...the above equation which results in the overpowering of their competition. To have a Competitive Edge, firms must angle themselves towards Innovation which Myers and Marquis (1969) defined as “….. not a single action but a total process of interrelated sub processes. It is not just the conception of a new idea, nor the invention of a new device, nor the development of a new Market. The process is all these things acting in an integrated fashion.” Since the inception of HNB Assurance PLC (HNBA) in 2001, company is considered the fastest growing composite insurance company within the Sri Lankan insurance domain. The rationale of this report is to identify how effective HNBA is in encouraging innovation for improvement of the processes, products and the services rendered to customers. The primary step of analyzing this fact is to identify the methods utilized to encourage, capture and manage ideas until successful implementation. The methods available and the inadequacy of methods employed are discussed in Task 01. To analyze the effectiveness further, a survey was carried out involving a sample of employees in different levels of the organization. A questionnaire was furnished which included aspects such as organization climate, current performance, policies and procedures adopted and the cognitive skills of the employees in encouraging innovation. The results of the survey are broadly analyzed in the Innovation Audit under the four criteria and are summarized in Task 02. The...
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...Subsequently, it was converted into a Public Limited Company on July 12, 2005 and the name of the Company was changed to Aishwarya Telecom Limited and a fresh Certificate of Incorporation obtained from the Registrar of Companies, Andhra Pradesh, Hyderabad. The Registered Office of the company is located at 3-C Samrat Commercial Complex, Saifabad, Hyderabad, Andhra Pradesh. ATL is based at Hyderabad with production at Yanam in Pondicherry state and Dehradun in Uttrakhand State, with branches in New Delhi and Mumbai. STAGES OF THE OLC The five stages of OLC illustrate changes in organizational structure and managerial processes as the business proceeds through developmental stages. Each stage is discussed, with specific emphasis on the product creation and delivery aspects of the stage. INCUBATION STAGE OR START-UP STAGE Aishwarya Telecom Limited (ATL) started its operations in the year 1995 with specialization in designing, manufacturing and marketing of Telecom Test & Measuring equipment for Copper, Optical and Data Networks. ATL is having strength of 61 employees. Initially, ATL concentrated on catering to the Public Sector...
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...Grub n’ Go Part III MKT/421 September 19, 2011 Amber Topping As a unique food delivery service organization, Grub N’ Go sets itself apart from the rest of the competition through its highlighted attributes of restaurant-quality food delivery and customer priority service. Just as any other organization, Grub N’ Go starts life in the product life cycle as an idea and flows into the business it is now. In order for the company to continue growing, certain positioning and differentiating strategies must be implemented for the service and how to apply the pricing for deliveries and marketing. Grub n’ Go’s service is simple; food delivery. The attributes or characteristics of Grub n’ Go’s service are variety, value, timely, and friendly. Grub n’ Go will offer a variety of food from numerous restaurants delivered for a reasonable service fee in a timely manner by a friendly staff. In the market of food delivery service customers have many choices from restaurants that offer delivery; however, the delivery is only for one particular restaurant’s food. In traditional food delivery customers are limited to the restaurant’s menu and if a restaurant does not offer delivery service dine-in, carry-out, or choose another restaurant is the choices for the customer. One of the main attributes of Grub n’ Go is the ability to order from multiple restaurants and receive delivery to one location. Grub n’ Go can partner with numerous restaurants to bring a variety of choices to consumers...
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...1. How was Samsung able to go from copycat brand to product leader? Samsung was able to go from copycat brand to product leader by using a “new product development” strategy (Kotler and Armstrong, p.261). According to Kotler/Armstrong new product development is defined as the development of original products, product improvements, product modification, and new brand through the firm’s own product development. In 1993, the CEO and chairperson, Lee Kung Hee decided to revamp the company’s management because he was not content to remain the best of the knock-off brands. Rather, he set high goals (to become the biggest consumer electronics company and to surpass Sony) and established a strategic plan to accomplish those goals. Samsung accomplished its goals in less than two decades. The first step that he took was idea generation. He hired a “fresh new crop” of young designers to produce new ideas that could get the company in the direction that he wanted it. Sleek, bold and beautiful products were the aim so that they could target high-end users to the company. Next idea screen was also implemented in the development stage. Each product had to pass the “Wow” test otherwise; it would have to go back to the drawing board for further improvement Samsung then went a step further by testing new product concepts. From Blu-Ray players that changed colors, Eco-fit monitors with transparent stands that gave the appearance of a floating monitor, to a small Pebble MP3 player that...
