GMS 401 Chapter Notes - Chapter 4: Online Banking, Product Manager, Quality Function Deployment

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Product design process successful organizations use four elements to rapidly create new goods and services and bring them to consumers: product approval committee, structured development process, core teams, phase reviews. Sources of ideas for new or redesigned products ideas come from everywhere! Wide variations exist in the amount of time a particular product takes to pass through a given phase of its life cycle some pass through various stages in a relatively short period, others considerably longer: often it is a matter of the basic need for the item and the rate of technological change ex: toys have life cycle of less than one year clothes washers, dryers may last for decades before yielding to technological change. Mass customization: a strategy of producing standardized goods or services but incorporating some degree of customization in the final product: several tactics make this possible, 1)delayed differentiation, 2)modular design.

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