Marketing, Sales and management Flashcards
What are the stages of the product life-cycle?
Introduction- Researching, developing and bringing a product to market
Growth - When sales are increasing
Maturity- Sales are near their highest point
Decline - Sales begin to fall as the market becomes saturated
Obsolescence- no longer produced
I.G.M.D.O.
What is market segmentation?
This is the process of dividing the audience of the product into smaller segments with particular characteristics. These characteristics can be demographics or interests which mean a product can be targeted specifically at the segment.
What can the designer do in the decline stage of the product life-cycle?
Once many people own the design or lose interest in it, they could create a new version which fixes problems the user’s had or even a new product that works with the product made (e.g. a new console controller).
What are the 3 main approaches to project management?
Critical path analysis- The identification of tasks that MUST be completed on time
Scrum - Work is planned then done in short cycles called sprints with daily meetings to discuss current tasks and potential setbacks. These cycles allow for rapid development and testing and work perfectly with the iteration cycle.
Six sigma - This process uses data to analyse the quality of a organisational process, determine the root cause of an issue, test solutions and then use the solutions to continue to be effective. e.g it could be found a supplier provides a high rate of faulty parts or a manufacturing process takes longer than it should.
What is user centred design?
An iterative process where the designers focus on the user’s needs and wants at each phase of the design process. This can be further improved by focus groups and user trails.
What is circular economy?
This is when designer’s focus on sustainability when designing a product so that waste is reduced and electrical efficiency is assured.
This usually entails making a product durable, easy to repair, efficient and recyclable.
What is systems thinking?
An approach to problem solving which takes into account the overall system as well as its individual parts.
e.g. If you added a different material to a component would it increase the cost, carbon footprint or customer satisfaction?
What is market pull?
When the user demands a new product which is revitalised or radically new with new functions that compete with other products on the market.
When product idea are made in response to the current market and customer needs. e.g.
What is technology push?
When the arrival of a new material, component, process or manufacturing method provides an opportunity for a new or improved product. It is the attempt to interest the market on these new technologies or solutions.
