Production & Operation Management Product Development Product Development Tools/Techniques Submitted To Prof. P.S.Gill Submitted By Manish Singh MBA-2nd‚ RIMT Punjab Technical University Jalandhar Product Development Meaning: Product development is the carried out after research which follows pure research. Development is the work contributing towards improvement in the existing knowledge by way of improved ideas‚ systems‚ techniques‚ etc. Product development is a specialized
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industry recorded retail sales of $857 million in 2006‚ while sales volume is forecast to hit $1.1 billion by 2010. Skincare products attributed more than 20% of this. Malaysian consumers prefer to use imported skincare products as they associate them with higher quality as oppose to local products. As the local cosmetic industry is still less productive‚ imported products will continue to be high demand especially for the middle and high-income earners. The cosmetic industry is in a state of flux
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An analysis on Wahaha’s marketing strategies in applying consumer behaviour theories Hangzhou Wahaha Group is a private group of companies‚ featuring beverage products‚ which also has become one of major beverage producers in China. The name ‘Wahaha’ is a children’s folk rhyme and also stands for the sound of children’s laugh in Chinese. The company is run by zong qinhou who started the business by selling ice cream and sodar on a tricycle in 1987. (Wahaha‚ 2012)The turning point of his business
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Product standardization Definition : Product standardization in business is the process of developing same product for multiple countries. Advantages: The main advantage of product standardization is cost saving. Cost reduction will give economies of scale. Since you are making large quantities or the same‚ non-adapted product - you benefit from the advantages associated with manufacturing in bulk. For example‚ components can be bought in large quantity which reduces the cost-per-unit. These
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Outline the concept of the augmented product. Apply and evaluate the concept to a brand of your choice. The concept of the augmented product tries to show how the overall view of the product and brand by fragmenting it into separate dimensions. Corey (1975) describes it as “the product is the total package of benefits that the customer receives when he buys.” There are 3 dimensions; core‚ tangible and intangible. Through these dimensions the product can be differentiated from competitors and
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Product Levels: The Customer-value Hierarchy The marketers need to address five product levels. Each level adds more customer value‚and the five constitute a customer-value hierarchy. 1. Core Benefit The fundamental need or want that consumers satisfy by consuming the product or service. Example 1: In case of a car Transportation from one place to another. Example 2: The customer in search of a hotel room demand only rest and sleep from a marketer. 2. Basic Product
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marketing”. Discuss The success of a product is always determined by how well it’s marketed. In that case marketing has an important role in every product that we produce. But when ethics is associated with marketing‚ it can’t go on one direction. It is like oil and water which does not mix together. What is marketing? Marketing is a societal process by which individuals and group obtain what they need and through creating‚ offering‚ and exchanging products and value with others (Kotler‚2002).
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Product Red‚ styled as (PRODUCT)RED‚ is a brand licensed to partner companies such as Nike‚ American Express (UK)‚ Apple Inc.‚ Starbucks‚ Converse‚ Bugaboo‚ Penguin Classics (UK & International)‚ Gap‚ Emporio Armani‚ Hallmark (US)‚ Dell‚ SAP and Beats Electronics (Beats by Dr. Dre). The concept was founded in 2006 by U2 frontman and activist‚ Bono‚ together with Bobby Shriver of the ONE/DATA; the pair sought to engage the private sector for the purpose of raising awareness and funds to help eliminate
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Products Strategies The current strategy for KFC Malaysia of the product strategy varies; they have used many strategies in order to perform well in the market. Below are some of their current strategies. Value Their current value added of their product is collaboration with hotlink‚ that when customer receives a sms from hotlink‚ they can go redeem the product of discounted food from KFC Malaysia outlet. Another value added of their products is free gifts‚ drinks upgrade to bigger portion. Scope
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Youngstown Products‚ a supplier to the automotive industry‚ has seen its operating margins shrink below 20% as its OEM customers put continued pressure on pricing. Youngstown produces four products in its plants and has decided to eliminate products that no longer contributed positive margins. Details on the four products are provided below: Products A B C D Production Volume (units) 10‚000 8‚000 6‚000 4‚000 Selling Price $15.00
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