You have been promoted to Director of Operations at a medium size business in an industry in the core of your selected business major. They have tasked you and the Director of Marketing with the development and introduction of a new highly competitive product to gain significant market share domestically and internationally.
- Select product: Develop a great idea of a great, highly competitive product that represents the particular interest you have within your major / concentration. (see below for a description of the product you are to use)
- Research market 2.1 Varieties, profitability, entry barriers 2.2 Demand and any seasonality 2.3 Order qualifiers & order winners 2.4 Develop product main specifications from the order winners using the QFD method
- Identify Product Bundle (Options, prices, services, post-sale, etc.)
- Briefly identify Target Markets and their geographic areas
- Forecast aggregate demand for 3-5 years B.
PRODUCTION - Develop Aggregate Capacity plans for 3-5 years based on the forecasts
- Select and justify a production strategy (e.g. make in-house, outsource locally, off-shore, combination, etc.)
- Determine major Capital Equipment needed for production, even if you plan on outsourcing production. (You will need this to develop a Capital Budget for the financials).
- Determine labor force needed to meet the required aggregate capacity over the 3-5 year planning horizon
- Develop cost tables for the labor force (you will need this for the financials)
Product description: The product idea is a eco friendly water bottle with a a filter so that you can drink water anywhere. As part of the business strategy we are making the water bottle itself fully customizable. We will also have a subscription service that sends out new filters monthly to subscribers. These filters will have different flavors to help promote drinking water. We are keeping everything eco friendly and healthy.
Sample Solution
Product: Our product is a smart home automation system designed to make living in the modern age easier, more efficient, and more comfortable. It will allow users to monitor, control, and automate all aspects of their homes remotely through various devices such as smartphones, tablets and computers. The system will be customizable to fit individual preferences so that users can tailor the features and functions they desire. Additionally it will come with built-in security features such as motion sensors, video cameras, and alarm systems for added peace of mind.
Research Market:
2.1 Varieties – We plan on offering our product in three tiers – basic (for general home automation), deluxe (for those wanting additional convenience or luxury options) or premium (for advanced security needs and lifestyle integrations). Each tier would provide different levels of access to services like climate control monitoring & adjustments, lighting & appliance controls (including energy usage tracking), automated door locks/unlocks/alerts & other integrated home devices like surveillance cameras or voice assistants. Despite differences in offerings each tier would include high quality components from leading industry suppliers and developers.
2.2 Demand – The demand for home automation systems are steadily increasing due to greater consumer awareness about the conveniences these technologies offer both in terms of improved everyday comfort and enhanced safety measures against potential break-ins or emergencies like fires for example. To add further appeal we plan on offering free installation service with every purchase across all three tiers which could help bolster interest since many may see this as an opportunity to save some money while still gaining access to useful technology within their homes at a lower cost than what is currently available from competitors even when factoring in the additional labor costs associated with installation works required if one were do it themselves without expert assistance
2.3 Order Qualifiers & Winners – Key order qualifiers would have factors such as price point being
Sample Solution
Product: Our product is a smart home automation system designed to make living in the modern age easier, more efficient, and more comfortable. It will allow users to monitor, control, and automate all aspects of their homes remotely through various devices such as smartphones, tablets and computers. The system will be customizable to fit individual preferences so that users can tailor the features and functions they desire. Additionally it will come with built-in security features such as motion sensors, video cameras, and alarm systems for added peace of mind.
Research Market:
2.1 Varieties – We plan on offering our product in three tiers – basic (for general home automation), deluxe (for those wanting additional convenience or luxury options) or premium (for advanced security needs and lifestyle integrations). Each tier would provide different levels of access to services like climate control monitoring & adjustments, lighting & appliance controls (including energy usage tracking), automated door locks/unlocks/alerts & other integrated home devices like surveillance cameras or voice assistants. Despite differences in offerings each tier would include high quality components from leading industry suppliers and developers.
2.2 Demand – The demand for home automation systems are steadily increasing due to greater consumer awareness about the conveniences these technologies offer both in terms of improved everyday comfort and enhanced safety measures against potential break-ins or emergencies like fires for example. To add further appeal we plan on offering free installation service with every purchase across all three tiers which could help bolster interest since many may see this as an opportunity to save some money while still gaining access to useful technology within their homes at a lower cost than what is currently available from competitors even when factoring in the additional labor costs associated with installation works required if one were do it themselves without expert assistance
2.3 Order Qualifiers & Winners – Key order qualifiers would have factors such as price point being