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...Journal of Business Research 55 (2002) 389 – 400 Benefits associated with supplier integration into new product development under conditions of technology uncertainty Gary L. Ragatza,*, Robert B. Handfieldb, Kenneth J. Petersenc a Department of Marketing and Supply Chain Management, Eli Broad Graduate School of Management, Michigan State University, East Lansing, MI 48824-1122, USA b North Carolina State University, Raleigh, NC, USA c University of Oregon, Eugene, OR, USA Abstract In many industries, firms are striving to integrate material suppliers earlier into the new product/process development process. This involvement may range from simple consultation with suppliers on design ideas to making suppliers fully responsible for the design of components or systems they will supply. In this paper, we develop and test a conceptual model of the effect of elements of the supplier integration process on cost, quality, and new product development time, under conditions of technology uncertainty. Technology uncertainty is operationalized here, as the degree to which the product or process technologies employed in the project are new, complex, and/or rapidly changing. The results suggest that technology uncertainty have a negative impact on cost results, but no direct effect on quality or cycle time. The results also show that certain elements of the supplier integration process are more likely to be employed under conditions of technology uncertainty, leading to significant...
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...New-Product Development and Product Life-Cycle Strategies 1) What are the two ways that a company can obtain new products? A) line extension and brand management B) internal development and brand management C) new-product development and acquisition D) service development and product extension E) market mix modification and research and development Answer: C Diff: 2 Page Ref: 258 Skill: Concept Objective: 9-1 2) Product improvements, product modifications, and original products can all be classified as ________. A) pioneer products B) new products C) product concepts D) product ideas E) test products Answer: B Diff: 1 Page Ref: 258 Skill: Concept Objective: 9-1 3) Which of the following is NOT a potential reason for a new product to fail? A) an underestimated market size B) a poorly designed product C) an incorrectly positioned product D) higher than anticipated costs of product development E) ineffective advertising Answer: A Diff: 2 Page Ref: 258 Skill: Concept Objective: 9-1 4) Which of the following is NOT a challenge presented by the product life cycle that a firm must face? A) All products eventually decline. B) Changing tastes, technologies, and competition affect the marketing of the product as it passes through lifecycle stages. C) A firm must be good at developing new products to replace aging ones. D) A firm must be good at adapting its marketing strategies. E) It is difficult to plot the stages as a product goes...
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...PRODUCT LIFE CYCLE SUBMITTED BY MASHHOODA MOHAMMED SHOEB KHAN BACHELOR OF BUSINESS ADMINISTRATION IN GENERAL FIRST YEAR - FIRST SEMESTER FACULTY GUIDE-MRS PRIYANKA CHANDANANI ASSISTANCE PROFESSOR – ECONOMIC ACKNOWLEDGEMENT I would like to express my special thanks of gratitude to my faculty guide Mrs Priyanka Chandanani who gave me the golden opportunity to do this wonderful topic Product Life Cycle which also helped me in doing a lot of research and I came to know about so many new things. I am really thankful to her Secondly I would also like to thank my parents and friends who helped me a lot in finishing this project within limited time I am making this project not only for marks but to also increase my knowledge THANKS AGAIN TO ALL WHO HELPED ME ABSTRACT The product lifecycle model can be understood as a three-stage model of technological development associated with a particular product technology. In the explorative stage many different designs are developed, in the development stage products become standardized into a dominant design, and in the mature stage only incremental changes occur within the dominant design. Although the product lifecycle model is widely accepted and often applied in empirical research, innovation...
