...Management 2010.07:237-246. Downloaded from www.worldscientific.com by PORTLAND STATE UNIVERSITY on 07/25/15. For personal use only. STRATEGIC PLANNING OF FUTURE PRODUCTS WITH PRODUCT SCENARIOS VOLKER GRIENITZ∗ and VOLKER BLUME Industrial Engineering, University of Siegen Paul-Bonatz-Str. 9-11 Siegen, 57068, Germany ∗volker.grienitz@uni-siegen.de Received 29 January 2010 Revised 4 March 2010 Accepted 15 April 2010 Manufacturing based corporations often find themselves confronted with complexities of increased pressures to innovate in order to ensure their comparative market positions. In order to react to various exogenous changes corporations need to develop strategies that match their manufacturing resources as well as products with the markets requirements. Product scenarios represent a holistic approach for managing innovation processes and technologies efficiently. The analysis through evolutionary algorithms for compatibility between and amongst the product structure segments provides the necessary information about their suitability. The resulting scenarios, roadmaps and regular monitoring processes are prerequisite for the managerial decision making process and the implementation of product and technology strategies. Keywords: Product scenarios; scenarios; evolutionary algorithms; monitoring; scenario planning. 1. Introduction The early recognition and visionary anticipation of technological potentials as well as the combination of technologies...
Words: 4176 - Pages: 17
...UNIT 25: MENU PLANNING AND PRODUCT DEVELOPMENT Get assignment help for this unit at assignmenthelpuk@yahoo.com LO1 Understand factors that influence menu planning decisions Menu development and policy overview: principles of menu planning; types of menu; menu balance; creativity; consumer expectations; religious, cultural, ethnic and social influences; fads and trends; fashions; themes Menu compilation: factors eg taste, colour, texture, portion size, temperature, appearance, commodity planning, seasonal factors Recipe development: creativity; cookery styles; nutritional composition; consistency of product; methods eg fresh commodities, prepared foods, combination of fresh and prepared foods, cook-chill/freeze, batch cookery; call order; timing Food service systems: variations to standard service methods eg silver, table, buffet, tray, counter; food presentation; addressing consumer needs and expectations; timing LO2 Understand menu product development planning processes Idea generation: SWOT analysis (Strengths, Weaknesses, Opportunities and Threats); market and consumer trends; focus groups; employees; user patterns and habits; brainstorming of new menu, service or restaurant concept Idea screening and concept testing: elimination of unsound concepts prior to devoting resources; developing and marketing; feasibility; cost; production issues Business analysis: estimated selling price; sales volume; profitability; breakeven point; market testing; technical implementation;...
Words: 991 - Pages: 4
...Executive Summary The growing utilization of plastics in industrial and consumer applications, combined with increased consumer awareness surrounding solid waste recycling, has led to an increased demand for recycled plastic resins and products. One of the fastest growing types of collected plastic materials for recycling is polyethylene terephthalate ("PET") from post-consumer beverage and water bottles. N2 SAVE WORLD will capitalize on the opportunities in the recycled resin and packaging markets through two main divisions: Recycling Division and Packaging Division. N2 Save World is a company in the plastics reclamation field that is responding to the need for plastic molders to increase recycled plastics in their products. The company was founded in July 1993 with personal funds. The reclamation equipment used is employed in five different locations in the Malaysia. Locations include Penang, Selangor, Malacca, Kuantan and Johor Bahru. Each of these facilities produces reclaimed plastics that are 99.999% pure. This product commands a premium price in the reclaimed plastic market due to its purity. Management Alfa Fitry, President, has a 30-year history of experience encompassing all aspects of Polymer Raw Material, Plastic Conversion Methods, and Venture Development. He has founded successful ventures in the plastic converting industry, and assisted in the launch of five plastic converting manufacturing plants. Danial Aziz, Executive VP and COO, is a graduate...
