Unit 12 Flashcards
What might a feasibility study contain?
Competitors
Sustainability
Product analysis
Target Market
What is a feasibility study for?
Flag up problems before fully committing to a project.
What problems could emerge from doing a feasibility study?
technical
economic
market
legal
productions
Why is quantitative data used wherever possible in a feasibility study?
Easier to assess objectively
risks can be measured and compared easily
helps put a stronger case to potential investors
What are direct costs?
costs explicitly linked to making a product
What are indirect costs?
costs that are needed for the day to day running of a business?
What are examples of indirect costs
rent
machinery
building insurance
office supplies
energy bills
salaries of admin staff
What are examples of direct cost?
Labour costs
materials required for product
costs of tooling and dies
What are the benefits of a fast production
less money spent of wages rent and energy
What should a feasibility study look at?
profile of target market
existing or similar products
What is the best advertising strategy
current and emerging demands
What does SWOT stand for?
Strengths
Weaknesses
Opportunities
Threat
Written reports
Mostly text contains charts/graphs.
Used for feasibility studies,business plans and lifecycle analyses.
Prose gives the author a chance to write persuasively
Tables
Not visually interested, make it easy to input and reference data
Used for dense data
What is examples of testing feasibility
Prototype testing
Virtual testing
Graphs
Clear,compact way to compare and display quantitative data.ideal for showing growth or decline
Can compare how crucial factors such as time and money relate to products and manufacturing
Oblique projection
simpler technique
and useful in the
early stages of
design
What is an example of prototype testing?
Full size prototype can help assess ergonomic feasibility
Isometric projection
enables designers
to draw an object
in three
dimensions which
aids visualisation
Orthographic
typically include three 2D
views – the plan, front
and side elevations
Cross sectional
Datum points set points on a drawing
from which several dimensions are taken
What is an example of virtual testing?
CAD/CAM
CFD
Exploded
Standard conventions are
used in these drawings
to show dimensions and
structural details clearly
with minimal text
Sectional drawings
These truncate an object at a
given point to show internal
features that are otherwise
hidden from view
Exploded view
exploded drawing shows how
component parts of a product are
assembled
Components are aligned so its easy to
show where each part fits together
What is a corporate identity
the way an organisation presents itself
How can a corporate identity present itself?
logos and branding
packaging and uniforms
business practices
corporate social identity
What is consumer identity?
the key characteristics used to describe a target market
What information does packaging carry?
product spec
safety and quality
promotions
use by/sell by date
disposal/ recycling instructions
How to workout total production costs?
direct material costs + Direct labor costs + direct manufacturing costs
How to workout the cost price of one unit
Total production cost / number of products
What does a feasibility study assess?
Whether a proposed product, system, or process has potential.
What are the key questions addressed in a feasibility study?
Is it possible? Is it viable? Is it cost effective? Is it safe?
What is one benefit of conducting a feasibility study?
It can flag up problems before fully committing to a project.
What factors do feasibility studies evaluate?
- Technical
- Economic
- Market
- Legal
- Production
What does the technical factor in a feasibility study focus on?
What resources and technologies are required?
What economic aspects does a feasibility study consider?
What costs will be incurred? Will it be profitable?
What market-related questions are addressed in feasibility studies?
What is the demand? Who are the competitors?
Which legal aspects are evaluated in a feasibility study?
Which laws and regulations apply?
What does the production factor in a feasibility study involve?
Management of manufacture and labour.
Why should the results of feasibility tests be quantitative?
- Easier to assess objectively
- Risks can be measured and compared more easily
- Helps put a stronger case to potential investors
What must all projects/products be to attract investors and operate sustainably?
Financially viable.
What tool is used to compare potential costs to the proposed retail price?
Spreadsheets.
What do spreadsheets estimate?
Profits and the return on investment.
What are direct costs?
Costs explicitly linked to making a product.
What are indirect costs?
Costs needed for the day-to-day running of a business.
Sort the following costs into direct and indirect costs: Rent, Depreciation of machinery, Cost of tooling and dies, Materials required for product, Buildings insurance, Energy bills, Salaries of administrative staff, Office supplies, Labour costs of making the product.
Direct costs: Cost of tooling and dies, Materials required for product, Labour costs of making the product.
