IE-Elective-Lesson-1 (1) PDF

Course Description: This course is designed to familiarize IE students with the innovation field of knowledge. The course is a capstone course that integrates prior learning from operations management functions, PLAN, SOURCE, MAKE, DELIVER, this course will cover the conception of the product - DEVE...

Course Description: This course is designed to familiarize IE students with the innovation field of knowledge. The course is a capstone course that integrates prior learning from operations management functions, PLAN, SOURCE, MAKE, DELIVER, this course will cover the conception of the product - DEVELOP. It will help the students in understanding on how new products are conceptualized, developed, and launched to the market. Fundamental issues in the development process of a product are to be discussed; practical examples and case studies will be tackled in depth.  CONSTRUCTIVE ALIGNMENT OF GRADUATE ATTRIBUTES, INSTITUTIONAL INTENDED LEARNING OUTCOMES (IILO), PROGRAM OUTCOMES (PO), AND COURSE INTENDED LEARNING OUTCOMES (CILO) CILO GRADUATE ATTRIBUTES IILO After completing this course, students must be able to: A glocally competent leader Develop leadership in one’s field of study CILO 1: Develop leadership in applying the concepts of product design in A critical thinker Adopt a multi-level view of the world the field of engineering. CILO 2: Develop ability to analyze products in the market and assess the A technically skilled and innovative worker Exhibit skills in solving real-life problems competitiveness. A sensible communicator Articulate arguments clearly and sensibly CILO 3: Acquire knowledge in marketing management enabling the student to better understand the marketplace. A lifelong learner Engage in research and continuous CILO 4: Explain the concept of product design and development in learning An ethical and responsible citizen Act prudently on matters affecting one’s decision making. life CILO 5: Make an advance research on product concepts that satisfy real A reflective steward of God’s creation Show Dominican values in caring for the needs of consumers while applying IE tools in the process) earth  SUMMARY OF CILO, SUBJECT MATTER/TOPICS, AND COURSE REQUIREMENTS GRADING PERIOD AND INCLUSIVE COURSE INTENDED LEARNING OUTCOMES (CILO) WEEKS - KNOWLEDGE, SKILLS, & VALUES SUBJECT MATTER/TOPICS COURSE REQUIREMENTS (write nos. only e.g. CILO1, CILO2, etc) 1ST Weeks to 6TH Weeks Course Orientation CILO 1 Introduction to Product Development Quizzes CILO 2 New Product Realities and Design Responsibilities CILO 3 Assessment Tasks Marketing Management, Basic Philosophies on Bad Design Research Works Major Examination 7th Weeks to 12TH Weeks Boston Matrix/ Product Life Cycle Management CILO 1 Characteristics of Successful New Product Development Quizzes CILO 2 Stages in New Product Development Assessment Tasks CILO 3 Research Works Major Examination 13th Weeks to 18TH Weeks Product Architecture CILO 1 Industrial Design Quizzes CILO 2 Design for Manufacturing Assessment Tasks CILO 3 Research Works Major Examination INTENDED LEARNING OUTCOME 1: Describe the high level importance of new products in the industry. - Introduction to Product Development  Definition of PRODUCT DEVELOPMENT It is a process that involves idea generation, conceptualization, design, development and marketing of newly created quality product or services.  Definition of PRODUCT DEVELOPMENT It is a process that involves idea generation, conceptualization, design, development and marketing of newly created quality product or services.  Stages of PRODUCT DEVELOPMENT 1. Idea Generation Generating new product ideas. Brainstorming product concepts based on customer needs, concept testing and market research. IDEA SCREENING – Poor ideas are dropped and through the process of elimination only the most promising, feasible, and profitable ideas are selected for further detailed investigation and evaluation.  Factors to consider in Idea Generation Target Market – potential customers Existing Products - evaluate if the competitor’s product also solves the same problem of your product. Functionality - general idea of what functions it will serve. SWOT Analysis – ensures product is different from the competitors and solve the gap. SCAMPER Method – involves substituting, combining adapting, modifying, adapting, modifying, putting to another use and eliminating or rearranging the product concept.  