Words: 923 - Pages: 4
...Section ‘C’ Submitted to, Mr. Karthik. K Lecturer MBA department Sahyadri College Date of submission: 17-04-2014 Table of Contents 1.0 Company introduction 4 2.0 Total quality management meaning 4 3.0 six sigma concept 4 3.1 steps taken by to Implement it 4 4.0 PRQP Advanced production quality planning 8 4.1 Responsibility’s in APQP 9 4.2 APQP Planning 9 4.3 APQP Review 10 5.0 Quality management in PPAP (production part approval process) 11 6.0 The 8D framework 12 6.1 Background of 8D 12 6.2 What is 8D? 12 6.3 The 8 discipline 12 7.0 The QJ process 14 7.1 Identify new QJ 14 7.2 Open New QJ 14 7.3 Investigate QJ 15 7.4 Develop solution 15 7.5 implement solution 16 7.6 Follow up 16 8.0 poka-yoke 17 9.0 Specification paper 17 10.0 Warning light 17 11.0 Scanner 17 Table of Figures Figure 1: six sigma improvement process transactional tasks 6 Figure 2: Process Input and Output 7 Figure 3: An example of APQP planning 10 Figure 4: This picture illustrates how to match Volvo GDP at part level with supplier 11 Figure 5: chart showing PPAR process 12 Figure 6: The eight steps in 8D 14 Abstract Maintaining quality in production system management is very important in competitive world. Volvo implemented poka-yoke system in order to maintain...
Words: 4069 - Pages: 17
...10/30/12 strategic management Lexicon Home About Us strategic management See Also strategy novelty organizational dynamics strategic planning exploration exploitation strategic management methodology strategic management framework strategic management activities good-to-great strategic intent management leadership strategic management competency strategic control organizational theory environment Definition See environment for the interpretive perspective of the organization and its strategic management implications. Strategic management is about charting how to achieve a company's objectives, and adjusting the direction and methods to take advantage of changing circumstances (Faulkner and Campbell, 2003, 3). ""The field of strategic management deals with the major intended and emergent initiatives taken by general managers on behalf of owners, involving utilization of resources, to enhance the performance of firms in their external environments."" (Nag, Hambrick, and Chen, 2007, 944) Inductive Derivation of a Consensus Definition of the Field -Representative definitionsnew -- espoused by four sets of boundary spanning scholars base on their adjacent field (Nag, Hambrick, and Chen, 2007, 946, Table 4) -Economics -The strategic management field is-positively-the scientific study of the plans that firms build and implement in order to achieve and maintain competitive advantage, andnormatively-the attempt to identify optimal plans for achieving and maintaining competitive...
Words: 3648 - Pages: 15
... The problem started when the company introduced a standard line of furniture and begun retailing its product to retail outlets. III. Statement of the problem a. Primary The effect of standard furniture in production and financial structure of the company over the long run. b. Secondary i. Large volume of inventory ii. Expensive warehouse rents iii. No space left for plant expansion iv. Longer lead time IV. Areas of consideration c. Strength v. High quality workmanship vi. Solid reputation for its creative designs d. Weaknesses vii. Costly standard furniture viii. Large volume of inventory ix. Disorganized production system x. Operates single manufacturing facility e. Opportunities xi. Company growth because of customer demands xii. Location encompass the entire great Lake Erie f. Threats xiii. Competitors on retail outlets cost less V. Analysis of the Problem g. With the case of Mr. Thomas, it is necessary to understand layout planning. I suggest that Mr. Thomas apply the Hybrid layout in producing furniture. Hybrid layout combines elements of both process and product layout, in which some portions of the facility are arranged in a process layout and others are in product layout. Since manufacturing...
Words: 694 - Pages: 3
...Write a short critical essay explaining how the poor economic climate in the UK might affect the marketing mix of a start-up retail venture in the high street. I will look critically at setting up a retail business on the high street in the current economic climate and the affect this may have on the marketing mix. I will first give a brief overview of the economic situation in the UK and high street retail in general. The UK economy has undergone a protracted period of instability since the banking crisis of 2007/08, which sparked economic downturn for the UK and caused a dramatic fall in both consumer and business confidence. Between 2008 and 2012, the UK experienced two periods of recession and has been subject to austerity measures, such as public spending cuts, welfare reforms and increased taxation, imposed by the UK Government in an attempt to reduce the country’s budget deficit and reverse economic decline. These measures coupled with high inflation, rising levels of unemployment and low wage growth have contributed to less disposable household income and subsequently lower consumer spending across most of the UK. The economic constraints of the last five years, such as falling consumer spending, increasing operating costs for businesses (20% rise since 2006) alongside less available, affordable borrowing to businesses have led to large numbers of high street retailers closing their doors. The Centre for Retail Research (2013) reported that 54 retail companies...
