Product and service design involves conceptualizing and developing products and services from idea generation through commercialization. Product design focuses on tangible inventions and products, while service design organizes how services are delivered and customers' experiences. Key activities include translating customer needs into requirements, refining existing offerings, developing new ones, establishing quality and cost targets, and prototyping. Good product and service design is important for competitiveness, efficiency, and customer satisfaction. The design process involves introducing, growing, maturing, and eventually declining products and services through different life cycle stages and strategies.