Chapter 4 Flashcards
Design and Development definitions:
New product design and development– transform market opportunities or new technologies into product design specifications.
New process design and development—transform product specifications or technology into a new or revised production strategy.
Product lifecycle definitions and stages:
Launch—introduction into the market and may require SC process innovation.
Growth—increasing demand, flexible SC, more data from customers, increasing standardization.
Maturity—demand and product stabilization, increasing importance of cost, process innovation to increase SC efficiency.
Decline—changing technology or customer needs, declining demand, potential phase in of a replacement product.
Types of innovation strategies:
Fast innovators—get to market quickly, react quickly to competitor’s actions, more continuous stream of product innovations.
High-quality innovators—fewer issues launching products and fewer failures, effectively satisfy customers for higher brand loyalty.
Efficient innovators—fund more new design and development projects, sell at lower prices have lower break-even quantities.
Idea opportunity development:
Open innovation– an organizational effort to capture ideas and resources from sources outside the firm for use in innovation efforts.
Crowd sourcing– the process of obtaining ideas or services by soliciting contributions from a large group of people, especially from an online community.
Innovation and Project Management:
Flexible innovation projects include—rigorous risk analysis and contingency plans, planned evaluation and decision points where the project may be killed, redirected, or continued, extra resources (funds, people, equipment) that can be quickly redeployed.
New Product/Process Launch and Learning:
Management of a progression of projects, capture lessons learned post launch, learning applied to next project, continuous chain of projects adds to capabilities.
Design for the customer:
Voice of the customer VOC—gather input on customer’s needs and wants.
Failure modes and effects analysis FMEA—identification and correction of potential problems.
