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For example, a soda bottle can have different packaging variations, flavors, nutritional values. It is possible to optimize a product by making minor adjustments. Typically, the goal is to make the product more desirable and to increase marketing metrics such as Purchase Intent, Believability, Frequency of Purchase, etc.
Value-driven design (VDD) is a systems engineering strategy based on microeconomics which enables multidisciplinary design optimization.Value-driven design is being developed by the American Institute of Aeronautics and Astronautics, through a program committee of government, industry and academic representatives. [1]
Assortment plan is a trade-off between the breadth and depth of products that a retailer wishes to carry. Assortment optimization refers to the problem of selecting a set of products to offer to a group of customers to maximize the revenue that is realized when customers make purchases according to their preferences.
This yields products and services that provide great customer satisfaction and increased market share. These techniques also include tools and processes to predict, model and simulate the product delivery system (the processes/tools, personnel and organization, training, facilities, and logistics to produce the product/service).
Taguchi realized that the best opportunity to eliminate variation of the final product quality is during the design of a product and its manufacturing process. Consequently, he developed a strategy for quality engineering that can be used in both contexts. The process has three stages: System design; Parameter (measure) design; Tolerance design
For example: Electrocomponents, a United Kingdom-based world's largest distributor of electronics and maintenance products, increased profits by £36 million by using inventory optimization to achieve higher service levels while reducing inventory. [20]
Price optimization utilizes data analysis to predict the behavior of potential buyers to different prices of a product or service. Depending on the type of methodology being implemented, the analysis may leverage survey data (e.g. such as in a conjoint pricing analysis [7]) or raw data (e.g. such as in a behavioral analysis leveraging 'big data' [8] [9]).
Multi-disciplinary design optimization (MDO) is a field of engineering that uses optimization methods to solve design problems incorporating a number of disciplines. It is also known as multidisciplinary system design optimization ( MSDO ), and multidisciplinary design analysis and optimization ( MDAO ).
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