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Manufacturing, repair and operations, or MRO Data Cleansing is something which must be tackled on a regular basis, rather than left until things become unmanageable. However tight deadlines are, you must keep data files accurate and up-to-date at all times. Sadly, this is often not the case. Many companies seem to approach data cleansing as they do their spring cleaning – invariably leaving a few cobwebs behind. This is often true across the board, from master data management downwards. Maintenance, Repair and Operating (MRO) inventory can represent millions of dollars in investment – yet the vast majority often sits unused year after year. Exacerbating the problem is that the inventory that is there often cannot be found, resulting in production delays and duplicate inventory spend. In the end the problem comes down to “dirty” data. In other words, if you cannot find it, you cannot use it or buy it. Outdated and duplicate records can damage both your reputation and your pocket, with mail shots going to defunct addresses, and customers receiving multiple mailings on the same subject. Without clean, standardized and enriched data, companies cannot realize the full value of their business applications. And when items are described differently, inadequately, or incorrectly, it has significant negative impact on the organization on the whole.
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Quality data helps eliminate costs and improve profits. But how do companies tackle the seemingly overwhelming task of cleaning descriptions for tens of thousands of entries. It requires a well-defined, structured process for cleansing and standardizing the data.
In case of products having a long life, component obsolescence can impact the life cycle of an end product, production cost of the end products, supportability and service to the end customer, the cost to redesign the end product and the cost to re-qualify and get certified from the respective authorities. Component Obsolescence Management is needed to mitigate the risk of component obsolescence. Effective obsolescence management strategies can save a lot of money and time, by avoiding the redesign of end products.
Reactive obsolescence management is the method of acting upon the end of life of a component, after the EOL notice is released. Proactive obsolescence management is a method of creating a strategy to mitigate the risk of component obsolescence for future. If Proactive obsolescence management is followed since the design phase, then maximum results can be achieved. However, Obsolescence management is essential to anticipate and mitigate the risk of costly redesign cycles. Obsolescence is most effectively managed when it is considered from the beginning of product development at the design stage. Obsolescence management techniques can be categorized as either production engineering-based techniques, that attempt to control an existing situation, or design-based techniques that attempt to minimize the initial problem. While there are no quick or easy solutions, using production- and design-based obsolescence management techniques can minimize the problems faced on long life-cycle programs. By replacing old technology with new technology, the change frees up board space and also often utilizes programmable devices to achieve a longer product life.
Product has a limited life.
Products sales passes through various stages, each posing different challenges, weaknesses, opportunities, strengths.
Profit falls & rises at different stages of the product life cycle.
Products always require different marketing, finanancial, manufacturing, purchasing & H.R strategies in each stage of their life cycle.
The P.L.C concept is best used to interpret the product and market dynamics. It also serves the better in various situations. As a planning tool in marketing area the product life cycle helps the manager to characterize the main marketing challenges in each stage of a product’s life & also develop the major & most effective marketing strategies. While as a control tool, the product life cycle concept helps the company measure product performance against similar products launched in the past.
Let us see the stages & marketing strategies in brief.
Introduction stage :This is the first stage of PLC. Here, the sales growth takes place very slowly. Buzzle identified several causes for the slow growth. These causes are delay in expansion of product capacity, technical problems, delay in adequate distribution channel through retail outlet, customers’ area hard to change the established behavior. In this stage the profit are negative or low because of low sales & heavy distribution on sales and promotional expenses. The marketer needs much money to attract distributors. The promotional expenditure is on highest level because of the need to :
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1. Inform potential customers.
2. Induce the Products Trial.
3. Secure distribution in retail outlet.
In launching a new product, marketing management is free to set a high or low level for each marketing variables. These variables are; Product, Price, Promotion, Place.
By taking into a/c only price & promotion the management can consider one of the four strategies.
Rapid Skimming : Launching the new product at a high level & at high Promotional activity. This strategy is beneficial when large part of market is unaware of the product & those are aware they tries to have it at any asking price.
slow Skimming : A product launch at high price & low Promotional activity. This is possible when the market size is small or limited; most of the market is well aware of products ; buyers are willing to pay high price.
