Business Operations Essay

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2. New Product/Service Design and Development
• New Product design and development is an important strategy for production/operations processes.
• New product design/development allows a business to achieve:
- Higher Competitive Advantage
- Higher Growth/Market Share (%)
• New Product Design/Development is a result of two factors:
1. Changing Consumer Demand
2. New Product Technology
• IN Business:
- The 1st stage of product lifecycle involves new product design/development.
- The later stages of product lifecycle involves:
Product Range
Product Position
Product Rejuvenation
• The main stages in new product design/development are as follows:
STAGE 1 Product Design/Creation
Market Research
STAGE 2 Product Screening
ID Potential Products
STAGE 3 Product Development
Product Testing
STAGE 4 Product Business Analysis
Cost/Price/Profit ($)/Sales Estimates
STAGE 5 Product Development/Marketing
Product Prototype
Marketing Plan/Mix
STAGE 6 Product Test Marketing
Test Market Plan/Mix
STAGE 7 Product Commercialisation
Full Scale Production/Marketing

I. QUALITY: (Design/Conformity/Service)
II. SPEED:

• The time it takes for the production/operations process to respond to consumer/market demand.
• The time between customer order and product delivery.
• Production responds/delivery time.
• Speed performance objectives include:
- Faster production times
- Reduced Lead/Wait Times
• Reducing production bottlenecks and inefficiencies is the main way to achieve higher speed.
• Increased speed business benefits include:
1. Increased Product Demand
2. Increased Product Price/Profit ($)

III. DEPENDABILITY:
• Dependability/Reliability refers to how consistent/reliable business products are.
• For goods it is how durable/long products last (measure warranty claims)
• For services it is the consistency of service standards

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