Category: production & Operation managemnt

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A new product progresses through a sequence of stages from introduction to growth, maturity, and decline. This sequence is known as the product life cycle and is associated with changes in the marketing situation, thus impacting the marketing strategy and the marketing mix. The product revenue and profits can be plotted as a function of…

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Product Development Process 1. Need Identification-idea created it needs to know whether it can fulfill the customer needs. 2. Advanced Product Planning/feasibility study-Market Analysis creating alternatives concepts of products , Clarifying operational requirements, design criteria and priorities and estimating logistics requirement for producing and distributing the product for the market.

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Introduction The very essence of any business is to cater needs of customer by providing services and goods, and in process create value for customers and solve their problems. Production and operations management talks about applying business organization and management concepts in creation of goods and services. Production Production is a scientific process which involves…