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1 product development
Mktgthe revitalization of a product through the introduction of a new concept or consumer benefit. Product development is part of the product life cycle. The concepts or benefits that can be implemented range from modification of the product to simply introducing new packaging. -
2 product development cycle
The ultimate business dictionary > product development cycle
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3 new product development
Mktgthe processes involved in getting a new product or service to market. The traditional product development cycle, the stage-gate model, embraces the conception, generation, analysis, development, testing, marketing, and commercialization of new products or services. Alternative models of new product development fall into two broad categories: accelerating time to market models and integrated implementation models. These strive to achieve both flexibility and acceleration of development. All activities such as design, production planning, and test marketing are performed in parallel rather than going through a sequential linear progression.Abbr. NPD -
4 development cycle
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5 product management
Mktga system for the coordination of all the stages through which a product passes during its life cycle. Product management involves control of a product from its innovation and development to its decline. The process is coordinated by a product manager who focuses on the marketing of the product but may also be responsible for pricing, packaging, branding, research and development, production, distribution, sales targets, and product performance appraisal. This cross-departmental approach is based on the theory that a dedicated product management system will lead to tighter control over the product, and thus higher sales and profits. A brand manager fulfills a similar function to a product manager, concentrating on products within one brand. -
6 product life cycle
Mktgthe life span of a product from development, through testing, promotion, growth, and maturity, to decline and perhaps regeneration. A new product is first developed and then introduced to the market. Once the introduction is successful, a growth period follows with wider awareness of the product and increasing sales. The product enters maturity when sales stop growing and demand stabilizes. Eventually, sales may decline until the product is finally withdrawn from the market or redeveloped. -
7 concurrent engineering
Opsa team-based cooperative approach to product design and development, in which all parties are involved in new product development work in parallel. Concurrent engineering reduces or removes the time lag between the different stages of a product’s development, and earlier entry into a market is therefore possible. Product quality is improved, development and product costs are minimized, and competitiveness is increased. -
8 innovation
Gen Mgtthe creation, development, and implementation of a new product, process, or service, with the aim of improving efficiency, effectiveness, or competitive advantage. Innovation may apply to products, services, manufacturing processes, managerial processes, or the design of an organization. It is most often viewed at a product, or process level, where product innovation satisfies a customer’s needs, and process innovation improves efficiency and effectiveness. Innovation is linked with creativity and the creation of new ideas, and involves taking those new ideas and turning them into reality through invention, research, and new product development. -
9 lead time
Ops [m1]1. in inventory control, the time between placing an order and its arrival on site. Lead time differs from delivery time in that it also includes the time required to place an order and the time it takes to inspect the goods and receive them into the appropriate store. Inventory levels can afford to be lower and orders smaller when purchasing lead times are short.2. in new product development and manufacturing, the time required to develop a product from concept to market delivery. Lead time increases as a result of the poor sequencing of dependent activities, the lack of availability of resources, poor quality in the component parts, and poor plant layout. The technique of concurrent engineering focuses on the entire concept-to-customer process with the goal of reducing lead time. Companies can gain a competitive advantage by achieving a lead time reduction and so getting products to market faster. -
10 prototype
Gen Mgtan initial version or working model of a new product or invention. A prototype is constructed and tested in order to evaluate the feasibility of a design and to identify problems that need to be corrected. Building a prototype is a key stage in new product development. -
11 fast track
Gen Mgta rapid route to success or advancement. The fast track involves competition and a race to get ahead, and is associated with high ambition and great activity. An employee can be on a fast track, for example, to promotion, but an activity also can be said to take the fast track, for example, to rapid product development. The horizontal fast track is a variation on the idea of the fast track in which advancement is not upward but sideways. -
12 integrated implementation model
Gen MgtThe ultimate business dictionary > integrated implementation model
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13 marketing audit