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...Target Market Strategy Market-Entry Timing, and Marketing Strategy In addition, in thе third part, thе author analyѕе how L’Orеal followѕ a nеw product dеvеlopmеnt ѕcrееning procеѕѕ. Thе ѕix ѕtagеѕ involvеd in N.P.D will bе talkеd about in thiѕ part, еѕpеcially thе Idеa Ѕcrееning procеѕѕ to ѕhow how L’Orеal’ѕ nеw productѕ can offеr a clеar bеnеfit and provе itѕеlf accеptablе in uѕе. Importance of developing new products for L’Oreal Drivеn by conѕumеr dеmandѕ and with thе dеvеlopmеnt of nеw tеchnology, many companiеѕ havе to bring ѕomе nеw productѕ to thе markеt, if thеy want to rеmain thеir compеtitivе advantagе and ѕuѕtain thе profitablе growth. That iѕ why nеw product dеvеlopmеnt can bеcomе thе moѕt important buѕinеѕѕ procеѕѕ. In thiѕ L’Orеal caѕе, innovation iѕ itѕ driving forcе, in tеrmѕ of both tеchnology and faѕhion, L’Orеal haѕ invеѕt ѕo much in innovation, innovation iѕ quitе important and еѕѕеntial to L’Orеal which wantѕ to kееp continuouѕ growth and pеrform wеll in thе global markеt, and thеrе arе many formѕ of innovation, nеw productѕ and ѕеrvicеѕ arе onе aѕpеct of thеm, it iѕ vеry important for L’Orеal to know how to idеntify innovation opportunitiеѕ and tranѕform ѕomе good and uѕеful idеaѕ into nеw product dеvеlopmеnt. Thеrе arе ѕеvеral itеmѕ to conѕidеr about why L’Orеal haѕ to dеvеlop nеw productѕ. Customers Bеcauѕе N.P.D iѕ a Cuѕtomеr-Drivеn Procеѕѕ. Ѕo a diѕcuѕѕion of cuѕtomеr nееd analyѕiѕ iѕ nеcеѕѕary. Gеnеrally ѕpеaking, N.P.D...
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...Understanding the Product Life Cycle (PLC) is of critical importance to a firm launching a new product. It helps a firm to manage the risk of launching a new product more effectively, whilst simultaneously maximising the sales and profits that could be achieved throughout the product's life cycle. 1. What is the product life cycle? The PLC indicates that products have four things in common: (1) they have a limited lifespan; (2) their sales pass through a number of distinct stages, each of which has different characteristics, challenges, and opportunities; (3) their profits are not static but increase and decrease through these stages; and (4) the financial, human resource, manufacturing, marketing and purchasing strategies that products require at each stage in the life cycle varies (Kotler and Keller, 2006). Whilst there is a common pattern to a product's life cycle, which is bell-shaped in nature, this pattern does vary depending on the specific characteristics of a given product. These life cycle patterns are illustrated and discussed in the subsequent section. 2. What are the main aspects of the product life cycle? The typical PLC consists of five main aspects: (1) product development; (2) introduction; (3) growth; (4) maturity; and (5) decline. In the diagram below, the respective sales (in red) and profits (in blue) across these five stages are illustrated. Figure 1 The PLC begins with product development, during which time the firm devises and creates...
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...AberdeenGroup New Product Development: Profiting from Innovation Business Value Research Series December 2005 The New Product Development Business Value Research Series Executive Summary eveloping a new technology or solution that fills a need for a customer is fulfilling. This feeling of accomplishment is not accompanied by the pleasant jingle of coins in the corporate pockets, however, unless the idea makes its way out of the innovator’s head, off of the planning board, and eventually off of the engineer’s harddrive. Product development teams and executives alike need to measure the success of innovation the way the corporation measures success – by the bottom line. Turning a concept into a profitable product or product platform is not an easy job, and requires people from multiple disciplines to work together. New product development (NPD) is a complex, collaborative process that requires coordinating the innovation efforts of many to meet a common goal. The following is a list of participating groups that may be required for a product to successfully come to market: • • • • • Marketing Engineering Procurement Regulatory Manufacturing • • • • • Design Suppliers Sales / Channels Finance Legal • Manufacturing Engineering D Different organizations and individuals are responsible for one or more aspects of the product, and few of these aspects can stand alone. Decisions made in one facet of a product impact many others. Aberdeen’s Product Innovation Agenda benchmark...
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...Product Life Cycle-------Nick Combs The concept of product life cycle concerns the life of a product in the market with respect to business/commercial costs and sales measures. The product life cycle proceeds through multiple phases, involves many professional disciplines, and requires many skills, tools and processes. Product life Cycle management makes three assumptions. They are: Products have a limited life and thus every product has life cycle. Product sales pass through distinct stages, each posing different challenges, opportunities, and problems to the seller. Products require different marketing, financing, manufacturing, purchasing, and human resource strategies in each life cycle stage. The product life cycle is broken down into 4 stages. The first is the market introduction phase. In this phase, cost are very high, there is very small competition, customers have to introduced to the product and there is very little profit. The second stage is the growth stage. Here, costs are reduced due to economies of sale, you begin to see a profit, consumers are aware of the product, there is more competition which leads to decreases in price. The third stage is the maturity stage. Costs are lowered as a result of production increasing and experience, increase in competitors in the market, and industrial profits start decreasing. The last stage is the saturation and decline stage. Here we have sales declining, profitability falls due to an abundance of competition and costs...
