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OMIS 338 Exam 4 Question and answers already passed

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OMIS 338 Exam 4 Question and answers already passed OMIS 338 Exam 4 Why are new products development and introduction important in competitive markets? - correct answer -Organizations exist to provide goods or services to society. -Great new products are the key to success and revenue. ...

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  • November 5, 2024
  • 12
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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OMIS 338 Exam 4
Why are new products development and introduction important in competitive
markets? - correct answer ✔-Organizations exist to provide goods or
services to society.


-Great new products are the key to success and revenue.


-Limited and predicable life cycles requires designing, and developing new
products constantly.


-Customers buy satisfaction, not just a physical good or particular service.


What are the new product or service examples of competitive strategic
options? - correct answer ✔-Focus on Product Design.
-Determine Operations Capabilities.
*Materials: new suppliers capabilities.
*Labor: new skills requirements.
*Technology - equipment, Information Systems.


-Know the Time Frame for market readiness.


-Plan for the future:
*Modular and reduced complexity of the product *Standardization of
components, suppliers *Serviceability of the product
*Reduction of environmental impact

, What are the four stages of product life cycles. Which are non-profitable and
profitable in general? - correct answer ✔Introduction:
-high production costs. (training and design)
-not profitable


Growth:
-Focus on expanding capacity.


Maturity:
-Focus on efficiency, product improvement, and low cost


Decline:
-Focus on cost reduction


New products are developed by product the Product Development team, so
why should Operations get involved in the conception stage? - correct answer
✔-Because technology like equipment, information systems, and logistics is
an important capability in the conception stage.
-This stage has a focus on product design, operations very important in
designing a product.
-The cross functional product development team hands over the responsibility
of production to the Operations line management team after successful new
product introduction


Important Operations focus for the four phases: - correct answer
✔Introduction:
-Process capability and quality of manufacturing and suppliers


Growth:

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