Classified in Economy

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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


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