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...Abstract: Handicrafts and Textile Handicraft business is related to the accumulation of handmade product from over the country and to sell them in retail shops or to export in another countries. People have a great passion for this type of product because it contains flavour of culture and it has a variety of design. The SWOT analysis of the Handicraft Product can help us to determine the current situation of business, challenges and gaps between demand and supply, source of raw materials and manpower, potentiality of employment, and its prospect for future. Bangladesh is a developing and overpopulated country; thus labor intensive technology can be more appreciable than capital intensive technology for the industries. Application of a large amount of low compensated workers to produce handicraft product will be beneficial for us from dual aspects. The first one is reduction in un-employment thus poverty alleviation and the second one is the earning of handsome amount of foreign currency. . The paper is concerned with narration of the themes. To prepare this paper I visited some local and export oriented handicraft organizations in Dhaka, Narayanganj etc. and discussed with the organization authorities about their business profile and production aspect. I also visited EPB, Bangladesh to get handicraft goods export data of previous fiscal years, Banglacraft and ECOTA for Handicraft business related information.IntroductionThe importance of the Textile Handicrafts and Handicraft...
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...Product Life Cycle Description The Product Life Cycle is like a snapshot in time. Pick 3 of your favorite products and identify it's current Life Cycle Stage and the marketing activities they are using. Evaluate the applicability of their activities and the effectiveness of them. Provide recommendations for additional actions. 300 words Product life cycle is the concept according to which there are four phases a product goes through during its life. They are named as introduction, growth, maturity, and decline stages. In first stage of a product, the company normally does not earn profits. Since after the introduction, it takes a certain time for the people to know about the product. It is, however, dependent on the suitability of the way with which the company markets the product. The second stage is growth during which the product becomes pretty much popular, so more and more people tend to purchase it. During the third stage the revenue generated by the product reaches its culmination point. Beyond this point you may find the product demand gradually declining towards its end. Likewise, iPod touch is now viewed as in its final stage of product life cycle. Although, the company has taken a step by redesigning it but the sales are yet expected to be limited. One of the most reasonable suggestions for the company is to improve the product by adding more features. This will increase the possibility for the product to survive in the market. One of the most...
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...development attitude, management long-term vision, situation in a particular market, and competitors’ strategy, to name a few. This condition occurs in Gillette, the leader in razor and blades market in the world, where they currently face the maturity of the industry and get stuck in the old-fashioned strategy. Many times, they commit a product innovation on continual basis as a means to position Gillette as a leading company in the razor and blades market. Unfortunately, their main competitor, Schick-Wilkinson Sword, also responds the competition by innovating products in terms of number of blades in a single razor. As Gillette makes more profits from the blade sales rather than initial razor purchase, the company needs marketing innovation rather than product innovation. Concerning this issue, this paper will elaborate Gillette’s product innovation, the battle with Schick, and recommendation for improving its leadership in razor and blades market. Product Innovation at Gillette One common strategy in facing competition is to nurture product innovation. Sometimes, the idea to develop a new product comes from an observation of previous products and...
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...Product Life Cycles Consist of Four Stages The Product Life Cycle | | If we plot a product’s sales over its life in the market place, the resulting curve looks much like the "S" shape curve depicted in Exhibit 1. This is the product's life cycle and it can be divided into four distinct stages: introduction, growth, maturity and decline. Introduction Stage Introduction begins when the product is first made available for commercial sale. During the introduction stage the product's sales are relatively low and slow to accumulate because it takes time to roll the product into multiple geographic markets, convince wholesalers and retailers to stock and sell the product, and to generate sufficient levels of customer awareness, interest, and trial. Overall, demand generally remains low during this stage. Growth Stage Eventually, as the product becomes more widely available and is adopted by more and more consumers, sales begin to grow at an increasing rate. It is at this point that the product has entered its growth stage. Sales continue to grow at an accelerated rate until the market approaches saturation i.e. the pool of potential customers for the product becomes depleted. As this saturation point is approached, the sales curve begins to tip over -- the rate of sales growth tends to decelerate. At this point, the product transitions into its third stage -- maturity. Maturity Stage Sales continue to grow during the first part of the maturity stage, although the growth...
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