Mhd356 - New Product Development - Continuous Assessment Test I

Production efficiency refers to the ability to produce goods or services at the lowest possible cost. Economies of scale occur when the average cost per unit decreases as the scale of production increases. This is often achieved by spreading fixed costs over a larger number of units. However, economies of scale can sometimes fail to improve production efficiency if there are other factors that increase costs, such as inefficiencies in the production process or diseconomies of scale. Therefore, it is true that production efficiency can fail due to economies of scale.

The statement is true because customers are generally willing to pay a higher price for products that are of higher quality. When a product is of high quality, it is perceived to be more reliable, durable, and effective, which increases its value in the eyes of the customers. As a result, customers are willing to pay a premium price for such products. On the other hand, products of lower quality are often priced lower because they are perceived to have lower value and may not meet the expectations of the customers.

The statement is true because facilitating parts handling, using self fastening parts, and stacking assemblies are indeed three guidelines for manufacturing parts. Facilitating parts handling ensures that parts can be easily moved and manipulated during the manufacturing process. Using self fastening parts eliminates the need for additional tools or fasteners to assemble the parts. Stack assemblies involve arranging parts in a way that maximizes efficiency and space utilization. These guidelines help streamline the manufacturing process and improve productivity.

Entering a new market can help to rejuvenate a portfolio by expanding the customer base and diversifying revenue streams. It allows a company to tap into new opportunities, reach new customers, and potentially increase sales and profits. By entering a new market, a company can also stay ahead of competitors and adapt to changing market trends and demands. This can help to revitalize a company's portfolio and ensure long-term growth and sustainability.

Joint ventures and partnerships can be suggested as a creative way of leveraging when one is unsure about the product success outcome. This is because collaborating with another company can provide access to additional resources, expertise, and market knowledge, reducing the risks associated with launching a new product. By sharing costs, risks, and responsibilities, companies can increase their chances of success and capitalize on the strengths of both parties involved. Therefore, it is true that joint ventures and partnerships can be a viable option when there is uncertainty about the success of a product.

The concept development process involves several steps that start with identifying customer needs and establishing target specifications. Once this is done, product concepts are generated and selected. These selected concepts are then tested to ensure their feasibility and effectiveness. Once the concepts are tested, final specifications are set, and a plan for downstream development is created. This process ensures that the final product meets the needs of the customers and is developed efficiently.

Raw material costs are typically considered part of the processing costs for the operator and machinery. These costs are incurred in order to transform the raw materials into finished products. Therefore, the statement that raw material costs are not added to the processing costs is incorrect.

When a team lists the strengths and weaknesses of each concept, it is known as "pros and cons." This term refers to the practice of evaluating the positive and negative aspects of different options or ideas. By identifying the pros and cons, teams can make informed decisions and weigh the advantages and disadvantages of each concept. This process helps in understanding the potential benefits and drawbacks of each option, enabling the team to make a more balanced and informed choice.

New product development involves efforts to develop unique and novel products based on common platforms. This means that companies aim to create innovative and original products that are built upon existing foundations or platforms. By leveraging common platforms, companies can save time and resources while still introducing new and exciting products to the market. This approach allows for the creation of fresh and distinctive offerings that meet the needs and desires of customers while also maintaining some familiarity and compatibility with existing products.

The statement suggests that carefully designed products do facilitate the rapid development of derivative products with various features and functions. This means that when products are designed with care, they are more likely to enable the quick creation of new products that have different features and functions. Therefore, the correct answer is False.

DFM stands for Design for Methodologies. This term refers to the practice of designing products or systems in a way that takes into account the specific methodologies or processes that will be used in their development or implementation. This approach ensures that the design is aligned with the chosen methodologies, leading to more efficient and effective outcomes. It helps to streamline the design process and optimize the use of resources, ultimately improving the overall quality and success of the project.

The timing of patent applications must be within one year of submission. This means that once an invention has been disclosed to the public, the inventor has one year to file a patent application in order to protect their rights to the invention. If the application is not filed within this one-year period, the inventor may lose the opportunity to obtain a patent for their invention. It is important for inventors to be proactive and diligent in filing their patent applications within this timeframe to ensure the protection of their intellectual property.

Stakeholders are indeed factors in developing a project plan. They play a crucial role in providing input, guidance, and support throughout the project lifecycle. Their involvement helps ensure that the project aligns with their needs and expectations. Stakeholders can provide valuable insights, contribute to decision-making processes, and help identify potential risks or issues. Therefore, considering stakeholders and their requirements is essential in developing an effective project plan.

