Approximately 25 to 45% of new product projects fail and do not market it to market, and about 46% of the resources spent on development and launch of new products go to ventures that do not succeed [1]. According to …
What are the major steps required in product development process?
Every organization has a different product development process, some more structured than others. Furthermore, variations of the product development processes can exist in the same organization for different types of development projects. There are also several frameworks for product development …
How can I translate customer requirements into manufacturing specifications?
There are several tools available for this, but probably the most effective is Quality Function Deployment (QFD). This method allows to systematically converting customer’s demands into technical requirements, for each stage of product development and production. One of the greatest …
How do I develop a mission and vision statement for my business?
One of the first steps any organization needs to take when developing or improving its business strategy, is to define what the organization does and where it wants to be in the future. A mission statement helps the organization to …
What are the most common competitive strategies?
Porter defined that competition in most traditional industries follow into one of three generic strategies: cost leadership, differentiation, and niche specialization. A competitive advantage happens when a firm makes more profits selling its product or service than its competitors can …
What would be some examples of cost competitive strategies?
Cost leadership strategies:
· In the car industry: Honda Civic, Toyota Corolla, and the Nissan Sentra are mass-produced and they compete on price.
· In the softwood lumber industry: decking products are mass-produced and compete on price
· Bottled water …
What does define a decision problem?
The decision making process in business management can be described as choosing among alternatives. The main steps are: problem definition, identification of decision criteria, allocation of weights to criteria, development and analysis of alternatives, and selection and implementation of alternatives.…
Design and Operation of a Solar-Heated Dry Kiln
Brian Bond, Assistant Professor and Extension Specialist, Department of Wood Science and Forest Products, Virginia Tech
Introduction
Lumber is usually dried to a specific moisture content prior to further manufacturing or use. The amount of water in wood is usually …
Wood Products Navigation for In this Resource Area
What is product development process and why is it important to have a formal and well-defined product development process?
Product development process are the steps taken to conceive, design, and commercialize a product [2]. Product development includes improvement to existing products, product line extensions, new product lines, and new-to-the-world innovations. Most successful companies are more likely to have some …