production

Examples of production in the following topics:

• Product Line Breadth

  • The product mix breadth is five.
  • What products will be offered (i.e., the breadth and depth of the product line)?
  • You may also hear the product line breadth referred to as the product width, product assortment width, and merchandize breadth.
  • The product mix (sometimes called "product assortment") is made up of both product lines and individual products.
  • An individual product is a particular product within a product line.

• Organizational Requirements for Product Development and Management

  • Product development combined with product marketing make up the product management function within an organization.
  • Product management is an organizational lifecycle function within a company dealing with the planning, forecasting, or marketing of a product or products at all stages of the product lifecycle.
  • Product development – the process of bringing new products to the marketplace – combined with product marketing, make up the product management function that oversees the launch of a company's new products.
  • A product manager investigates, selects, and develops one or more tangible products for an organization.
  • However, product management also deals with intangible products, such as music, information, and services.

• Product Orientation

  • A firm employing a product orientation is chiefly concerned with the quality of its product.
  • Similar to production orientation, the product orientation of marketing focuses solely on the product a company intends to sell.
  • A firm employing a product orientation is chiefly concerned with the quality of its product.
  • A firm such as this would assume that as long as its product was of a high standard, people would buy and consume the product.
  • Consumers recognize product quality and differences in the performance of alternative products.

• Characteristics of the Product

  • The unique characteristics of a product should be used as inputs in determining the product's marketing mix.
  • The characteristics of the product are the features and elements that differentiate it from other products on the market.
  • Product characteristics help determine the marketing mix, potential target market and the pricing of a product.
  • Characteristics of a product also help to determine the price of a product.
  • The characteristics of a product determine the target market and price of a product.

• Aggregate Production

  • The production function relates the physical outputs of production to the physical inputs or factors of production.
  • To understand how the aggregate production impacts long-run growth, it is important to understand the stages of production :
  • The average physical product is at its maximum.
  • The production function of a firm or economy can be graphed using the total, average, and marginal products.
  • The aggregate production is determined based on the stages of production and the results of the graph.

• Productive Efficiency

  • Productive efficiency occurs when production of a good is achieved at the lowest resource cost possible, given the level of production of other goods.
  • Production efficiency occurs when production of one good is achieved at the lowest resource (input) cost possible, given the level of production of the other good(s).
  • By improving these processes, an economy or business can extend its production possibility frontier outward, so that efficient production yields more output.
  • This chart shows production possibilities for production of guns and butter.
  • Point X is only possible if the means of production improve.

• Productivity

  • Productivity is a measure of production efficiency, and its level has major impacts on overall economic performance.
  • Based on these changes in productivity and production volume values, we can explicitly locate the production on the production.
  • The first is called "increasing returns" and occurs when productivity and production volume increase or when productivity and production volume decrease.
  • Another productivity measure is known as multi-factor productivity (MFP).
  • Growth in income due to production are due to an increase in production volume or an increase in productivity.

• When to Modify Products

  • While the decision to modify products happens ideally at the design stage, products can be changed during any phase of the life cycle.
  • The product life cycle (PLC) encompasses the multiple phases products pass through during their 'life' in the market.
  • Stakeholders typically contribute input during product development, demanding something different from the product designer and design process.
  • Other products are never re-introduced and deleted entirely from the product roadmap.
  • While some products are completely new innovations, others are simply minor modifications to existing products.

• Using a Product Life Cycle Framework

  • As such, the manager must find new products to replace those that are in the declining stage of the product lifecycle and learn how to manage products optimally as they move from one stage to the next.
  • Product development: the period during which new product ideas are generated, operationalized, and tested prior to commercialization.
  • Introduction: the period during which a new product is introduced.
  • Whether one accepts the S-shaped curve as a valid product-sales pattern or as a pattern that holds only for some products (but not for others), the product lifecycle concept can still be very useful.
  • This process begins with product development and ends with the deletion (discontinuation) of the product.

• Product Differentiation

  • Oligopolies can form when product differentiation causes decreased competition within an industry.
  • Product differentiation (or simply differentiation) is the process of distinguishing a product or service from others, to make it more attractive to a particular target market.
  • This involves differentiating it from competitors' products as well as a firm's own products.
  • The major sources of product differentiation are as follows:
  • A successful product differentiation strategy will move a product from competing based primarily on price to competing on non-price factors (such as product characteristics, distribution strategy, or promotional variables).