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Lecture 4

GMS 401 Lecture Notes - Lecture 4: Economic Evaluation


Department
Global Management Studies
Course Code
GMS 401
Professor
Wally Whistance- Smith
Lecture
4

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Sunday, October 2, 2016
GMS401
Class Four
Product Decision
the objective of the product decision is to develop and implement a product strategy that
meets the demand 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
fundamental to an organizations strategy with ijmplixations 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
Product/service design directly affects
-product/service quality
-production/delivery cost
-customer satisfaction
Product/Service Design and Development
sources of product innovation
developing new p/s
getting them to market faster
improving current products/services
designing for ease of production
designing for quality
designing and developing new services
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Sunday, October 2, 2016
Sources of Product/Service Innovation
customers
managers
marketing
operations
engineering
research and development (R&D)
-basic research
-applied research
Trends in Product/Service Design
increased emphasis on or attention to:
-customer satisfaction
-reducing time to introduce new product or service
-reducing time to produce product
-the organizations capabilities to produce or deliver the item
-environmental concerns
-designing products and services that are “user friendly”
-designing products that use less material
Product or Service Design Activities
translate customer wants and needs into product and service requirements
refine existing p/s
develop p/s
formulate quality goals
formulate cost targets
construct and test prototypes
document specifications
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