In business management, there is a great number of various definitions, notions, and concepts important for the understanding of internal and external processes. One should know and apprehend them well enough to successfully operate and maintain a considerable level of performance. Subsequently, the current paper aims at defining and briefly discussing some of the business management concepts with the point of getting an initial understanding of them.
The first concept to be discussed, product life cycle implies the amount of time the product will be relevant. In particular, it encompasses all stages of the development of any product, starting from its introduction and ending with its phaseout. The initial investments are the most substantial since much monetary support is needed to introduce the product to the customer properly. If the new product reception is successful, the focus will shift to producing larger quantities to satisfy the market’s needs. Then, the company will keep reducing the product expenses until eventually stopping its production when it becomes outdated and not desired.
The second notion, mass customization implies the company’s ability to mass-produce certain products that allow a customer to adjust some made-to-order features to them. Such companies typically have high sales and customers’ trust because they have a base model of their product with a variety of extra add-ons that the customer decides whether to implement or not. The add-ons include variations of color, size, and specific customer desires that do not alter the base model. Such companies rely on the customer’s desire to be unique and stand out.
What is more, robust design is a product feature that makes it perform equally under various circumstances, expanding the field of its application. In product design, robustness refers to the product’s ability to perform with minimal disturbance because of different uncontrollable factors in its operations and environment. In addition, extended product’s longevity and its universal nature lead to customer satisfaction and stable sales income.
The next item to consider, reversed engineering is the process of disassembling the existing design to analyze and understand its structural features better. Such a process helps designers to gain more insight into an existing model complexity and improve upon its drawbacks or use it as an inspiration for future designs. As a consequence, the process leads to more progressive and innovative production, resulting in more successful company development.
One more concept is Concurrent Engineering, also known as simultaneous engineering. It is a term used to describe the process of bringing both design and manufacturing personnel together to achieve better results in the early stages of product development. It helps to save a substantial amount of time since manufacturers can provide their feedback. In addition, they can also show which design solutions may be challenging to be implemented on a practical level.
Last but not least, computer-aided design is the usage of various software programs for product design. Computer usage gained increased popularity among designers for its time efficiency, ease of information storage, and transportation (Stevenson, 2014). In essence, a designer can create a 3D model of a new design and make necessary adjustments during the process of development with relative ease. Moreover, it also provides the designer with the means to make multiple digital copies to share them with the design team or manufacturers.
In conclusion, taking into account all the mentioned definitions, it is important to highlight the diversity of business management terms. It is essential to have a deep understanding of these concepts since, in the modern world, one should be as skilled and educated as possible. Moreover, an ability to use the terms and successfully operate them define a good comprehensive professional, which is important for job opportunities.
Reference
Stevenson, W. (2014). Operations management (12th ed.). Richard D. Irwin