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33:620:301 (46)
Final

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Department
Management
Course
33:620:301
Professor
dennishamilton
Semester
Fall

Description
Topic 8 – Managing Innovation Objectives of the new Product Development Process - Maximizing the product’s fit with customer requirements - Minimizing the development cycle time o Development cycle time – the time elapsed from project initiation to product launch, usually measured in months or years - Controlling developmental costs Sequential versus partly parallel developmental processes - Partly parallel developmental process o Adevelopment process in which some (or all) of the development activities at least partially overlap Project Champions – senior executives have the power and authority to support and fight for a project - Risks o May cloud judgment about the true value of the project Involving customers and suppliers in the Development Process - Beta testing – a “beta version” of a product is an early working prototype of a product released to users for testing and feedback - Lead Users – customers who face the same general needs of the marketplace but are likely to experience them months or years earlier than the rest of the market and stand to benefit disproportionately from solutions to those needs - Crowdsourcing – a distributed problem-solving model whereby a design problem or production task is presented to a group of people who voluntarily contribute their ideas and effort in exchange for compensation, intrinsic rewards, or a combination thereof Tools for improving the new Product Development Process - Go/kill decision points – gates established in the development process where menagers must evaluate whether or not to kill the project or allow it to proceed - Stage-Gate Process – provides a blueprint for moving projects through different stages of development o Three components:  Deliverables – the results of the previous stage and are the inputs for gate review  Criteria – are the questions or metrics used to make the go/kill decision  Outputs – the results of the gate review process and may include a decision such as go, kill, hold, or recycle; include an action plan for the fates and deliverables of the next gate Quality Function Development (QFD) - Acomprehensive process for improving the communication and coordination among engineering, marketing, and manufacturing personnel - Achieves this by taking managers through a problem-solving process in a very structured fashion - Provides a common language and framework within which the members of a project team may interact Design For Manufacturing (DFM) - Away of structuring the new product development process Failure Modes and EffectsAnalysis (FMEA) - Amethod by which firms identify potential failures in a system, classify them according to severity and put a plan into place to prevent the failures from happening Computer-Aided Design (CAD) - The use of computers to build and test product designs Computer-Aided Manufacturing (CAM) - The implementation of machine-controlled processes in manufacturing - Three-dimensional printing – a method whereby a design developed in a computer aided design program is printed in three dimensions by laying down thin strips of material until the model is complete Topic 9 – Managing Growth & New Enterprises Managerial Versus Entrepreneurial Decision Making Dimension Definition Entrepreneurial Administrative Focus Focus Strategic Afocus on those Driven by perception Driven by controlled Orientation factors that are inputs of opportunity resources into the formulation of the firms strategy Commitment to Acommitment to Revolutionary with Evolutionary with opportunity taking action on short duration long duration potential opportunities Commitment of Afocus on how to Many stages with Asingle stage with resources minimize the minimal exposure complete commitment resources that would out of decision be required in the pursuit of a particular opportunity Control of resources Afocus on how to Episodic use or rent of Ownership or access others’ required resources employment if resources required resources Management More organic focus – Flat with multiple Hierarchy structure has few layers of informal networks bureaucracy between top management and the customer and typically has multiple informal networks Reward philosophy One that employees Based on value Based on based on their craetion responsibility and contribution toward seniority the discovery/generation and exploitation of opportunity Growth orientation Afocus on rapid Rapid growth it top Safe, slow, and steady growth priority; risk accepted to achieve growth Entrepreneurial Afocus on Promoting broad Opportunity search culture encouraging search for restricted by employees to generate opportunities controlled resources; ideas, experiment, and failure punished engage in other tasks that might produce opportunities Growth Strategies - Penetration Strategies – a strategy to grow by encouraging existing customers to buy more of the firms current products - Market Development Strategies – strategy to grow by selling the firm’s existing products to new groups of customers - Product Development Strategy – a strategy to grow by developing and selling new products to people who are already purchasing the firm’s existing products - Diversification Strategies – a strategy to grow selling a new product to a new market o Backward Integration – a step back (up) in the value-added chain toward the raw materials  Firm becomes its own supplier o Forward Integration – a step forward (down) on the value-added chain toward the customers  The firm becomes its own buyer o Horizontal Integration – occurs at the same level of the value-added chain but simply involves a different, but complementary, value-added chain Basic Principles of Time Management - Principle of desire – a recognition of the need to change attitudes and habits regarding the allocation of time - Principle of effectiveness – a focus on the most important issues - Principle of analysis – understanding how time is currently being allocated ad where it is being inefficiently invested - Principle of teamwork – acknowledgment that only a small amount of time is actually under one’s control and that most of one’s time is taken up by others - Principle of prioritized planning – categorization of tasks by their degree of importance and then the allocation of time to tasks based on this categorization - Principle of reanalysis – periodic review of one’s time management process Topic 10 – Global Management Global Organization – an organization that operates and competes in more than one country Global environment – the set of global forces and conditions that operates beyond an organization’s boundaries but affects a manager’s ability to acquire and utilize resources Task environment – the set of forces and conditions that originates with suppliers, distributors, customers, and competitors and affects an organization’s ability to obtain inputs and dispose of its outputs because they influence managers daily General environment – the wide-ranging global, economic, technological, sociocultural, demographic, political, and legal forces that affect an organization and its task environment The Task Environment - Suppliers – individuals and organizations that provide and organization with the input resources it needs to produce goods and services o Global outsourcing – the purchase of production of inputs or final products from overseas suppliers to lower costs and improve product quality or design - Distributors – organizations that help other organizations sell their goods or services to customers - Customers – individuals and groups that buy the goods and services an organization produces - Competitors – organizations that produce goods and services that are similar to a particular organization’s goods and services o Potential competitors – organizations that are not in a task environment but could enter if they so choose o Barriers to entry – factors that make it difficult and costly for an organization to enter a particular task environment or industry  Economies of scale – cost advantages associated with large operations  Brand loyalty – customers preference for the products of organizations currently existing in the task environment The General Environment - Economic Forces – interest rates, inflation, unemployment, economic growth, and other factors that affect the general health and well-being of a nation or the regional economy of an or
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