Indirect costs: Rent, Depreciation of machinery, Buildings insurance, Energy bills, Salaries of administrative staff, Office supplies.
What are direct costs?
Labour costs of making the product, materials required for the product, and cost of tooling and dies.
What are indirect costs?
Rent, salaries of administrative staff, energy bills, office supplies, depreciation of machinery, and buildings insurance.
What does ‘Time is money’ imply in manufacturing?
The longer it takes to manufacture a unit, the higher the cost of each product will be.
What is the goal of lean manufacturing?
Lean manufacturing aims for the most efficient use of time, labour, and resources as possible.
How does faster production affect costs?
The faster a product can be made, the less money will be spent on wages, rent, energy, etc.
What does ‘Time is money’ imply in manufacturing?
The longer it takes to manufacture a unit, the higher the cost of each product will be.
What is the goal of lean manufacturing?
Lean manufacturing aims for the most efficient use of time, labour, and resources as possible.
How does faster production affect costs?
The faster a product can be made, the less money will be spent on wages, rent, energy, etc.
What should a feasibility study look at?
A feasibility study should look at the proposed market.
What should be profiled in a feasibility study?
Profile the target market, their needs, spending habits, etc.
What should be researched in a feasibility study?
Research existing or similar products — what’s the USP?
What advertising strategy should be assessed?
What is the best advertising and marketing strategy?
What demands should be studied?
Study current and emerging demands.
What sales figures should be estimated?
Estimate sales figures and how the product will be sold.
What should a feasibility study analyze in production and logistics?
It should analyze how the design, manufacture, and distribution of the product should be managed.
What factors should be identified in a feasibility study?
This includes identifying the appropriate locations, processes, and the scale of production.
What experience and skills should be established in a feasibility study?
Establish the experience and skills required from staff.
What additional aspect could a feasibility study indicate?
It could indicate how best to structure the company.
How do legal factors affect product feasibility?
Laws and regulations affect product feasibility by ensuring that relevant quality and safety standards can be observed.
What environmental and social standards must be met?
Environmental and social standards must be met, such as sourcing/disposal of materials and workers’ pay and conditions.
What may need protection in a feasibility study?
The intellectual property for the product may need protection.
What should be considered regarding government policies?
Changes to government policies and legislation should be considered.
What is analyzed throughout the feasibility study?
The potential risks and chances of success of a product are analyzed throughout.
What is a common evaluative tool used in feasibility studies?
A SWOT analysis is a common evaluative tool.
What do strengths and weaknesses represent in a SWOT analysis?
Strengths and weaknesses are something the company might have control over.
What do opportunities and threats represent in a SWOT analysis?
Opportunities and threats are less predictable; while companies might have some influence, they do not have full control over these factors.
What are the strengths of the product?
Makes use of recently developed existing technology, use of lightweight materials in automotive design, low road tax costs due to current legislation, increasing demand for the product, and being more environmentally friendly than conventional cars.
What opportunities does the product have?
Reduce pollution, particularly in cities, reduce consumption of fossil fuels, stricter legislation on conventional vehicles (e.g., low emission zones), and interest from a celebrity for endorsement.
What are the weaknesses of the product?
Lack of expertise in the existing design team, need for retooling for manufacture, extensive investment in new technology, rapid technological development leading to potential obsolescence, and high retail price compared to conventional cars.
What threats does the product face?
Lack of infrastructure for recharging, road safety concerns due to quiet cars, competition from similar ideas, new trade laws causing delays in parts supply.
What actions can be taken to reduce risks and increase chances of success?
Consider addressing weaknesses and threats identified in a feasibility study through strategic planning and collaboration.
What is the purpose of prototype testing?
Prototype testing helps assess the viability of a product by producing physical models.
How can scale models be utilized?
Scale models can be shown to stakeholders, potential customers, and manufacturers to gather feedback on the design.
What is the benefit of full-size prototypes?
Full-size prototypes help assess ergonomic feasibility.
How are prototypes and drawings used in market research?
They are used to get feedback from focus groups, indicating product popularity, acceptable pricing, and design features.
What role does virtual reality play in market tests?
Virtual reality is increasingly used in market tests to evaluate product designs.
What advantages do prototypes provide in feasibility testing?
Prototypes make it easier to test the feasibility of a product across various designs.
What advancements allow for virtual testing?
