GMS 401 Lecture Notes - Lecture 3: Preventive Maintenance, Customer Satisfaction, Modular Design

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 401
• Professor: Wally Whistance- Smith

Document Summary

A process to generate concepts, designs, and plans for services and goods than an organization can provide to its customer. Major factors in strategy: cost, quality, time-to-market, customer satisfaction, competitive advantage. Translate customer wants and needs into product and service requirements. Avoid downsizing with development of new products. Achieve cost reductions in labor or materials. Capability to produce or deliver a given product or service. Steps in developing new products: technical and economic feasibility studies, determine the advisability of establishing a project for developing the product, if initial feasibility studies are favorable. About 5% of all new-product ideas survive to production, and only about. It is best to cancel unpromising new-product/service development projects early! Employees often become emotionally caught up in these projects and are overly optimistic. An impartial management review board is needed for periodic reviews of the progress of these projects. Taking into account the capabilities of the organization in designing goods and services.