4.0 Learning Outcomes

At the end of this chapter, students will be able to:

• Explain how firms compete in the market through new product and service design, and the importance of aligning offerings with customer values.
• Describe the steps involved in the new product development process.
• Analyze the use and benefits of the House of Quality (HOQ) in translating customer needs into technical product features to make informed design decisions.
• Outline the stages of the product life cycle and their implications for sales, profits, competition, and marketing strategies.
• Identify the challenges and strategic considerations at each stage of the product life cycle.