Surveying reflects the target market and intended audience. By conducting surveys, companies can gather information about their target market's preferences, needs, and demographics. This data helps businesses understand their audience better and tailor their products or services to meet their customers' expectations. Surveying also allows companies to identify potential gaps in the market and make informed decisions about their marketing and advertising strategies.

The statement suggests that it is not necessary to prioritize bringing a product to the market quickly if it means sacrificing quality. It implies that quality should not be compromised and that improvements can be made before the product is launched. Therefore, the correct answer is False.

Watching for nonverbal information can tell us about the customer's comfort, style, and image. Nonverbal expressions such as body language, facial expressions, and gestures can provide valuable insights into a person's preferences, tastes, and emotions. By observing these nonverbal cues, we can gather information about how the customer feels about a product or their level of interest in it. Verbal expressions alone may not always accurately convey these aspects, making nonverbal communication an important tool in understanding customer needs and preferences.

The correct answer is preparing a matrix, ranking and rating it, improving concepts, selecting one, and reflecting on the process. This answer accurately describes the steps involved in concept screening and scoring. First, a matrix is prepared to evaluate and compare different concepts. Then, the concepts are ranked and rated based on certain criteria. After that, the concepts are improved and refined based on the feedback received. Next, one concept is selected as the final choice. Finally, the process is reflected upon to learn from the experience and make improvements for future projects.

The correct order of performing these tasks is to first perform economic analysis, then benchmark competitive products, and finally build and test prototypes. This order ensures that the economic viability of the project is assessed before investing time and resources into building prototypes. Benchmarking competitive products helps in understanding market standards and identifying areas for improvement. Building and testing prototypes come last as it requires a solid understanding of the economic analysis and benchmarking results to ensure the prototypes meet market demands and are financially viable.

The product planning process involves looking at a mix of new products, platforms, and derivative products that should be pursued. This means that the process includes evaluating and considering a combination of completely new products, existing platforms that can be modified or expanded upon, and derivative products that are based on existing products but offer some variation or improvement. This approach allows for a comprehensive assessment of potential opportunities and helps in determining the best course of action for product development and innovation.

The correct answer accurately describes the sequence of events in developing a new product. It starts with planning and concept development to establish the goals and ideas for the product. Then, system-level design and detail design are carried out to create the overall structure and specific components of the product. Testing and refinement are conducted to ensure that the product meets the desired specifications and quality standards. Once the product is ready, production ramp-up takes place to scale up the manufacturing process. Finally, reflection and results are analyzed to evaluate the success and areas for improvement in the product development process.

Guidelines are created for developing the concept of a new product to ensure effective communication of its benefits and sales strategy, as well as for packaging and advertising. These guidelines help in defining the key messages and positioning of the product, determining the target audience, and developing marketing materials that effectively convey the product's value proposition. Additionally, guidelines for packaging and advertising help in creating a consistent and appealing visual identity for the product, which aids in attracting and engaging customers. Therefore, options A and C are the correct answers as they both highlight important aspects of the guidelines for developing a new product concept.

The team developing the product should ask questions that foster experimental activity. This means that they should actively seek out new ideas, hypotheses, and possibilities, and then design experiments to test and validate them. By asking these questions, the team encourages a culture of innovation, exploration, and learning, leading to the development of a more effective and successful product.

When you decide to communicate your concept, utilizing sketches and drawings of the product can be an effective method. Visual representations can help convey ideas and concepts more easily, allowing others to visualize and understand the product better. Sketches and drawings can also be used as a starting point for discussions and feedback, making it a valuable tool in communicating and refining the concept.

Matching the survey format is a part of the product and concept development process in general. This process involves the creation and refinement of new products or concepts, including conducting surveys to gather feedback and insights from potential customers. By matching the survey format, the development team ensures that the questions and format are appropriate and effective in gathering the necessary information for further refinement and improvement of the product or concept.

The goal of identifying customer needs is to uncover hidden or latent needs that may not be immediately apparent. This involves going beyond what customers explicitly state and delving deeper into their preferences, desires, and pain points. By identifying these hidden needs, businesses can gain a competitive advantage by developing innovative solutions that meet customers' unmet needs. This also helps in creating a comprehensive understanding of customer needs among team members and justifying intuitive changes based on these insights. Ensuring that every customer provides feedback may be a desirable outcome, but it is not the primary goal of identifying customer needs.

