GMS 401 Chapter Notes - Chapter 3: Uniform Commercial Code, Modular Design, User Friendly

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 401
• Professor: Wally Whistance- Smith

Document Summary

The objective of the product decision is to develop and implement a product strategy that meets the demands of the marketplace with a competitive advantage. Customers buy satisfaction, not just a physical good or particular service. Fundamental to an organization"s strategy with implications throughout the operations function. Product development: a process to generate concepts, designs, and plans for services and goods that an organization can provide to its customer. Product/service design directly affects: product/service quality, production/delivery cost, customer satisfaction. 1: gaps in the market, exploring niche markets, using new technology, creating new market space. Major factors in strategy: cost, quality, time-to-market, customer satisfaction, competitive advantage. Translate customer wants and needs into product and service requirements. Capability to produce or deliver a given product or service. The ability to be produced in the desired quantities on the intended equipment: continuous modification of production model, production designs are continuously modified to: Objective is maintaining or improving market share of maturing products/services.