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Essay / Research Paper Abstract
The development of new products and services are critical to the sustainable growth of businesses. This 9 page paper explains why new products and services are important to business and discusses four key factors that operations managers have to be aware to be able to anticipate changes in products or services. The factors are product lifecycles, product development processes, demand factors and the important of competitive advantage. The bibliography cites 10 sources.
Page Count:
9 pages (~225 words per page)
File: TS14_TELCprojman.rtf
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Unformatted sample text from the term paper:
in many aspects of product management and understand that the developments of new products are essential to the businesss sustainable growth. In order to anticipate change and the there are
many factors that an operations manager needs to be aware of. These include product lifecycle management, project development processes, demand influences and the source of competitive advantage.
The concept of the product lifecycle is well known, as such product life cycle management may be defined as the management of this process. However,
this is an over simplification and we can look to Williams, (2005), who takes a definition from the Daratech website. This is a more complete, if not in depth definition
of product lifecycle management (PLM) which is stated to be "In its simplest form, PLM is an integrated IT environment that allows manufacturers to create, manage, store and share product
data throughout the concept, design, build and life stages of the product value chain" (Williams, 2005; 50). To appreciate the scale of this we need to look at the
lifecycle itself and the information needed at each stage, also remembering that information may be sensitive and need protecting as well as adding value.
The way in which the products and services are developed and the way fashions and sales of products, or services, sell can be seen as cyclic. There starts
with the development stage when it s not on the market and then when sales begin these starting low with the introduction increasing to a peak and then dropping off
again. This is known as the product life cycle. The length of a lifecycle will depend on the product (Chi and Lui, 2001). Operations managers need to understand the
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