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The company can extend its product line down-market stretch, up-market stretch, or both ways. Product line extensions are a process where companies with an established brand alter the factors of a product or products to satisfy a refined segment in the market. [1] There are two types of product line extensions, horizontal and vertical.
Manufacturers have long employed analogous engineering techniques to create a product line of similar products using a common factory that assembles and configures parts designed to be reused across the product line. For example, automotive manufacturers can create unique variations of one car model using a single pool of carefully designed ...
Below an example is given of an application of the product line engineering process, based on a real experience of Nokia. Nokia produces different types of products. Among them is a mobile phones product family, currently containing 25 to 30 new products every year.
Legacy modernization, also known as software modernization or platform modernization, refers to the conversion, rewriting or porting of a legacy system to modern computer programming languages, architectures (e.g. microservices), software libraries, protocols or hardware platforms. Legacy transformation aims to retain and extend the value of ...
Public and private utilities will be looking to local construction firms to complete grid and transmission line modernization projects and new solar and wind farms to support electrification ...
Lean product development has been claimed to produce the following results: Increase innovation ten-fold [10] Increase introduction of new products 400%-500% [10] [11] Companies such as Toyota can attribute their success to lean product development. In 2000, Toyota launched 14 new products, a larger product line than GM's entire product offering.
Introduction of New Product Development as cross-functional process; Re-structuring and streamlining activities, removal of non-value adding tasks; Benefiting from lessons learned from the early adopters, some BPR practitioners advocated a change in emphasis to a customer-centric, as opposed to an IT-centric, methodology.
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