"Product Life Cycle Management" Essays and Research Papers

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Difficulties in New Product Development

engineering, new product development (NPD) is the term used to describe the complete process of bringing a new product or service to market. There are two parallel paths involved in the NPD process: one involves the idea generation, product design and detail engineering; the other involves market research and marketing analysis. Companies typically see new product development as the first stage in generating and commercializing new products within the overall strategic process of product life cycle management...

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New Product Development

go from copycat brand to product leader? Samsung was able to go from copycat brand to product leader by using a “new product development” strategy (Kotler and Armstrong, p.261). According to Kotler/Armstrong new product development is defined as the development of original products, product improvements, product modification, and new brand through the firm’s own product development. In 1993, the CEO and chairperson, Lee Kung Hee decided to revamp the company’s management because he was not content...

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Operations Management

New Product Development at HPM Company Background • HPM Industries is a privately owned company established in 1925. Its core business is in the design, manufacture and distribution of electrical wiring accessories such as electrical power plugs, power outlets and light switches. • The company had its origins in button production, when Ruth Simon’s parents (Ruth is the wife of the current chief executive officer, Peter Simons) started HPM in the button-moulding business. • In 1948 they...

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Om-Sess 2 Product Design and Decision Making Tools

Assignment Day 4 Question 5.9 Prepare a product-by-value analysis for the following products, and given the position in its life cycle, identify the issues likely to confront the operations manager, and his or her possible actions. Product Alpha has annual sales of 1,000 units and a contribution of $2,500; it is in the introductory stage. Product Bravo has annual sales of 1,500 units and contribution of $3,000; it is in the growth stage. Product Charlie has annual sales of 3,500 units and a...

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Differences between Product and Service Design-letter

stages of New Product Development 1. Idea Generation is often called the "NPD" of the NPD process. Ideas for new products can be obtained from basic research using a SWOT analysis (Strengths, Weaknesses, Opportunities & Threats). Market and consumer trends, company's R&D department, competitors, focus groups, employees, salespeople, corporate spies, trade shows, or ethnographic discovery methods (searching for user patterns and habits) may also be used to get an insight into new product lines or product...

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A Compare and Contrast of the New Product Development Model

New product developments are one of the main sources of competitive advantage for companies today. Companies need new product to keep up with its’ competitors. New product development can be considered as activities that aim to bring new products to market. The objective of NPD is to minimize the risk of failure. As NPD absorbs both financial and human resources from a company, it is therefore necessary to develop and implement a methodology for assisting in the introduction of new products. NPD...

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New Product Success: Launch and Marketing

Successful new products can enhance the success of an organization, and product introduction is critical to that success. With a failure rate of new products estimated as high as 50% at launch (Cooper and Edgett, 1996), new product launch strategies are critical to new product success; or, as Delre, et.al., (2007) suggest, “the initial phase of market penetration is a critical moment for the future direction of a product. A fast and substantial takeoff can guarantee a competitive advantage.” ...

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Role of Operations Function in Product Design

the business. Product Design Product design is a critical task because it determines the characteristics and features of the product, as well as how the product functions. Product design determines a product's cost and quality, as well as its features and performance. Objective of Product Design The objective of product design is to create a good or service with excellent functional utility and sales appeal at an acceptable cost and within a reasonable time. The product should be produced...

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Skimming Pricing Skimming Pricing Is the Strategy of Establishing a High Initial Price for a Product with a View to “Skimming the Cream Off the Market” at the Upper End of the Demand Curve. It Is Accompanied by Heavy

LECTURE 12. PRODUCT DEVELOPMENT II. Reading: Ch. 11, 12, addendum sent onto your e-mails. Three product levels in marketing: 1.Core product: “what the buyer is really buying?” (E.g. Charels Revson [Revlon] recognizes that: “In the factory we make cosmetics; in the store – we sell hope”). Product concept is the idea about benefits, not features. 2.Tangible product – a ready-to-use product that has certain level of quality, features, styling, brand name, and a package. 3.Augment product additionally...

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Product Development and Standardization

Product Planning and Standardization Product * Something produced through labor, thought and growth. * It is simply a set of tangible physical and chemical attributes assembled in an identifiable form. New Product * It can be a replacement product for some but imitative to the other. Classification of New Product 1. Innovative Product * These product were created upon realization of an unanswered need in the market which has not been fulfilled by any substitutes. ...

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