- 5 Marks
Question
b) Knowing where your products or services are in their development cycle will help you determine refinements or adjustments you may need to make to align them with the vision and strategy you have already developed.
Required:
Outline the FIVE stages that are often followed in the development of a product and service. (5 marks)
Answer
- Customer Needs: The product is designed to fulfill particular customer needs (such as quality, price, or design).
- Screening: The concept should be considered carefully to ensure it meets certain criteria such as profitability or taking market share.
- Design: The design process can be in different forms such as building an electronic or physical prototype. Value engineering procedures may be followed to ensure all components add value.
- Time-to-Market: This is the time a product or service takes to get to the market place. A short time span is desirable to reduce cost and to get ahead of the competition.
- Testing: The product or service should be tested to check that it works, that it meets the needs of the customer, and that the customer likes it.
- Tags: Business Strategy, Operations, Product Development
- Level: Level 1
- Topic: Operations strategy
- Series: MAY 2017
- Uploader: Dotse