Company XYZ is a leading player in the consumer electronics industry. The company specializes in developing innovative products and services that cater to the needs of its diverse customer base. Recently, the company has been facing stiff competition from new entrants in the market. To stay ahead of the competition, the management has decided to revamp its product and service offerings. As a product and service designer, you have been hired by the company to lead this initiative. Questions: How would you approach the redesign of Company XYZ\'s product and service offerings? What factors would you consider during the design process? How would you ensure that the new product and service offerings meet the needs of the company\'s customers? What steps would you take to ensure that the new offerings are marketable and profitable? How would you measure the success of the redesign initiative?