Advances in CAD/CAM enable simulations to test design viability under different conditions.
What can be assessed through virtual testing?
The performance of various materials and structures can be assessed quickly.
What specific tests can be conducted virtually?
Thermodynamics, airflow, and computational fluid dynamics (CFD) can be tested to assess product limitations.
What is a key benefit of virtual tests?
Virtual tests provide detailed and precise quantitative data, ideal for feasibility studies.
What is corporate identity?
A corporate identity is the way an organisation presents itself.
Why do companies focus on corporate identity?
Companies go to great lengths to present the ‘right image’.
What contributes to an organisation’s corporate identity?
Everything an organisation produces and how it behaves contributes to its corporate identity.
What are some elements of corporate identity?
Logos and branding, packaging and uniforms, business practices, and corporate social identity.
What does branding use to make products recognisable?
Branding uses iconic logos, colours and forms to make products instantly recognisable.
How do the best brands perform across different mediums?
The best brands work at any scale, in full colour or black and white and in various mediums e.g. print, moving image, online etc.
How can established brands be recognised?
The most established brands can be recognised even when only partially visible.
What is the role of successful branding and marketing?
Successful branding and marketing associates companies and products to more abstract feelings.
Why is a recognisable brand important for repeat purchases?
- customers that like a product can easily spot it again.
How can associating a brand with abstract feelings help?
Associating a brand with more abstract feelings can help build loyalty in the customer base.
What happens when a new product range is released?
When a new product range is released, it often has the same kudos as the previous product.
What does branding use to make products recognisable?
Branding uses iconic logos, colours and forms to make products instantly recognisable.
How do the best brands perform across different mediums?
The best brands work at any scale, in full colour or black and white and in various mediums e.g. print, moving image, online etc.
How can established brands be recognised?
The most established brands can be recognised even when only partially visible.
What is the role of successful branding and marketing?
Successful branding and marketing associates companies and products to more abstract feelings.
Why is a recognisable brand important for repeat purchases?
A recognisable brand is important for repeat purchases - customers that like a product can easily spot it again.
How can associating a brand with abstract feelings help?
Associating a brand with more abstract feelings can help build loyalty in the customer base.
What happens when a new product range is released?
When a new product range is released, it often has the same kudos as the previous product.
What is the key characteristic used to describe a target market?
Consumer identity
What factors might inform design decisions for a corporate identity?
Name, colour, font, form
What is the primary purpose of good marketing?
Good marketing promotes an enterprise and creates and maintains the relationship between retailer and customer.
How have products traditionally been marketed?
Products have always been marketed through word of mouth and various print media.
What impact did TV and film have on marketing?
The advent of TV and film meant products could be promoted through moving pictures.
How does the Internet benefit marketing?
The Internet makes it easier than ever to access countless customers all over the world.
What is a cost-effective method of reaching a large audience?
Once the content is in place, Internet marketing is a relatively cheap way to reach the greatest number of people.
Why is understanding your target market important?
Understanding your target market is key to successful marketing.
What makes social media a powerful marketing tool?
Social media allows for viral marketing, enabling companies to reach more people faster than ever before.
What is viral marketing?
Viral marketing means companies can reach more people faster than ever before.
As online content is shared repeatedly via social media, a message gains traction and snowballs, reaching millions in a matter of hours.
What are the primary purposes of packaging?
The primary purposes of packaging are to promote and protect a product.
What explicit information does packaging carry?
Packaging carries explicit information such as product logo, country of origin, and contents.
What are implicit messages conveyed by packaging?
Implicit messages include environmental consciousness, such as plastic-free or biodegradable packaging.
What useful information is often included on packaging?
Useful information includes product specification, safety and quality, promotions, use by/sell by date, and disposal/recycling instructions.
What type of information on packaging is required by law?
Certain information on packaging, such as safety warnings and ingredient lists, is required by law.
What is the purpose of labelling on food and toy packaging?
Labelling is designed to keep consumers safe and healthy, highlighting choking hazards and ingredients.
What does labelling on electrical product packaging often highlight?
Labelling often highlights environmental issues, such as energy efficiency and disposal instructions.
What is the primary factor that influences the success of a fledgling enterprise or start-up?
The vision and drive of entrepreneurs
Entrepreneurs are often passionate about their ideas and can see the economic potential of a business.