Rapid Penetration : Launching the products at low price and spending heavily on promotional activity.
Slow Penetration : launching the products at low price & spending low on promotional activity.
Growth Stage :Here, the sales boost up. As the customers come to know about the products in the market, they start to but it. New competitors enter, attracted by the promotional activities. The sales rise much faster the promotional expenditure causing a well come decline in the promotion sales ratio. The profit increases during this stage as a promotional cost is spread over the large volume and unit manufacturing cost fall fast. During this stage, the firm always uses several strategies to sustain rapid market growth as a long as possible;
It improves quality and adds new products features.
It enters into new market segment.
It increases its distribution coverage & enter distribution channel.
It shifts from products awareness advertising to product – preference advertising.
Maturity Stage : Here, the rate of sales growth will be slow. And the products will enter into relatively maturity stage. This stage normally lat longer then the previous stage & passes formidable challenges to marketing management. In maturity stage, some companies abandon weaker products & concentrate on more profitable products & on new products. In this regard, the various activities like market modification – 1.convert non – user. 2. Enter new market segment.3. Win competitor customers.
Product Modification -The manager also try to stimulate sales by modifying the products feature through quality improvement , features improvement etc. .The quality improvement always aims at increasing products functional performance – durability, reliability, taste while feature improvement aims at adding new features (Size, weight, materials, additive, and accessories) that expands the product versatility, safety. This strategy has several advantages. New feature build the company’s image as an innovator & win the loyalty of market segment that values these features. Also they provide an opportunity for the free publicity & they generate sales force distribution system.
Decline stage : The decline might be slow. The sales decline due to various reasons, including technological advance, shift in consumer taste, increases in domestic & foreign competition. As sales & profit decline, some firms withdraw from the market.
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This sales training review article discussess the different stages of the product life cycle. It also reviews some of the key influencers affecting price policy decisions that need to understood by people in a sales or business development role.
The experience your clients have of your product has a decisive influence on their price sensitivity. Throughout the product life cycle, the inexperienced client will inevitably become a product specialist. Th product life cycle is typically composed of four phases. These are:
Phase 1: Launching new products. Here, as well as reliable new technology, clients are expecting a high degree of technical advice. First buys in this initial phase are accompanied by a high risk. Buyers are therefore willing, for a product with well-known quality and just as good accompanying service, to pay a high price.
Phase 2: First experiences. After the buyer’s initial experience of a new technical product, the main factor in the decision to buy is product performance. An appropriate advisory service is therefore in great demand.
Phase 3: Latecomers. Customers who decide to buy a long time after the initial product was launch are initially influenced by the first imitation products. Such imitation products have few research and development costs and are therefore usually offered at a cheaper price. Despite their inexperience, latecomers tend to have a higher price awareness.
Phase 4: Professional clients. The price structure of the entire branch is now becoming exposed to increasing competitive and buyer pressure. What is still needed is standard quality at exceptionally reasonable prices.
The following characteristics should alert you to the fact that your clients’ price awareness is improving:
1. Change of decision-makers: When companies are thinking of buying new products, they usually form a decision-making team composed of members of company management and technicians. With increasing experience on the client’s side and a growing standardisation of offers, the decision to buy is often delegated to the buying department. An external indication of this development is often the desire for formal offers and tenders.
You can counter these tendencies by changing the technical nature of your products, thereby bringing the “old decision-makers” back into the picture. Each innovation arouses the interest of company management and technicians, which in turn means that the buying department loses its position as decision-maker.
2. Changing the decision-making process: As we have just mentioned, the decision to buy innovative products is usually left in the hands of large committees – the buying centres. These committees usually have long discussions before they reach any decision. Experienced clients, on the other hand, make routine decisions quickly.
3. Altering the price-performance orientation: In the earlier phases of the product life cycle, buyers want to buy a certain innovative product in order to improve their company’s performance and competitiveness. They do not mind paying a high price for a product which offers them a good solution to their problems. On the other hand, experienced product users demand good quality at a low price.
