Product Development, Market Analysis and Continuous Improvement Report

This report provides a detailed analysis of product development, market research, and continuous improvement strategies for a new large-screen television product launch by XYZ entity. It begins with an overview of market analysis, including identifying customer needs, mapping the value stream, and establishing a smooth flow of operations. The report then explores the effectiveness of a continuous improvement plan, incorporating principles of operation management such as organization, humility, accountability, and change. Furthermore, the report evaluates each stage of the product life cycle, from introduction to decline, and applies PRINCE2 methodology to differentiate between large and small-scale projects. The report concludes by emphasizing the importance of thorough market analysis and the application of lean principles and PRINCE2 theory for successful product introduction and management, referencing various academic sources.

OPERATION AND
PROJECT MANAGEMENT

INTRODUCTION
 Research in product development plays a very important role. It is because
before introducing any commodity in market, it is necessary that entity
will firstly analyse the whole market situation first. For example:
customers expectations, its competitors, current market trend etc. The
assignment will critically evaluate the theories and concept in order to
develop efficient research of the product which XYZ entity wants to
launch. Further, effectiveness of the continuous improvement plan will
also be discussed in this report with each stage of product life cycle.

Critically evaluating of the appropriate theories and concept
 In order to enter in the large screen
television market firstly XYZ entity
needs to analyse the market condition.
 Identification of the value:
 This is the first step by where value of
the product is decided by the needs to the
customer.

CONT..
 Identification of the value:
 This is the first step by where value of the product is decided by the needs to the
customer.
 Mapping of the value stream:
 Once the value of the product has been decided by the entity. The next step is to
map the value stream where all steps of product development will be measured.
 Creation of flow:
 This is step in which XYZ entity has to ensure remaining steps by which smooth
flow of business operations will get developed. Such as no interruptions, delays,
or like bottlenecks.

CONT..
 Establishment of pull:
 after improving the flow of the market, now entity has to take time to
customers and market by which entity will easily able to deliver the
products to customer in accordance with their needs.
 Seeking perfection:
 This is the final and most important step under which entity will have to
develop lean thinking in order to improve their part of corporate culture.

Explaining effectiveness of the continuous improvement
plan with the use of principles in operation management
 Continuous improvement is considered as the ongoing efforts which
created by entity in order to improve the process of products.
 Through this plan entity will able to reach its customer smoothly and able
to provide them products which satisfy customer needs. Its use with
principle of operation management are as follows-
 Reality:
 Operation management in the organisation need to focus on the
overall problems instead of only focusing on the techniques of creating a
product

CONT..
 Principle of organisation:
 According to this principle steps of production in an organisation
must be organised as coherent whole. It means that everything in entity
must be interconnected where elements must need to be consistent and
predictable.
 Principle of Humility:
 In order to develop effective productions of the goods, trial and
error method will sometimes lead to very costly.

CONT..
 Principle of accountability:
 In order to run efficient manufacturing operation it is essential to
be accountable.
 Principles of Causality:
 This is the principle which states that, in order to get rid from the
production problem management of the entity must have to remove its
underlying causes as well.

CONT..
 Principle of change:
 Change is the important element in order to improve the
manufacturing process of operation management.
 Collaborating with customers:
 According to this process, entity has to understand the nature
of customer regarding what they buy and use.

CONT..
 Analysis of competition:
 In order to enter into new market entity have to analyse its
competitors, their customer practises, product which they offer and
any other form of competitive edge so that manufacturing process
will get developed in accordance with it.
 Quality control:
 It is the most important process while manufacturing any
business operation.

Critically evaluating each stage of Product Life Cycle
 It is important that a company will have to
be good in developing new products and to
manage them efficiently which is in its
changing tastes, technologies and in
competition.
 Its stages are as follows-
 Introduction stage: This is the stage which
could be most expensive for entity in order
to launching a new product in the market.

CONT..
 Growth stage: This is the stage which mainly characterized by
strong sales in growth and profits by which company will able to
start benefit from economies of scale, profit margin so that profit
margin will get increase.
 Maturity stage: During this stage product of the entity get
established and the aim of manufacturer is to maintain the market
share.