GEOL 1003 Lecture : Noteswap Notes 2
Document Summary
Regal marine"s attempts to keep in touch with customers and respond to the marketplace are made impossible because consumer tastes change and maritime engineering improves. A product strategy may focus on differentiation, low-cost, or rapid response. The goal of the product decision is to develop and implement a product strategy that meets the needs of the marketplace with a competitive advantage. Political/legal change and economic change are both factors influencing market opportunities for new products. The four phases of the product life cycle are incubation, introduction, growth, and decline. In the maturity stage of the product life cycle, operations managers will be concerned with keeping sufficient capacity available for the product. Relatively few new product ideas, perhaps only 1 in 250, become successfully marketed products. 3m"s goal is to produce 30% of its profit from products introduced in the last 4 years. Computer-aided design (cad) refers to the use of specialized computer programs to direct and control manufacturing equipment.
