New Product and Service Development Flashcards
What is Product Design?
the process of creating new products and is integral to a company’s success
What is the role of cross-functional teams in product development?
they bring together expertise from different departments to ensure product success
What is Benchmarking?
comparing your product/process with competitors to identify best practices
What is a Contract Manufacturer?
An organization that manufacturers products for another firm as a service
What is a Core Competency?
A unique capability a company does better than competitors
provides market access, improves customer benefits, and is hard to imitate
What is Hypercare?
a support phase post-launch where someone check in frequently to ensure everything runs smoothly
What is Phase 0: Planning?
- begins with corporate strategy
- includes tech and market assessments
- ends with a project mission statement
What is Phase 1: Concept Development?
- Identify target market needs
- generate and evaluate concepts
- select for development / testing
What is a Product Concept?
a description of a product’s form, function, and features
What is Phase 2: System-Level Design?
- Define product architecture
- break it into subsystems/components
- plan final assembly
What are Outputs of System-Level Design?
- product layout
- subsystem specifications
- preliminary process flow
What is Phase 3: Design Detail?
- full specification geometry, materials, tolerances
- includes process plans and tooling
What are the Outputs of Design Detail?
- part/tooling drawings
- supplier specifications
- finalized process plan
What is Phase 4: Testing and Refinement?
Pre-production prototypes are built and tested for functionality and design compliance
What is Phase 5: Production Ramp-Up?
- Initial production with final system
- training
- problem-solving
- gradual transition to full production
What is Quality Function Deployment (QDF)?
A method that translates customer needs into clear objectives and specifications using inter functional teams
What is Value Analysis / Value Engineering (VA/VE)?
Simplifying products / processes to improve performance and lower costs without sacrificing functionality
What does VA/VE focus on eliminating?
MUDA (waste)
What is Ecodesign?
integrating environmental considerations throughout the product lifecycle, including post-use recycling
What are the benefits of Ecodesign?
enhances quality, reduces costs, supports functionality, and adds business value
How do Service Products differ from Physical ones?
they involve direct customer interaction, which introduces variability
What is Complexity in Service Design?
the number of steps and options in a service process
What is Divergence in Service Design?
the variability in how a customer / provider interacts at each step
When is economic analysis used in development?
for go/no-go milestones and operational design desicions
What is a base-case financial model?
it computes Net Present Value using estimated cash flows
What is Sensitivity Analysis?
a tool for “what if” scenarios to see how changes affect NPV
What are examples of Sensitivity Scenarios?
varying development time, sales volume/price, and costs
What are the 6 phases of the generic product development process?
- planning
- concept development
- system-level design
- detail design
- testing and refinement
- product ramp-up
What is Concurrent engineering
a cross-functional approach where product and process development are done simultaneously to reduce time to market
What is a platform product?
a product built around a preexisting technological subsystem that is reused in multiple products
what is a quick-build product?
products developed using rapid prototyping and frequent design-build-test cycles
what is a high-risk product?
product with high technical or market uncertainties requiring early resting and analysis
what is a process-intensive product?
products whose properties are strongly influenced by the production process, like chemicals or good
What is a customized product?
slight variations of standard products, developed in response to a specific customer order
What is a complex system product?
large-scale products composed of many interacting subsystems and components, like aircraft or automobiles
