"Inventory Management" refers to the process of planning, controlling, and overseeing the quantities of materials, supplies, and finished products needed for production and to meet customer demand.
It's accurate to state that over two-thirds of the U.S. labor force are employed in service-producing businesses or service jobs. The shift from a primarily manufacturing-based economy to a service-based economy has been a trend in many developed countries, including the United States.
CAD plays a crucial role in modern design and engineering processes, enabling professionals to create innovative and precise designs that meet the demands of various industries and applications.
"Concept Testing" is indeed the process of testing new product concepts or ideas with a targeted segment of the market to gather feedback and insights before further development or commercialization.
"Manufacturing" refers to the process of transforming raw materials, components, or semifinished goods into finished products through various production techniques and processes.
The statement is false. A firm does not always have to roll out a product to the entire target market at once during the commercialization stage of the new-product development process.
The statement is true about a product in the sales decline stage of the product life cycle. During the sales decline stage, a product's sales start to decrease as it reaches the end of its life cycle. However, despite the decline in sales, the product might still generate profits for some time, especially if the company manages its costs effectively or if there is a loyal customer base.
During the market maturity stage of the product life cycle, consumers tend to view products as being more similar. This stage follows the growth stage and is characterized by slower growth in sales, increased competition, and a saturation of the market.
The statement is false. It is not easy for marketing managers to predict with certainty how long a product or brand will stay in each stage of the product life cycle. While the product life cycle model provides a framework for understanding the general trajectory of a product's sales and market performance, the actual duration of each stage can vary significantly based on numerous factors.
A good manager understands that the stage of the product life cycle can vary between different markets, even for the same product. A product that is mature in one market might experience growth in another international market. This variation can be due to factors such as market conditions, consumer preferences, cultural differences, and competitive landscapes.
The statement is false. While Henry Ford is often associated with revolutionizing the use of assembly lines in automobile production, he did not introduce assembly lines in the 1800s. The use of assembly lines in manufacturing, including automobile production, became prominent in the early 20th century.
"Mass production" refers to a manufacturing process where a large number of identical or similar products are produced in a relatively short period of time. This method is characterized by standardization, high volume, and efficiency-driven production techniques.
The extensive use of computers in manufacturing is often referred to as "Computer-Integrated Manufacturing" (CIM). CIM is a system that integrates various manufacturing processes, operations, and systems using computer technology to enhance efficiency, accuracy, and coordination.
Incorporating an understanding of these characteristics into service design, marketing strategies, and overall business approach can lead to enhanced customer satisfaction, loyalty, and successful service offerings that effectively meet consumers' needs.
"Pure research" refers to scientific or academic research that is conducted without a specific product, application, or practical goal in mind. It is driven by the pursuit of knowledge and understanding, rather than immediate commercial or practical applications.
"Product Development" refers to the process of creating or improving a product or service from concept to market introduction. It involves various stages and activities aimed at bringing a new or enhanced offering to customers.
