GOODS & SERVICES SELECTION 2-1.pptx12345

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1. PRODICTION OPERATIONS MANAGEMENT PRODICTION OPERATIONS MANAGEMENT CHAPTER: GOODS & SERVICES SELECTION

2. DEFINE SERVICES “ Services are intangible activities or tasks performed for others, such as hair - cuts, Teaching , Education, Doctors , Driving etc., ” DEFINE GOODS “ Goods are tangible products that can be bought and sold . for example electronics, clothing, furniture , a smartphone or a pair of shoes are including in goods. ”

3. Introduction to goods & services selection Goods and services selection involves choosing the right products or tasks to meet customer needs efficiently and effectively, ensuring quality and satisfaction in production operations management. It encompasses decisions on sourcing materials, suppliers, and processes to optimize production outcomes.

4. Generating New Product - Research: Understand customer needs, market trends, and industry demands. - Brainstorming: Generate ideas within your team or through collaboration. - Problem-Solving: Identify pain points or gaps in the market that your product can address. - Innovation: Look for creative solutions or unique features that set your product apart . - Feasibility Analysis: Assess the practicality and viability of each idea. - Prototype Development: Create basic models or samples to test the concept.

5. Generating New Product., Cont., - Feedback Gathering: Get input from potential users or stakeholders. - Iterative Improvement: Refine your product based on feedback and testing . - Cost Analysis: Evaluate the expenses involved in developing and producing the product. - Risk Assessment: Identify potential risks and develop mitigation strategies. - Decision Making: Select the most promising product idea to move forward with.

6. Define Product In POM, a product is a tangible or intangible offering that satisfies a customer's need or wants, typically created through a manufacturing or service process. Example: A smartphone manufactured by a company like Apple or Samsung is a product in POM.

7. “ Product development in operations manage - ment (POM) is the process of creating and improving products efficiently. ” An example of product development in POM could be a smartphone company designing a new model with better features and a more efficient manufacturing process.

8. Product Development Process STAGE 1: Idea Generation: Coming up with fresh and innovative product concepts based on customer needs and market trends STAGE 2: Idea Screening and Evaluation: Assessing and selecting the most promising ideas for further development based on criteria like feasibility and market potential. STAGE 3: Concept Development Testing: Creating prototypes or mock-ups to gather feedback from potential customers and refine the product concept.

9. Product Development Process., cont , STAGE 4: Market Strategy Development: Formulating a plan to effectively position and promote the product in the target market STAGE 5 : Product Development (Prototyping): Building physical or digital prototypes to test and refine the product design and functionality.

10. Product Development Process., cont , STAGE 6 : Test Marketing: Conducting limited-scale product launches in specific markets to gather feedback and assess market response. STAGE 7:Product Launch: a company's coordinated effort to bring new or updated products to market.