Stages of PRODUCT DEVELOPMENT 2. Product Definition  It is referred to as scoping or concept development, and focuses on refining the product strategy and building a clearly defined product roadmap. Define specifics: Business analysis consists of mapping out distribution strategy, ecommerce strategy, and a more in-depth competitor analysis. The purpose of this step is to Value proposition: Value Proposition is about what problem the product is solving. Consider how it differs from other products in the market. Success metrics evaluates and measures success once the product is launched example KPI’s. Marketing strategy is a long-term plan for achieving a company's goals by understanding the needs of customers and creating a distinct and sustainable competitive advantage.  Stages of PRODUCT DEVELOPMENT 3. Prototyping Prototypes identifies areas of risk before you create the product. Feasibility analysis - Evaluate the product strategy based on feasibility. Determine if the workload and estimated timeline are possible to achieve. If not, adjust the dates accordingly and request help from additional stakeholders.  Stages of PRODUCT DEVELOPMENT 4. Initial Design Produce a mockup of the product based on the MVP prototype. Sourcing of materials plays an important role in designing the initial mockup. Receive initial feedback.  Stages of PRODUCT DEVELOPMENT 5. Validation and Testing This ensures that every part of the product from development to marketing is working effectively before it’s released to the public.  Stages of PRODUCT DEVELOPMENT 6. Commercialization The product has been developed and ready to launch. It Involves the launching of the product and implementing it on the website (example). Activity 1 Create your own 6 stages of product development. Based on existing or new concept that you might think. Why New products are important. Life blood of the companies Recommendations for New Product Development Offers new value to the existing or new customers. It should add some value to Improve society. Improve value to acquire new customers Key factors or reasons for developing new products: Change in Market- It keeps on changing due to the wide variety of customer needs. Change in Technology - Due to continuous technological growth and development, new manufacturing methods are invented. Old technologies and manufacturing methods are replaced by newer ones. - A firm spends a huge amount of money for technological research. To cope up with the technological changes, new products are being developed. Increasing Competition - Every firm struggles to fulfill and retain consumers by offering exceptional products. Key factors or reasons for developing new products: Diversification of Risk -Existing products may not be sufficient to manage with market needs and wants so firms develops new products just to diversify risk. -By providing more varieties, a firm can reduce the degree of failure. Thus, results in the need for continuous innovation. Reputation and Goodwill -To build image and reputation as a dynamic innovation and creative firm, the new products development is adopted. -Company desires to convince the market that it works hard to meet consumer’s expectations. In fact, a company developing new products frequently has more reputation and can easily attract customers.  Key factors or reasons for developing new products: How to overcome seasonal Utilization of Excess Capacity fluctuations? - Utilize the existing resources in the form of production capacity and human skills and capabilities. - company may use the excess capacity for creating a new products. Seasonal Fluctuations -Now and then, new products are created just to reduce seasonal fluctuations in demand. -By manufacturing new products, a firm can meet seasonal requirements of customers in the market. -Customers are satisfied due to matching products in each of the seasons. Growth and Development Creativity and innovation is an efficient way to attain more market share or sales. Marketers can explore emerging opportunities by innovative products or services. Definition of Design To design is to pull together something new or to arrange existing things in a new way to satisfy a recognized need of society. Good design requires both analysis and knowledge.  4 C’s of Design Creativity – Requires creation of Choice – Requires making choices something that has not existed between many possible solutions at all before or not existed in the designer’s levels, from basic concepts to smallest mind before. details of shapes Compromise – Requires balancing Complexity – Requires decisions multiple and sometimes conflicting on many variables and parameters. requirements. New Product Design Conversion of customer need to a reality based solution, creating the tangible product or service from the intangible idea.  Importance of the Engineering Design process Decisions made in design process have major effects on the cost of the product. Impact on design is on product quality. Design process develop quality, cost-competitive products in the shortest time possible.