Archive | Production Management

Stages of New Product Development

The new product has to be developed by the companies with great care. It is necessary to understand the need of the consumers, competitive threats, availability of post-sales services and cost of marketing of the product. However, in the contemporary era of competition a new product development is essential for the companies to make continuous efforts to develop a new [...]

By |2019-10-21T12:15:11+05:30October 21, 2019|Product Development, New Product Development|Comments Off on Stages of New Product Development

Product Diversification: Objectives and Forms | Product Mix | Production

In this article we will discuss about:- 1. Meaning of Product Diversification 2. Objectives of Product Diversification 3. Forms 4. Factors Motivating It . Meaning of Product Diversification: The term 'product diversifi­cation' is sometimes called 'product differentiation'. Product diversifica­tion is a part of product line decisions'. The word diversification means that something new will be added. It may refer to [...]

By |2017-03-04T15:07:45+05:30March 4, 2017|Production Management|Comments Off on Product Diversification: Objectives and Forms | Product Mix | Production

Equation for Production Function | Industries | Production Management

After reading this article you will learn about the equation for production function. Production function is concerned with the creation of a product. It establishes the relationship between the quantity of output furnished or given out by a productive process and the quantities of different inputs used in that process. Algebraically a production function can be written as: y = [...]

By |2017-02-06T21:14:06+05:30February 6, 2017|Production Management|Comments Off on Equation for Production Function | Industries | Production Management
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