Due to their good, mature relations, with these old clients many suppliers tend to overlook this change in the price-performance orientation. They cannot imagine that one of their old customers, who have previously always been perfectly satisfied, now suddenly want to discuss the price. Even large corporations have had to cope with this, since many “unproblematic friends” have now become price-sensitive buyers.
In summary, you will only be able to put your price policy decisions on a solid footing once you have made the right assessment of your clients’ experience. As price becomes increasingly central in the decision to buy services offered by suppliers, such as an advisory service, installation, training or technical client care, can lose importance. Experienced clients often “break down” systems into their individual component parts and then reconstruct the systems they desire out of these cheaper individual components, further adding to price sensitivity. Good sales training is needed to sell benefits to more experienced customers and so maintain price and profitability.
This sales training review article discussess the different stages of the product life cycle. It also reviews some of the key influencers affecting price policy decisions that need to understood by people in a sales or business development role.
The experience your clients have of your product has a decisive influence on their price sensitivity. Throughout the product life cycle, the inexperienced client will inevitably become a product specialist. Th product life cycle is typically composed of four phases. These are:
Phase 1: Launching new products. Here, as well as reliable new technology, clients are expecting a high degree of technical advice. First buys in this initial phase are accompanied by a high risk. Buyers are therefore willing, for a product with well-known quality and just as good accompanying service, to pay a high price.
Phase 2: First experiences. After the buyer’s initial experience of a new technical product, the main factor in the decision to buy is product performance. An appropriate advisory service is therefore in great demand.
Phase 3: Latecomers. Customers who decide to buy a long time after the initial product was launch are initially influenced by the first imitation products. Such imitation products have few research and development costs and are therefore usually offered at a cheaper price. Despite their inexperience, latecomers tend to have a higher price awareness.
Phase 4: Professional clients. The price structure of the entire branch is now becoming exposed to increasing competitive and buyer pressure. What is still needed is standard quality at exceptionally reasonable prices.
The following characteristics should alert you to the fact that your clients’ price awareness is improving:
1. Change of decision-makers: When companies are thinking of buying new products, they usually form a decision-making team composed of members of company management and technicians. With increasing experience on the client’s side and a growing standardisation of offers, the decision to buy is often delegated to the buying department. An external indication of this development is often the desire for formal offers and tenders.
You can counter these tendencies by changing the technical nature of your products, thereby bringing the “old decision-makers” back into the picture. Each innovation arouses the interest of company management and technicians, which in turn means that the buying department loses its position as decision-maker.
2. Changing the decision-making process: As we have just mentioned, the decision to buy innovative products is usually left in the hands of large committees – the buying centres. These committees usually have long discussions before they reach any decision. Experienced clients, on the other hand, make routine decisions quickly.
3. Altering the price-performance orientation: In the earlier phases of the product life cycle, buyers want to buy a certain innovative product in order to improve their company’s performance and competitiveness. They do not mind paying a high price for a product which offers them a good solution to their problems. On the other hand, experienced product users demand good quality at a low price.
Due to their good, mature relations, with these old clients many suppliers tend to overlook this change in the price-performance orientation. They cannot imagine that one of their old customers, who have previously always been perfectly satisfied, now suddenly want to discuss the price. Even large corporations have had to cope with this, since many “unproblematic friends” have now become price-sensitive buyers.
In summary, you will only be able to put your price policy decisions on a solid footing once you have made the right assessment of your clients’ experience. As price becomes increasingly central in the decision to buy services offered by suppliers, such as an advisory service, installation, training or technical client care, can lose importance. Experienced clients often “break down” systems into their individual component parts and then reconstruct the systems they desire out of these cheaper individual components, further adding to price sensitivity. Good sales training is needed to sell benefits to more experienced customers and so maintain price and profitability.
This sales training review article discussess the different stages of the product life cycle. It also reviews some of the key influencers affecting price policy decisions that need to understood by people in a sales or business development role.
