service is being developed rather than a new physical product, though most of the above still remains true. Supply and demand works differently, especially for financial instruments, as "production" costs are minimal and do not really limit supply or change pricing on individual or small-scale levels.

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Quality control -- ensuring that each service is provided according to the standards to which it was designed -- also becomes more complex and involved for service creation and provision. These changes all represent adjustments to the challenges of new product development rather than wholly different considerations, it should be noted, demonstrating the similarity of such developments.

3)

Success and failure in service industries are driven by much the same factors as in product-oriented businesses: price competition, the quality of the service being delivered, marketing efforts, and the real capability to provide the service as designed and advertised are all primary drivers….....

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