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Product Strategy Options: Differentiation(Shouldice Hospital), Low cost(taco bell), Rapid response(Toyota). Product Life
Cycles: Intro: FINE TUNING: research. Product Development, process modification, supplier develop. GROWTH: Product
design begins to stabilize /Effective Forecasting of capacity becomes necessary. MATURITY: Competitors now established/
High volume, innovative production may Be needed/Improved cost control. DECLINE: Unless product makes a special
contribution to the organization, must Plan to terminate offering Product by Value Analysis: Lists products In descending
order of their individual dollar Contribution to the firm. New Product Opportunities: 1. Understanding the customer
2. Economic change 3. Sociological and Demographic change 4. Technological change 5. Political/legal change 6. Market
practice. Quality function deployment: Identify customer wants/ Identify how The good will satisfy customer wants/Relate
customer wants to product Hows/Identify relationships between the firm’s hows/Develop importance Ratings/Evaluate
competing products. Organizing for Product Develop: Today – Team approach :Cross functional – representatives from all
disciplines or functions/Concurrent Engineering – cross functional team. Manufacturability And Value Engineering:
BENEFITS 1. Reduced complexity of products 2. Additional standardization of products 3. Improved functional aspects of
product 4. Improved job design and job Safety 5. Improved maintainability of the product 6. Robust design. Issues for product
Develop:1.Robust Design(Typically results in lower cost and higher quality),2.Modular design(Adds flexibility to both production
and marketing,Improved ability to Satisfy customer requirements)3. Computer-aided design (CAD)( Using computers to design
products and prepare engineering Documentation,EXTENSIONS: Design for Manufacturing and Assembly (DFMA), 3-D Object
Modeling),4Computer-aided manufacturing (CAM)( Utilizing Specialized computers and program to control manufacturing
equipment),