OM 3: Product Strategy
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16 Terms
new product design
transform a new market opportunity and/or new product technology into a set of product specifications that define a product
new process and supply chain design
to transform product specifications and new production system into a new production system and supply chain
product life cycle theory
launch
growth
maturity
decline
launch
intense product development effort
growth
product modifications and standardization
rapid capacity increase
maturity
costs become more important as competitive priority
supply chain efficiency matters more
decline
new versions necessary
considers business model innovations
product design and development is a complex process
stage-gate process
strategic inputs
cross-functional and cross-organizational collaborations
stage-gate process
start with “creative” ideas
select and narrow down
ideas become more “concrete” plans
strategic inputs
consider both market and technology
fit with business strategy
cross-functional and cross-organizational collaborations
work with customers
work with suppliers
stages of new product introduction
concept development
product and process planning
detailed design and development
product and market testing
commercialization
market introduction
concept development
identify core concept
conduct market, technical, and financial assessment
identify target values of product attributes, volume, and price
determine the primary product architecture
propose production process concept
product/service specifications
all the characteristics of a product/service that define the product/service
dimensions
materials to be used
color
purity
performance
power requirements
safety features
process specifications
the operating characteristics that the manufacturing/service process making the product/delivering the service is held to in order to create the desired product/service
the NPI funnel
uncertainty
customer needs and technological possibilities
concept generation and selection
product design
prototype and testing
pilot indtroduction
manufacturing ramp up and release