What do entrepreneurs often invest to start a company?
Their own capital or a loan
Entrepreneurs take risks in the hope of profit and success.
What does starting an enterprise from scratch require?
Great courage
Name some characteristics of small scale businesses.
One designer/maker creates designs, manufactures, and handles all administration.
What types of expertise does a medium-sized enterprise typically call upon?
Craftspeople, sales, admin, and management staff.
How do larger companies typically operate?
They collaborate with multiple staff and outside agencies and have different departments.
What is a trend in collaborative working relationships?
They are increasingly long distance, with employees working on the same project from different parts of the world.
What are the benefits of collaborative working for an enterprise?
Increases productivity and efficiency, allows managers to focus on the bigger picture.
What modern technologies facilitate collaborative working?
Cloud-based file sharing, email, and video conferencing.
True or False: Entrepreneurs typically work alone.
False
Entrepreneurs often collaborate with others to operate a business.
Fill in the blank: Entrepreneurs take a risk in the hope of _______.
[profit and success]
What is necessary for an enterprise to be sustainable?
An enterprise needs to generate a profit.
What factors need to be considered when costing a product?
Direct costs, indirect costs, and economies of scale.
How is a profit calculated?
Profit is calculated by subtracting total costs from total revenue.
What external factors could affect a company’s profits?
Market conditions, competition, and economic trends.
What’s the difference between direct and indirect costs?
Direct costs are directly attributable to the production of goods, while indirect costs are not directly linked to production.
How does the cost price inform the retail and wholesale price of a product?
The cost price is a basis for setting retail and wholesale prices.
What could incorrect calculations mean for a business?
It could mean the business operates at a loss or sets the retail price too high to compete in the market.
What does the term ‘economies of scale’ mean?
It refers to the cost advantages that a business obtains due to the scale of operation.
How is the cost price of one unit calculated?
Cost price of one unit = Total production costs / Number of products made.
What is the role of good marketing?
Good marketing promotes an enterprise and creates and maintains the relationship between retailer and customer.
How have products traditionally been marketed?
Products have always been marketed through word of mouth and various print media.
What impact did TV and film have on marketing?
The advent of TV and film meant products could be promoted through moving pictures.
What advantage does the Internet provide for marketing?
The Internet makes it easier than ever to access countless customers all over the world.
What is a cost benefit of Internet marketing?
Once the content is in place, Internet marketing is a relatively cheap way to reach the greatest number of people.
What is key to successful marketing?
Understanding your target market is key to successful marketing.
Why is social media a powerful marketing tool?
Social media allows for viral marketing, meaning companies can reach more people faster than ever before.
What is viral marketing?
Viral marketing means companies can reach more people faster than ever before as online content is shared repeatedly via social media.
What happens to a message in viral marketing?
As a message gains traction and snowballs, it can reach millions in a matter of hours.
What is a disadvantage of viral marketing?
The text does not provide a specific disadvantage of viral marketing.
What are the techniques for communicating data?
The techniques for communicating data include written reports, graphs, tables, and charts.
What is the purpose of communicating data?
The purpose is to explain and demonstrate how to read and use various techniques for data communication.
What should you consider when using different types of data?
You should consider the pros and cons of using these types of data.
What are written reports used for?
Written reports are used where accurate written records are required for future reference.
What do written reports typically contain?
Written reports are mostly text but also contain charts and graphs.
What are some common uses for written reports?
They are used for feasibility studies, business plans, and lifecycle analyses.
What advantage does prose provide in written reports?
Prose gives the author a chance to write persuasively.
What is the purpose of graphs?
Graphs are a clear, compact way to compare and display quantitative data.
When are graphs ideally used?
Graphs are ideal for showing growth or decline and are often used to predict trends and set targets.
What factors can graphs compare?
Graphs can compare how crucial factors, such as time and money, relate to products and manufacturing.
Why is selecting the right type of chart important?
Selecting the right type of chart makes a big difference to how data is interpreted.
What is an example of a specific chart type?
Radar charts are used to compare two or more concurrent factors, e.g., colour and texture.
What is the visual appeal of tables?
Tables are not particularly interesting visually, but they make it easy to input and reference data.
When are tables commonly used?
Tables are commonly used for dense datasets where the numeric values are more important than trend spotting or data comparison.
