GMS 401 Lecture Notes - Lecture 4: Economic Evaluation, Uniform Commercial Code, Customer Satisfaction

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

Document Summary

Improving current products/services: designing for ease of production, designing for quality, designing and developing new services. Sources of product/service innovation: customers, managers, marketing, operations, engineering, research and development (r&d, basic research, applied research, product and service design, major factors in strategy, cost, quality, time-to-market, customer satisfaction, competitive advantage, trends in product and service design. Increased emphasis on or attention to: customer satisfaction, reducing time to introduce new product or service, reducing time to produce product. Increase business growth & profits: avoid downsizing with development of new products. Steps in developing new products: technical and economic feasibility studies, determine the advisability of establishing a project for developing the product. If initial feasibility studies are favorable, engineers prepare an initial prototype design: prototype design, this design should exhibit the basic form, fit, and function of the final product. If the response to the prototype is favorable, economic evaluation of the prototype is performed to estimate production volume, costs, and profits.