Words: 1967 - Pages: 8
...Target Markets – markets consist of customers identified as possessing needs the marketer believes can be addressed by its marketing efforts 2. Products – consists of tangible (e.g., goods) or intangible (e.g., services) solution to the market’s needs 3. Promotion – a means for communicating information about the marketing organization’s products to the market 4. Distribution – the methods used by the marketer that enable the market to obtain products 5. Pricing – ways for the marketer to set and adjust the cost paid by the market to obtain products 6. Supporting Services – additional options that enhance a product’s value While these decisions are shown with a number, the order of decision-making does not necessarily follow this sequence. However, as we will discuss, in almost all cases marketers should first identify target markets (#1) prior to making decisions #2 through #6 (commonly called the Marketing Mix) since these decisions are going to be directed toward satisfying the desired target markets. Each option within the Marketer’s Toolkit is tightly integrated with all other options so that a decision in one area could, and often does, impact decisions in other areas. For instance, a change in the price of a product (e.g., lowering the price) could impact the distribution area (e.g., requires increased product shipments to retail stores). Additionally, options within the Toolkit are affected by factors that are not controlled by the marketer. These factors...
Words: 370 - Pages: 2
...sxxkcmldddddddddddddkjdmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmCovers the history of portfolio planning at CIBA-GEIGY, a leading Swiss chemical and pharmaceutical company, beginning with the introduction of the process in the mid-1980s. The discussion extends to the application of portfolio planning techniques to a specific investment proposal: the comprehensive modernization of a plant dedicated to the production of high-quality specialty pigmeEXAMPLE: The development of SMEs in the Eastern European countries during the first years of the transition period was difficult and they had to take of work as long as it brought money into a company. The subsequent rapid growth also offered multiple opportunities and the companies made full use of them. Thus, over 70% of Bulgarian companies, for example, had a portfolio that wasn´t related to a defined business strategy and vision for long term development, and its structure reflected the market situation. However, to stay competitive, small companies in all EU countries have had to re-think and optimize their activities; they have to search for new opportunities for their development. That is why they are being forced to create or update their strategy for the future development of the business, based on the prevailing conditions. The assessment of the products and services, offered by the company, is very important when defining the vision for the future company development. It is of decisive...
Words: 552 - Pages: 3
...announces a new product to simplify your time in the kitchen baking with our new XG Standing Mixer. The XG Standing Mixer comes with an LCD touch screen that enables you to program mixing times, speed and much more. Mission Statement We enable consumers to improve the quality and convenience of their lives by providing innovative electronics solutions. Product Description and Classification The XG Stand Mixer is a standing countertop mixer with a base and a 409 stainless steel bowl. It comes with an LCD touch screen that allows the user to program how long the mixer mixes and at what speed. The bowl also comes with a removable splash guard to prevent the ingredients from splashing out. The innovative design of the LCD touch screen is a first for this type of mixer. It will allow the user to set the mixing time without worrying how long the mixer has been on. The mixer starts when you hit the start button and will mix at the set speed until time has expired. You can also set the mixer to mix at a set speed then change to another speed at a certain time period. Anything that needs to be mixed together can be with the XG Standing Mixer. Consumer Factors The XG Standing Mixer will be considered a shopping product in the three way classification, supported by the following: * The planning time involved in the purchase of the XG standing Mixer for the consumer will average one to two months. * The purchase frequency is every 10 years or more. Our product comes with a...
Words: 1655 - Pages: 7
...IKEA is known as one of the world’s largest furniture retailer that focuses highly on cost control, operational process and product development. IKEA differentiates itself from most furniture retailers by offering a wide range of well designed array of home furniture at very attractive prices that remain affordable to a large group of diverse customers. There are some unique features of IKEA as compared to most furniture retail stores (IKEA, 2012) ‘Self – Service’ (minimal service or influence from sales person) Details of all products are made ubiquitous in the showroom thus making sales assistance unnecessary which this in return helps to reduce the hiring cost of labor. Layout of Products (product exposure) Ikea stores are designed in a one-way ‘walk-through layout’ that requires customers to be exposed to the entire products which is unlike from most furniture retail stores where by customers may choose to go directly to the section they preferred. Hence, the flow allows increased efficiency from entering the showroom, selecting of products to lastly making payments. Furniture Most of Ikea products are self – assembled products, this helps to reduce the costs of shipping as higher volume of bulk packaging can be done. Unlike most furniture retail stores where free delivery and assembly is given, additional charges apply if fixing of product is required by the customers. Lastly, four dimensions of operations (Volume, Variety, Variation and Visibility) will...