The experience your clients have of your product has a decisive influence on their price sensitivity. Throughout the product life cycle, the inexperienced client will inevitably become a product specialist. Th product life cycle is typically composed of four phases. These are:
Phase 1: Launching new products. Here, as well as reliable new technology, clients are expecting a high degree of technical advice. First buys in this initial phase are accompanied by a high risk. Buyers are therefore willing, for a product with well-known quality and just as good accompanying service, to pay a high price.
Phase 2: First experiences. After the buyer’s initial experience of a new technical product, the main factor in the decision to buy is product performance. An appropriate advisory service is therefore in great demand.
Phase 3: Latecomers. Customers who decide to buy a long time after the initial product was launch are initially influenced by the first imitation products. Such imitation products have few research and development costs and are therefore usually offered at a cheaper price. Despite their inexperience, latecomers tend to have a higher price awareness.
Phase 4: Professional clients. The price structure of the entire branch is now becoming exposed to increasing competitive and buyer pressure. What is still needed is standard quality at exceptionally reasonable prices.
The following characteristics should alert you to the fact that your clients’ price awareness is improving:
1. Change of decision-makers: When companies are thinking of buying new products, they usually form a decision-making team composed of members of company management and technicians. With increasing experience on the client’s side and a growing standardisation of offers, the decision to buy is often delegated to the buying department. An external indication of this development is often the desire for formal offers and tenders.
You can counter these tendencies by changing the technical nature of your products, thereby bringing the “old decision-makers” back into the picture. Each innovation arouses the interest of company management and technicians, which in turn means that the buying department loses its position as decision-maker.
2. Changing the decision-making process: As we have just mentioned, the decision to buy innovative products is usually left in the hands of large committees – the buying centres. These committees usually have long discussions before they reach any decision. Experienced clients, on the other hand, make routine decisions quickly.
3. Altering the price-performance orientation: In the earlier phases of the product life cycle, buyers want to buy a certain innovative product in order to improve their company’s performance and competitiveness. They do not mind paying a high price for a product which offers them a good solution to their problems. On the other hand, experienced product users demand good quality at a low price.
Due to their good, mature relations, with these old clients many suppliers tend to overlook this change in the price-performance orientation. They cannot imagine that one of their old customers, who have previously always been perfectly satisfied, now suddenly want to discuss the price. Even large corporations have had to cope with this, since many “unproblematic friends” have now become price-sensitive buyers.
In summary, you will only be able to put your price policy decisions on a solid footing once you have made the right assessment of your clients’ experience. As price becomes increasingly central in the decision to buy services offered by suppliers, such as an advisory service, installation, training or technical client care, can lose importance. Experienced clients often “break down” systems into their individual component parts and then reconstruct the systems they desire out of these cheaper individual components, further adding to price sensitivity. Good sales training is needed to sell benefits to more experienced customers and so maintain price and profitability.
Product has a limited life.
Products sales passes through various stages, each posing different challenges, weaknesses, opportunities, strengths.
Profit falls & rises at different stages of the product life cycle.
Products always require different marketing, finanancial, manufacturing, purchasing & H.R strategies in each stage of their life cycle.
The P.L.C concept is best used to interpret the product and market dynamics. It also serves the better in various situations. As a planning tool in marketing area the product life cycle helps the manager to characterize the main marketing challenges in each stage of a product’s life & also develop the major & most effective marketing strategies. While as a control tool, the product life cycle concept helps the company measure product performance against similar products launched in the past.
Let us see the stages & marketing strategies in brief.
Introduction stage :This is the first stage of PLC. Here, the sales growth takes place very slowly. Buzzle identified several causes for the slow growth. These causes are delay in expansion of product capacity, technical problems, delay in adequate distribution channel through retail outlet, customers’ area hard to change the established behavior. In this stage the profit are negative or low because of low sales & heavy distribution on sales and promotional expenses. The marketer needs much money to attract distributors. The promotional expenditure is on highest level because of the need to :
1. Inform potential customers.
2. Induce the Products Trial.
3. Secure distribution in retail outlet.
In launching a new product, marketing management is free to set a high or low level for each marketing variables. These variables are; Product, Price, Promotion, Place.
By taking into a/c only price & promotion the management can consider one of the four strategies.