Mktgan analysis of either the external marketing environment or a company’s internal marketing goals, objectives, operations, and efficiency. An external marketing audit covers issues such as economic, political, infrastructure, technological, and consumer perspectives; market size and structure; and competitors, suppliers, and distributors. An internal marketing audit covers aspects such as the company’s mission statement, goals, and objectives; its structure, corporate culture, systems, operations, and processes; product development and pricing; profitability and efficiency; advertising; and deployment of the sales force. -
14 NPD
abbr. Mktgnew product development -
15 single sourcing
Opsthe purchasing policy of using one supplier for a particular component or service. Single sourcing can result in higher quality and a greater level of cooperation in product development than the traditional Western approach of multiple sourcing. Single sourcing has risen in prominence in the West following the introduction of Japanese production techniques, particularly just-in-time, which encourage manufacturers to establish closer relationships with a smaller number of suppliers. -
16 stage-gate model
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17 Economy
Portugal's economy, under the influence of the European Economic Community (EEC), and later with the assistance of the European Union (EU), grew rapidly in 1985-86; through 1992, the average annual growth was 4-5 percent. While such growth rates did not last into the late 1990s, portions of Portugal's society achieved unprecedented prosperity, although poverty remained entrenched. It is important, however, to place this current growth, which includes some not altogether desirable developments, in historical perspective. On at least three occasions in this century, Portugal's economy has experienced severe dislocation and instability: during the turbulent First Republic (1911-25); during the Estado Novo, when the world Depression came into play (1930-39); and during the aftermath of the Revolution of 25 April, 1974. At other periods, and even during the Estado Novo, there were eras of relatively steady growth and development, despite the fact that Portugal's weak economy lagged behind industrialized Western Europe's economies, perhaps more than Prime Minister Antônio de Oliveira Salazar wished to admit to the public or to foreigners.For a number of reasons, Portugal's backward economy underwent considerable growth and development following the beginning of the colonial wars in Africa in early 1961. Recent research findings suggest that, contrary to the "stagnation thesis" that states that the Estado Novo economy during the last 14 years of its existence experienced little or no growth, there were important changes, policy shifts, structural evolution, and impressive growth rates. In fact, the average annual gross domestic product (GDP) growth rate (1961-74) was about 7 percent. The war in Africa was one significant factor in the post-1961 economic changes. The new costs of finance and spending on the military and police actions in the African and Asian empires in 1961 and thereafter forced changes in economic policy.Starting in 1963-64, the relatively closed economy was opened up to foreign investment, and Lisbon began to use deficit financing and more borrowing at home and abroad. Increased foreign investment, residence, and technical and military assistance also had effects on economic growth and development. Salazar's government moved toward greater trade and integration with various international bodies by signing agreements with the European Free Trade Association and several international finance groups. New multinational corporations began to operate in the country, along with foreign-based banks. Meanwhile, foreign tourism increased massively from the early 1960s on, and the tourism industry experienced unprecedented expansion. By 1973-74, Portugal received more than 8 million tourists annually for the first time.Under Prime Minister Marcello Caetano, other important economic changes occurred. High annual economic growth rates continued until the world energy crisis inflation and a recession hit Portugal in 1973. Caetano's system, through new development plans, modernized aspects of the agricultural, industrial, and service sectors and linked reform in education with plans for social change. It also introduced cadres of forward-looking technocrats at various levels. The general motto of Caetano's version of the Estado Novo was "Evolution with Continuity," but he was unable to solve the key problems, which were more political and social than economic. As the boom period went "bust" in 1973-74, and growth slowed greatly, it became clear that Caetano and his governing circle had no way out of the African wars and could find no easy compromise solution to the need to democratize Portugal's restive society. The economic background of the Revolution of 25 April 1974 was a severe energy shortage caused by the world energy crisis and Arab oil boycott, as well as high general inflation, increasing debts from the African wars, and a weakening currency. While the regime prescribed greater Portuguese investment in Africa, in fact Portuguese businesses were increasingly investing outside of the escudo area in Western Europe and the United States.During the two years of political and social turmoil following the Revolution of 25 April 1974, the economy weakened. Production, income, reserves, and annual growth fell drastically during 1974-76. Amidst labor-management conflict, there was a burst of strikes, and income and productivity plummeted. Ironically, one factor that cushioned the economic impact of the revolution was the significant gold reserve supply that the Estado Novo had accumulated, principally during Salazar's years. Another factor