Words: 677 - Pages: 3
...Consumerism: Another facet in the Indian-Retail-Character By Prof.Anushree Agnihotri Mishra Consumerism is nothing but an awakening, a realization for the need to be informed and educated concerning the marketplace and business environment as a whole. Mounting consumerism would definitely act as a driver for the growth of organized Indian retail zone. In essence, consumerism- is the change in the behavioral patterns of Indian consumers’. And that is what has emerged as a disquieting challenge in front of Indian retailers. We can always argue that this can be due to the western influence, or the increased urbanization, or the growing young population, or just the stimulating outcome of organized retail zone in India. There are numerous demographic trends that are constructive for the growth of organized retail: 1. Rapid income growth : Consumers have greater ability to spend. 2. Increasing Urbanization : Larger urban population which values convenience coupled with higher propensity of the urban consumer to spend. 3.Growing young population : Growth of post liberalization maturing population with the willingness to spend. Youthful population is the prime asset to India as its craving for cinema, gaming and entertainment has elevated the need for malls and multiplexes in the country. 4.Tendency to spend now versus save earlier: Consumers willing to borrow for current Consumption (TSMG, Tata Review June 2006) Evidently, the retailers excelling in India...
Words: 361 - Pages: 2
...facilities have a "retail" fee schedule for all the appropriate billing codes, this is not what we are referring to here. The American Heritage Dictionary defines "retail" as the sale of goods or commodities in small quantities directly to the consumer. The key word in this definition is "commodity" this denotes a product which involves little or no customization and is readily available for purchase, most likely in a variety of locations. Clearly, products such as extra-depth shoes, canes, and select compression hosiery would fall into the category of commodities. These products need little or no customization and can be found in shoe stores, home medical equipment stores, pharmacies, and even department stores. Businesses selling these types of products differentiate themselves primarily by focusing on selection, service, or location. Of course, many businesses both in and outside of healthcare have "retail" operations as their core business. The Shoe Carnival sells shoes, Dick's Sporting Goods sells sporting equipment, and both companies focus primarily on selling as much as possible. However, many companies also use retail operations as a complement to their core products/services. If I get a haircut at Susie's Salon, I might also be...
Words: 2511 - Pages: 11
...has the significant competitive advantage of operating its own plants. After a few months on the job, Cahill was able to deduct what he saw as the problem in the Mobile Division as unproductive conflicts between the functional departments, particularly around the product development processes. It is clear that manufacturing is the dominant function of the organization and with its competitive nature, seems to be pulling its weight. Due to the unclear roles of departments, isolation of departments, as well as the conflicting roles of departments, manufacturing is suffering. Conflicting Performance Metrics In many ways conflicting performance metrics of each group are contributing to the problem. Currently the performance metrics of each department are left either unclear or overlapping between groups. The conflicting performance metrics are causing opportunities to be missed, frustration between employees and departments, lower profit margins, lack of information flow through the mobile division, and the development of products that do not currently have a market need. It is necessary to create more clear and effective performance metrics in order to create an atmosphere that allows ideas for creation of new products while ensuring there is a market need...
Words: 2244 - Pages: 9
...Marketing term: Majority fallacy A marketing strategy that directs a new product to an entire market, or to the largest segment in it, solely because of its size. Today, this "shotgun" approach is felt to be almost always inferior to the alternative strategy of targeting to smaller segments Marketing term: Telescoping error is an error resulting from the tendency of people to remember events as occurring more recently than they actually did. Marketing term: Evoked set A group of relevant brands that a prospective consumer is favorably familiar with when they are thinking about making a purchase. Marketing term: Inert set brands that a buyer is aware of when considering a purchase but has no interest in. Marketing term: Inept set Brands that a buyer is aware of when considering a purchase, thinks poorly of , but uses in some way as a source of information. *What attracted you to apply for the Unilever Future Leaders Programme? Actually the main thing in Unilever which attracted me more is their challenging mind and of course i want challenge from which i may learn how to adapt and control a situation. *What attracted you to your chosen function with Unilever? As i am a marketing student i am very much interested on this function and it is those kind of jobs where i can do a lot of interesting activities like advertisement,events etc. What actions have you taken to find out about Unilever and your chosen function? I am searching website and also talking...
Words: 818 - Pages: 4