What is an example of data typically found in tables?
An example is anthropometric data.
What are spreadsheets and databases in relation to tables?
Spreadsheets and databases are a complex form of table where specific sets of data can be extracted to display in charts and graphs.
What is data manipulation?
Data manipulation refers to the way data can be represented in a misleading way.
How can the Y axis scale be manipulated?
Manipulation of the Y axis scale can exaggerate differences, growth, and decline.
What are some ways data can be misinterpreted?
Using the wrong graph and illogical use of symbols and color can lead to misinterpretation.
What is the purpose of these data manipulation tricks?
These tricks are used to persuade and mislead the reader.
What should be considered regarding data manipulation?
Consider the ethical implications of manipulating data.
What should you do when studying graphs and charts?
State which of the two charts is a fairer representation of the data and explain how the data has been manipulated to mislead the reader.
What is the purpose of visual tools in communication?
Visual tools are used to simplify complex information.
What are some examples of visual tools?
Examples include colours, textures, pictograms, symbols, images, shapes, emojis, words, and fonts.
What do these visual tools represent?
They make up a kind of visual shorthand that users can decode.
What is a good example of visual shorthand?
Maps are a good example of visual shorthand.
What does the color red usually signify in signs?
Prohibition / stop
What does the color green usually signify in signs?
Go / proceed in indicated direction
What shape is used for giving way?
Inverted triangle
What shape is commonly used for warning signs?
Triangles
What does the color yellow signify in signs?
Caution / road maintenance ahead / diversion
What shape is used for stop signs?
Octagon
What color is used for prohibition signs?
Circles
What does the color brown indicate?
Tourist attractions / historical sites
What shape is used for information/directions?
Rectangles
What do arrows signify in traffic signs?
Direction
What does the color blue signify in traffic signs?
Guidance / direction of traffic
What does a big shape over a small shape indicate?
Priority
What are pictograms used for in traffic signs?
Different signs e.g. school crossing, elderly, traffic ahead etc.
What shape indicates a dead end?
T-shape
What does the first letter of a word signify in signs?
E.g. H for hospital, I for information, P for parking
What are the two main types of drawings used in sketching techniques?
2D and 3D drawings are used to develop and communicate ideas.
What is the advantage of 3D drawings?
3D drawings are better for representing the look and feel of an object.
What do 2D drawings typically show?
2D drawings show profiles, dimensions, mechanical and electrical concepts.
What are useful drawing skills for presenting designs?
Graphical projection and perspective are useful drawing skills.
What are the three key types of 3D drawing styles?
The three key types of 3D drawing styles are oblique projection, isometric projection, and perspective drawing.
How can drawings be enhanced?
Drawings can be embellished further with colour, tone and shadows to create depth, texture and show surface finishes.
This makes the client feel emotionally more invested.
What effect can exaggerated viewpoints have?
Viewpoints can be exaggerated to achieve dramatic effects.
What is mixed media representation?
Mixed media representations can combine pen, pencils, spirit markers, chalk and water colour.
What is the traditional method for rendering work?
Using spirit based markers to build up layers of colour is the traditional way designers render their work.
How are CAD packages changing rendering?
Increasingly, CAD packages can achieve similar effects more rapidly in a more versatile format, making alterations and different colour schemes and finishes.
What is oblique projection?
Oblique projection is a simpler technique and useful in the early stages of design.
What does isometric projection enable designers to do?
Isometric projection enables designers to draw an object in three dimensions which aids visualisation.
What happens when you look square onto an object?
It appears to get smaller and converge towards a single vanishing point.
What is two point perspective?
Two point perspective uses two vanishing points, so shapes that project towards them appear smaller.
What effect does three point perspective have?
Three point perspective can give a dynamic effect to a composition and makes concepts more interesting.
What is oblique projection?
Oblique projection is a simpler technique and useful in the early stages of design.
What does isometric projection enable designers to do?
Isometric projection enables designers to draw an object in three dimensions which aids visualisation.
What happens when you look square onto an object?
It appears to get smaller and converge towards a single vanishing point.
What is two point perspective?
Two point perspective uses two vanishing points, so shapes that project towards them appear smaller.
What effect does three point perspective have?
Three point perspective can give a dynamic effect to a composition and makes concepts more interesting.