was emigration from Portugal and the former colonies in Africa, which to a degree reduced pressures for employment. The sudden infusion of more than 600,000 refugees from Africa did increase the unemployment rate, which in 1975 was 10-15 percent. But, by 1990, the unemployment rate was down to about 5-6 percent.After 1985, Portugal's economy experienced high growth rates again, which averaged 4-5 percent through 1992. Substantial economic assistance from the EEC and individual countries such as the United States, as well as the political stability and administrative continuity that derived from majority Social Democratic Party (PSD) governments starting in mid-1987, supported new growth and development in the EEC's second poorest country. With rapid infrastruc-tural change and some unregulated development, Portugal's leaders harbored a justifiable concern that a fragile environment and ecology were under new, unacceptable pressures. Among other improvements in the standard of living since 1974 was an increase in per capita income. By 1991, the average minimum monthly wage was about 40,000 escudos, and per capita income was about $5,000 per annum. By the end of the 20th century, despite continuing poverty at several levels in Portugal, Portugal's economy had made significant progress. In the space of 15 years, Portugal had halved the large gap in living standards between itself and the remainder of the EU. For example, when Portugal joined the EU in 1986, its GDP, in terms of purchasing power-parity, was only 53 percent of the EU average. By 2000, Portugal's GDP had reached 75 percent of the EU average, a considerable achievement. Whether Portugal could narrow this gap even further in a reasonable amount of time remained a sensitive question in Lisbon. Besides structural poverty and the fact that, in 2006, the EU largesse in structural funds (loans and grants) virtually ceased, a major challenge for Portugal's economy will be to reduce the size of the public sector (about 50 percent of GDP is in the central government) to increase productivity, attract outside investment, and diversify the economy. For Portugal's economic planners, the 21st century promises to be challenging. -
18 Port Wine
Portugal's most famous wine and leading export takes its name from the city of Oporto or porto, which means "port" or "harbor" in Portuguese. Sometimes described as "the Englishman's wine," port is only one of the many wines produced in continental Portugal and the Atlantic islands. Another noted dessert wine is Madeira wine, which is produced on the island of Madeira. Port wine's history is about as long as that of Madeira wine, but the wine's development is recent compared to that of older table wines and the wines Greeks and Romans enjoyed in ancient Lusitania. During the Roman occupation of the land (ca. 210 BCE-300 CE), wine was being made from vines cultivated in the upper Douro River valley. Favorable climate and soils (schist with granite outcropping) and convenient transportation (on ships down the Douro River to Oporto) were factors that combined with increased wine production in the late 17th century to assist in the birth of port wine as a new product. Earlier names for port wine ( vinho do porto) were descriptive of location ("Wine of the Douro Bank") and how it was transported ("Wine of [Ship] Embarkation").Port wine, a sweet, fortified (with brandy) aperitif or dessert wine that was designed as a valuable export product for the English market, was developed first in the 1670s by a unique combination of circumstances and the action of interested parties. Several substantial English merchants who visited Oporto "discovered" that a local Douro wine was much improved when brandy ( aguardente) was added. Fortification prevented the wine from spoiling in a variety of temperatures and on the arduous sea voyages from Oporto to Great Britain. Soon port wine became a major industry of the Douro region; it involved an uneasy alliance between the English merchant-shippers at Oporto and Vila Nova de Gaia, the town across the river from Oporto, where the wine was stored and aged, and the Portuguese wine growers.In the 18th century, port wine became a significant element of Britain's foreign imports and of the country's establishment tastes in beverages. Port wine drinking became a hallowed tradition in Britain's elite Oxford and Cambridge Universities' colleges, which all kept port wine cellars. For Portugal, the port wine market in Britain, and later in France, Belgium, and other European countries, became a vital element in the national economy. Trade in port wine and British woolens became the key elements in the 1703 Methuen Treaty between England and Portugal.To lessen Portugal's growing economic dependence on Britain, regulate the production and export of the precious sweet wine, and protect the public from poor quality, the Marquis of Pombal instituted various measures for the industry. In 1756, Pombal established the General Company of Viticulture of the Upper Douro to carry out these measures. That same year, he ordered the creation of the first demarcated wine-producing region in the world, the port-wine producing Douro region. Other wine-producing countries later followed this Portuguese initiative and created demarcated wine regions to protect the quality of wine produced and to ensure national economic interests.The upper Douro valley region (from Barca d'Alva in Portugal to Barqueiros on the Spanish frontier) produces a variety of wines; only 40 percent of its wines are port wine, whereas 60 percent are table wines. Port wine's alcohol content varies usually between 19 and 22 percent, and, depending on the type, the wine is aged in wooden casks from two to six years and then bottled. Related to port wine's history is the history of Portuguese cork. Beginning in the 17th century, Portuguese cork, which comes from cork trees, began to be used to seal wine bottles to prevent wine from spoiling. This innovation in Portugal helped lead to the development of the cork industry. By the early 20th century, Portugal was the world's largest exporter of cork. -
