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Reasons for redesigning
Economic, Social/Demographic, Legal/Political, Competitive, Cost/Availability, and Technological
4 Phases of the Product Life Cycle
Introduction, Growth, Maturity, and Decline
Introduction Phase
The stage where a new product is launched, requiring heavy promotion to create awareness and encourage sales.
Growth Phase
The stage where sales increase and firms operate more efficiently and face potential competition.
Maturity Phase
The stage where sales stabilize, requiring ongoing promotion and generating positive cash flow.
Decline Phase
The stage where sales fall, leading firms to either withdraw their product, wait for competitors to withdraw their product or use extension strategies.
Innovation
The brand addition to the product
Innovation Review Process
All the critical players and leaders are there, the right people all in the same place at the same time.
Role of CEO in Innovation
Ensuring alignment with strategy, addressing critical issues, and managing resources effectively.
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New Product Development
Idea generation, Feasibility Analysis, Product Specifications, Process Specifications, Prototype development, Design review, Market test, Product introduction, Follow-up evaluation
Job Shop
A manufacturing process characterized by small-scale production, high variety, fluctuating production, and skilled labor.
Batch Production
A manufacturing method involving production in batches with low volume, high variety, unskilled workers, and specialized equipment.
Repetitive Production
A high-volume manufacturing process with low product variety, continuous production, no customization, and unskilled labor.
Continuous Production
A manufacturing process with high volume, minimal product variability, low equipment variability, operates almost non-stop.
Push System
Products are made before receiving customer orders based on demand forecasts. (Made to Stock)
Pull System
Products are made after receiving customer orders, starting from scratch. (Make to order)
Facility Layout
Arrangement of a facility aimed at optimizing workflow
Space Utilization
Using space efficiently to avoid losing money.
Product Layout
Standardized processing operation where every product follows the same path through the facility.
Process Layout
A flexible manufacturing setup where similar operations are grouped, allowing for varied product paths.
Fixed Position Layout
A layout where production remains stationary while workers, equipment, and materials move around it.
Standardization
Lack of variety in products/services to reduce costs
Mass Customization
Standardized products with some degree of customization聽
Delayed Differentiation
Producing half-finished products that can be customized after receiving customer orders.
Computer-Aided Design (CAD)
Product design using computer graphics聽to increase designer productivity and allow for easy revision and analysis.
Automation
Use of technology and machinery to improve efficiency and quality in production processes.
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