GMS 401 Chapter Notes - Chapter 4: Uniform Commercial Code, Economic Evaluation, Customer Satisfaction
Document Summary
Product development: a process to generate concepts, designs, and plans for services and goods that an organization can provide to its customer. Engineering: research and development (r&d): organized efforts to increase scientific knowledge or product innovation & may involve: Basic research: advances knowledge about a subject without near-term expectations of commercial applications. Development converts results of applied research into commercial applications: reverse engineering is the dismantling and inspecting of a competitor"s product to discover product improvements. Major factors in strategy: cost, quality, time-to-market, customer satisfaction, competitive advantage. A major trend in product design is an increased emphasis on customer satisfaction, reducing time to introduce new products, and reducing time to produce and deliver product/service, environmental concerns, user friendly, products that use less material. Product liability: a manufacturer is liable for any injuries or damages caused by a faulty product. Uniform commercial code, sales of goods act: products carry an implication of merchantability and fitness.