IMPLEMENTATION OF NEW OR IMPROVED PRODUCT IN SERVICES INDUSTRY Essay

IMPLEMENTATION OF NEW OR IMPROVED PRODUCT IN SERVICES INDUSTRY - Essay Example The customers’ interests on the safety as well as the return on the investments in the case of investment products or the risk coverage in the case of insurance products have to be thoroughly analysed and the implementation plan drawn in such a way that there will be a smooth transition in the case of an improvement over the existing product. In the case of new products adequate review process about the suitability of the product to the customer should be undertaken to ensure that the new product is accepted well by the customers and the implementation process is carried out in efficient and effective ways beneficial to the organization and the customers alike. Implementation in the organization means how the new or improved product will be correlated to the existing operations of the organization in compliance with the policy and the procedures of the organization. This process is of paramount importance, as the success of the introduction of the new product or improvement ov er the existing product lies in the way how it is integrated in the organisational hierarchy. This paper attempts to discuss in detail the steps involved in the implementation of a new or improved product in the service industry and the associated issues and problems that need to be addressed to make the implementation effective. As stated earlier, implementation is the process by which the new or improved financial service product is brought in to the stream of the current operational systems and procedures of the organization. First of all the adaptability of the product to suit the customer needs should be explained and people at all levels of the organization should be made to understand the saleability of the product. This process should start from the time the very idea of the product is conceived. Just as a proper designing of an engineering product is important for