GMS 401 Lecture 4: Lecture 4

• 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. The good or service the organization provides society. Top organizations typically focus on core products. Customers buy satisfaction, not just a physical good or particular service. Fu(cid:374)da(cid:373)e(cid:374)tal to a(cid:374) orga(cid:374)izatio(cid:374)"s strategy (cid:449)ith i(cid:373)pli(cid:272)atio(cid:374)s throughout the operatio(cid:374)s function. A process to generate concepts, designs, and plans for services and goods that an organization can provide to its customer. Reducing time to introduce new product or service. The orga(cid:374)izatio(cid:374)"s (cid:272)apa(cid:271)ilities to produ(cid:272)e or deliver the ite(cid:373) Desig(cid:374)i(cid:374)g produ(cid:272)ts & servi(cid:272)es that are (cid:862)user frie(cid:374)dly(cid:863) Translate customer wants and needs into product and service requirements. Avoid downsizing with development of new products. Achieve cost reductions in labour or materials. Capability to product or deliver a given product or service. If initial feasibility studies are favourable, engineers prepare an initial prototype design: technical and economic feasibility studies.