19 crisis management
Mktgactions taken by an organization in response to unexpected events or situations with potentially negative effects that threaten resources and people or the success and continued operation of the organization. Crisis management includes the development of plans to reduce the risk of a crisis occurring and to deal with any crises that do arise, and the implementation of these plans so as to minimize the impact of crises and assist the organization to recover from them.Crisis situations may occur as a result of external factors such as the development of a new product by a competitor or changes in legislation, or internal factors such as a product failure or faulty decision making, and often involve the need to make quick decisions on the basis of uncertain or incomplete information. -
20 Poniatoff, Alexander Mathew
[br]b. 25 March 1892 Kazan District, Russiad. 24 October 1980[br]Russian (naturalized American in 1932) electrical engineer responsible for the development of the professional tape recorder and the first commercially-successful video tape recorder (VTR).[br]Poniatoff was educated at the University of Kazan, the Imperial College in Moscow, and the Technische Hochschule in Karlsruhe, gaining degrees in mechanical and electrical engineering. He was in Germany when the First World War broke out, but he managed to escape back to Russia, where he served as an Air Force pilot with the Imperial Russian Navy. During the Russian Revolution he was a pilot with the White Russian Forces, and escaped into China in 1920; there he found work as an assistant engineer in the Shanghai Power Company. In 1927 he immigrated to the USA, becoming a US citizen in 1932. He obtained a post in the research and development department of the General Electric Company in Schenectady, New York, and later at Dalmo Victor, San Carlos, California. During the Second World War he was involved in the development of airborne radar for the US Navy.In 1944, taking his initials to form the title, Poniatoff founded the AMPEX Corporation to manufacture components for the airborne radar developed at General Electric, but in 1946 he turned to the production of audio tape recorders developed from the German wartime Telefunken Magnetophon machine (the first tape recorder in the truest sense). In this he was supported by the entertainer Bing Crosby, who needed high-quality replay facilities for broadcasting purposes, and in 1947 he was able to offer a professional-quality product and the business prospered.With the rapid post-war boom in television broadcasting in the USA, a need soon arose for a video recorder to provide "time-shifting" of live TV programmes between the different US time zones. Many companies therefore endeavoured to produce a video tape recorder (VTR) using the same single-track, fixed-head, longitudinal-scan system used for audio, but the very much higher bandwidth required involved an unacceptably high tape-speed. AMPEX attempted to solve the problem by using twelve parallel tracks and a machine was demonstrated in 1952, but it proved unsatisfactory.The development team, which included Charles Ginsburg and Ray Dolby, then devised a four-head transverse-scan system in which a quadruplex head rotating at 14,400 rpm was made to scan across the width of a 2 in. (5 cm) tape with a tape-to-head speed of the order of 160 ft/sec (about 110 mph; 49 m/sec or 176 km/h) but with a longitudinal tape speed of only 15 in./sec (0.38 m/sec). In this way, acceptable picture quality was obtained with an acceptable tape consumption. Following a public demonstration on 14 April 1956, commercial produc-tion of studio-quality machines began to revolutionize the production and distribution of TV programmes, and the perfecting of time-base correctors which could stabilize the signal timing to a few nanoseconds made colour VTRs a practical proposition. However, AMPEX did not rest on its laurels and in the face of emerging competition from helical scan machines, where the tracks are laid diagonally on the tape, the company was able to demonstrate its own helical machine in 1957. Another development was the Videofile system, in which 250,000 pages of facsimile could be recorded on a single tape, offering a new means of archiving information. By 1986, quadruplex VTRs were obsolete, but Poniatoff's role in making television recording possible deserves a place in history.Poniatoff was President of AMPEX Corporation until 1955 and then became Chairman of the Board, a position he held until 1970.[br]Further ReadingA.Abrahamson, 1953, "A short history of television recording", Part I, JSMPTE 64:73; 1973, Part II, Journal of the Society of Motion Picture and Television Engineers, 82:188 (provides a fuller background).Audio Biographies, 1961, ed. G.A.Briggs, Wharfedale Wireless Works, pp. 255–61 (contains a few personal details about Poniatoff's escape from Germany to join the Russian Navy).E.Larsen, 1971, A History of Invention.Charles Ginsburg, 1981, "The horse or the cowboy. Getting television on tape", Journal of the Royal Television Society 18:11 (a brief account of the AMPEX VTR story).KF / GB-NBiographical history of technology > Poniatoff, Alexander Mathew
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