Rapid Skimming : Launching the new product at a high level & at high Promotional activity. This strategy is beneficial when large part of market is unaware of the product & those are aware they tries to have it at any asking price.
slow Skimming : A product launch at high price & low Promotional activity. This is possible when the market size is small or limited; most of the market is well aware of products ; buyers are willing to pay high price.
Rapid Penetration : Launching the products at low price and spending heavily on promotional activity.
Slow Penetration : launching the products at low price & spending low on promotional activity.
Growth Stage :Here, the sales boost up. As the customers come to know about the products in the market, they start to but it. New competitors enter, attracted by the promotional activities. The sales rise much faster the promotional expenditure causing a well come decline in the promotion sales ratio. The profit increases during this stage as a promotional cost is spread over the large volume and unit manufacturing cost fall fast. During this stage, the firm always uses several strategies to sustain rapid market growth as a long as possible;
It improves quality and adds new products features.
It enters into new market segment.
It increases its distribution coverage & enter distribution channel.
It shifts from products awareness advertising to product – preference advertising.
Maturity Stage : Here, the rate of sales growth will be slow. And the products will enter into relatively maturity stage. This stage normally lat longer then the previous stage & passes formidable challenges to marketing management. In maturity stage, some companies abandon weaker products & concentrate on more profitable products & on new products. In this regard, the various activities like market modification – 1.convert non – user. 2. Enter new market segment.3. Win competitor customers.
Product Modification -The manager also try to stimulate sales by modifying the products feature through quality improvement , features improvement etc. .The quality improvement always aims at increasing products functional performance – durability, reliability, taste while feature improvement aims at adding new features (Size, weight, materials, additive, and accessories) that expands the product versatility, safety. This strategy has several advantages. New feature build the company’s image as an innovator & win the loyalty of market segment that values these features. Also they provide an opportunity for the free publicity & they generate sales force distribution system.
Decline stage : The decline might be slow. The sales decline due to various reasons, including technological advance, shift in consumer taste, increases in domestic & foreign competition. As sales & profit decline, some firms withdraw from the market.
Ensure Your Project Management Software Covers Your Full Product Cycle
It hasn’t been that long ago that having project management software was only a possibility for very large companies with very deep pockets. This gave the “big guys” a huge advantage when it came to servicing customers and giving employees the tools they needed to make sure that you were spending your resources in all the right places. Lucky for us times have changed and it is now possible for companies of all sizes to have access to state of the art project management software tools.
The biggest benefit to project management software is that it enables both you and your employees to have access to the latest information on all aspects of your projects. This applies to both sales of products and services. From the executive managers at the top of the administrative support personnel who answer the phones, everyone within your organization can see up to the minute data on where a project is within the pipeline. This ensures that priorities are properly set and work flows are kept free of bottlenecks. Assignments, time, milestones, and deadlines are all right at your finger tips when you have effective project management software in place.
If you have been in business for some time then you know that every link in the chain is related. You also know that your business chain is only as strong as its weakest link. When you take advantage of a comprehensive project management software package you can not only identify where your weak links are, you can make the necessary corrections to ensure that the links are strengthened. The fact of the matter is, as quickly as the business world moves today, it is nearly impossible to effectively manage a business without an automation tool.
You are probably aware of the traditional features of the top management software tools. These are the features that allow you to enter your project at the beginning of your cycle and follow it through the day it ships or is delivered. What you may not be aware of is that the state of the art systems include more than just process tracking. They take project management a step further and incorporate CRM (customer relationship tracking) and billing.
If you think about it, doesn’t it make sense that your project management process should take all aspects of the product life cycle into account? While production of your project may not take place until the assembly line starts up or the programmers start coding, the life of your project starts when you begin calling on your customer and continues until you are paid for your final invoice.
That being the case, your project management software needs to take you all the way from beginning to end. You’ll be empower your employees to take care of problems as they occur and enable your team to troubleshoot in order to avoid those problems altogether. Your management will be able to stay on top of your processes in real time and you’ll be able to tell where you are spending your money.
Filed Under : PLM by Admin
Oct.8,2011
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