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Lecture 4

WEEK 4.docx

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Department
Management
Course
MGMT 1000
Professor
Jean Adams
Semester
Summer

Description
WEEK 4: ENGAGING CUSTOMERS: PRODUCTS AND SERVICES & THE IMPORTANCE OF QUALITY 4.1 USE THE RULES OF ONE SITUATION TO REINVENT ANOTHER Strangers often have the best insights because they are looking in from the outside (offer a fresh look) 4.2 DEVELOPING NEW PRODUCTS AND SERVICES One way to come up with new ides is to explore and integrate key design features of 3 or 4 completely different products from yours. This will help create creative reference points. Use the positive features of all those things to help you come up with ideas 4.3 PROMOTE QUALITY AND CONTINUOUS LEARNING AS CORE VALUES By having continuous learning, you can reduce costs, increase profits, and help create corporate cultures. Make it a mindset for the employees. This helps improve the quality of products. The idea is that better quality products can be produced at a lower cost. The pursuit of quality can’t just be a program or technique, but has to be a value or mindset. The pursuit of quality has to break boundaries. If people care, and put 100% into each product, it will be of the best quality. 4.4 NEW PRODUCT DEVELOPMENT AND PRODUCT LIFE CYCLE Developing new products can be costly and risky Steps to developing new products: 1. Set new-product goals: financial objective (want to recover investment in less than 3 years) 2. Develop new-product ideas: marketing research, brainstorming, focus groups 3. Screen ideas and concepts: as ideas emerge, check them against your new- product goals and long-term strategies 4. Develop the concept: crea
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