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Opportunities come from marketing and sales personnel because they are responsible for identifying potential customers, promoting products or services, and generating leads. They play a crucial role in understanding market trends, consumer needs, and competition, which allows them to identify new opportunities for growth and success. Through effective marketing strategies and sales efforts, they can create demand, build brand awareness, and drive revenue. By continuously analyzing market data and customer feedback, marketing and sales personnel can uncover new opportunities and develop strategies to capitalize on them.

The statement "The fit with a competitor's capabilities" is not one of the criteria for evaluating fundamentally new products. This criterion refers to how well a new product aligns with a competitor's existing capabilities, which is not a determining factor in evaluating the viability or success of a new product. Therefore, the correct answer is False.

When custom parts are singular, we add the cost of raw materials, processing, and tooling. This means that the total cost of producing a custom part includes the cost of the materials used, the cost of processing (such as machining or fabrication), and the cost of tooling (such as molds or dies). These costs are added together to determine the total cost of producing the custom part.

Teams should judge the go-ahead on a project based on hypothetical possibilities. This means considering the potential outcomes and scenarios that could arise from moving forward with the project. By analyzing different hypothetical possibilities, teams can assess the potential risks, benefits, and challenges associated with the project. This approach allows for a more comprehensive evaluation of the project's feasibility and potential success, helping teams make informed decisions about whether to proceed or not.

When people have to learn new skills, they are often harried. This means that they feel rushed, stressed, or overwhelmed by the task at hand. Learning new skills can be challenging and demanding, requiring individuals to manage their time effectively and cope with the pressure of acquiring new knowledge or abilities. The term "harried" accurately captures the feeling of being overwhelmed or burdened that often accompanies the process of learning something new.

Xerox's primary strategy is to exploit technology in a rapidly changing market. This means that they focus on utilizing technological advancements to their advantage in a market that is constantly evolving. By staying up-to-date with the latest technology and leveraging it effectively, Xerox aims to gain a competitive edge and meet the changing needs and demands of their customers. This strategy allows them to adapt and thrive in a dynamic business environment.

Test-prep kitchen meals are an example of product-oriented products because they are specifically designed and created with a focus on the features and characteristics of the product itself. These meals are developed to meet the needs and requirements of test preparation, rather than being tailored to individual customer preferences or demands. Therefore, they prioritize the product itself rather than being customer-oriented.

The preferred methods of surveying include face to face contact, email surveying, postal mail, and telephone surveying. These methods allow for direct interaction with respondents and can provide more in-depth and accurate responses. Simulation studies and focus groups can also be used, but they may not be as commonly preferred as the other methods mentioned. Therefore, the correct answer includes options A, B, C, and D.

In order to interpret the results and reflection process, one should seek to determine the availability and awareness of the product. This means assessing whether the product is easily accessible to the target market and if potential customers are aware of its existence. By understanding the availability and awareness of the product, one can make informed decisions about marketing strategies and potential adjustments to reach a wider audience.

The product planning process involves allocating resources and project timing. This means that during the planning phase, companies need to determine how much resources, such as budget, manpower, and materials, will be allocated to develop and launch the product. Additionally, they need to establish a timeline for each stage of the project, including research and development, production, and marketing. By effectively allocating resources and setting project timing, companies can ensure that they have the necessary means to successfully bring the product to market within the desired timeframe.

When constructing a product development plan, it is important to consider manufacturing and service constraints. This is because these constraints can greatly impact the feasibility and practicality of the product. By looking at manufacturing constraints, such as production capacity and capabilities, one can ensure that the product can be manufactured efficiently and effectively. Similarly, considering service constraints, such as the availability of resources and infrastructure, can help in determining how the product will be delivered and supported to customers. Taking these constraints into account allows for a more realistic and viable product development plan.

The goal of concept selection is not simply to choose the best concept, but rather to develop the best concept. This means that the focus is on refining and improving the chosen concept, rather than just selecting it. The process involves taking into account consumer feedback and making necessary modifications to ensure that the final concept is the best possible version. This approach recognizes that concept development is an iterative process that requires continuous improvement and adaptation based on feedback and testing.

Identifying customer needs is an integral part of work breakdown structure and project development time. This is because understanding the needs and requirements of the customer is crucial in order to create an effective work breakdown structure and allocate resources accordingly. Additionally, identifying customer needs is also important in determining the timeline and milestones for project development, ensuring that the final product meets the expectations and specifications of the customer.

The given answer suggests that the summary of the invention highlights the advantages of the invention and explains how it solves the problem described. This means that the summary likely discusses the positive aspects and benefits of the invention, as well as how it addresses the specific issue or problem that it aims to solve. The summary may provide details on how the invention improves upon existing solutions or offers unique features that make it more effective in solving the problem at hand.