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5 characteristics of a Good Tangible product 7 Characteristics of a Service Intangible product New products or services can give firms what kind of advantage in the market place New products or services provide what to the firm Companies develop new products or services to do what to existing capabilities Exploit existing capabilities Companies can use new product development to do what to competitors The characteristics or features of a product or service that determine its ability to meet the needs of the user A disciplined and defined set of tasks, steps, and phases that describe the normal means by which a company repetitively converts embryonic ideas into salable products or services Product development process Six dimensions of product design Repeatability (Robust design) Refers to whether or not we can make the product over and over again The design of products to be less sensitive to variations, including manufacturing variation and misuse, increasing the probability that they will perform as intended. ( can the product be made over and over again no matter who’s making it?) Refers to the ease with which critical components or functions can be tested during production (testing at different stages) Refers to the ease with which parts can be replaced, serviced or evaluated. ( we acknowledge our products do break down—how easy is it for us to fix it?) Refers to if we need to scale up production can we do so? Two types of product costs and the third component of product costs Obvious costs Labor and material are considered what kind of product costs (even equipment) Engineering and transportation costs are considered what kind of product costs (overhead and support activities—not easy to track) Costs associated when there is a change in how the product is produced. Revision to a drawing or design released by engineering to modify or correct a part. Phases of Product and Service Development Concept development Here a company identifies ideas for new or revised products and services Concept development phase Here the company begins to address the feasibility of a product or service (will it make money) Here the company starts to invest heavily in the development effort and builds and evaluates prototypes (what will the product look like) Design and development phase At this stage, firms start to invest heavily in operations and supply chain resources needed to support the new product or service (is everything in place, do we have all the materials needed) For physical products this usually means “filling up” the supply chain with products. For services, it can mean making the service broadly available to the target marketplace A process in which a product or service must clear specific hurdles before it can go on to the next development phase Sequential development process Activities in different development stages are allowed to overlap with one another, thereby shortening the total development time Overlapping development phase required tight coordination but it Shrinks development times (things start to overlap to reduce the time it takes to get the product to market) Engineering The voice of customer needs etc. Planning-feasible to invest? Designers make sure that the product Works well for customers (colors, ergonomics) Buying products from suppliers The process or preapproving supplier got specific commodities or parts Two types of design with suppliers Gray box design A situation in which a supplier works with a customer to jointly design the product A situation in which suppliers are provided with general requirements and are asked to fill in the technical specifications 4 approaches to improving product designs DMADV Define A six signs process that outlines the steps needed to create completely new business processes or products Define the project goals and customer deliverables Quality Function Deployment A graphical tool used to help organizations move from vague notions of what customers want to specific engineering and operational requirements. Also called the “house of quality” Quality function deployment Designing for manufacturability The systematic consideration of manufacturing issues in the design and development process, facilitation the fabrication of the products components and their assembly into the overall product Design for manufacturability (DFM) The planned elimination of superficial, accidental, and deliberate differences between parts in the interest of reducing part and supplier proliferation A process that involves examining all elements of a component, an assembly, an end product, or a service to make sure it fulfills it intended function at the lowest total cost Achieving equivalent or better performance at a lower cost while maintaining all functional requirements defined by the customer Value analysis/value engineering In which phase company begins to address the feasibility of a product or service?Technical Stage
Thanks to the technical phase, you can determine whether it is technically viable to produce your service or product. It is a crucial stage in gaining valuable intelligence on various issues of your business, such as identifying suppliers, functionality, health and safety, and legal matters.
When developing a new product which is true of a new product development strategy?When developing new product, which is true of a new-product development strategy? It must be compatible with the objectives of the marketing department, the business unit, and the corporation.
What concept refers to the ease with which components or functions can be tested during production?Testability. the ease with which critical components or functions can be tested during production.
Is the process of designing a product to meet a specific cost objective?It is the process of designing a product to meet a specific cost objective. Target costing involves setting the planned selling price, subtracting the desired profit as well as marketing and distribution costs, thus leaving the required manufacturing or target cost.
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The concept development phase addresses the feasibility of a product or service.
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