Product Development and Market Analysis of FM Radio at University

Product Development and Market Analysis of FM Radio at University

The establishment of FM Radio at university premises is a project that will differently captivate the attention of every student. It has been planned for the F.M station to be built at university where students can air programs directed and produced by them, either a song, any debates, dialogues, or script. The program’s audience will be the students of the University who will receive this program within the campus premises on their mobile phones and radio device. The reception of the program on mobile phone and the radio will be made possible through the invention of a small electrical circuit the will be used in the devices and will receive signals up to 2-kilo meters of range. The circuit consists of the following components:

Detail of Circuit:

  • 1/ Resistors.
  • 2/Capacitors.
  • 3/Transistors.
  • 4/Inductors.
  • 5/Microphone.
  • 6/Connection wires.

Providing students with this facility, we have developed this product plan into reality.

  • Cost of Development of the circuit £1000
  • Manufacturing Cost £5
  • Product price £10
  • Time for designing circuit 1 month
  • Team-a team of communication engineer students of the program
  • Hurdle- To manufacture the circuit to facilitate students on low-price circuits without compromising quality.

Development of circuit is a new product, and for launching this product, there are two ways involved in the development of circuit. In way one, there involves idea generation, design product, and engineering involved. In a second way, product development involves market research and marketing analysis. Usually, the first method of development is adopted by enterprises. The ideas for developing a new product can be extracted by conducting market and company analysis, including SWOT analysis. Analysis of market trends and consumer’s desires, employees, salespeople, and all stakeholders involved. (Robert E. Stevens, 1993)

SWOT Analysis

Strength:

  • Increased demand
  • Low manufacturing cost
  • Effective/useful
  • Not no need for any special device to use

Weakness;

  • Limited signal
  • It cannot be used independently without a device
  • Time consumed in the manufacturing process
  • Not ultimate desires of students

Opportunities:

  • Can hold market of campus
  • Increased awareness in students
  • First FM radio station at the university campus
  • No competition

Threats:

  • Built-in FM facility on cell phones
  • Ready to use radio sets available in the market.
  • Technological advancement

Market analysis for the development of the circuit needs the identification of opportunities. To identify the opportunities, there are various techniques of data collection, including focus group discussion, surveys brainstorming, keeping in view the size of the market and the patterns of consumption. An analysis of competing products is also conducted. In the case of electrical circuit students of the university is the important source of information. We developed questionnaires to ask them about electrician circuits that would help receive FM transmission. After developing an idea, next is idea screening. In this process, students, who are the targeted market, will be assessed about the benefits of this gadget?. While analyzing the market, the targeted market and the forecasts growth will be analyzed. Analysis of the competition between the existing product and the proposed product will be conducted. The analysis of the market trends on which the idea is based will be conducted. It will also be analyzed that practically is it possible to manufacture this electrician circuit. Research is also carried out whether it is feasible to manufacture and delivered the product at an estimated price and will produce a profit or not? (Youce, 2012)

Students are the targeted market for the electrical circuit. Questionnaires were delivered among them, and responses were received. It was analyzed that the electrical circuit is very beneficial for the students. The product will cover the large share of the market as there is no existing competitor on the university campus. For the very first-time idea is represented at a campus that is warmly welcomed by students. Students will get benefits from this little gadget. In manufacturing the electrical circuit, no high cost is involved, and it is very convenient and practical to produce the product, and demand for the product is very vast. The price offered for the product is also very reasonable, therefore, it can attract many consumers. (Schöttler, 2007)

After analyzing the market, the concept has been testing. At this stage, details about the market and engineering were elaborated. It is decided that what exact feature should the product carry? The accurate results were obtained from the product. What is the response of the consumer about the product? Manufacturing methods and processes are explored for cost-effective production.

Budgeting:

The price of an electric circuit will be £5 that is very low, and therefore, no highly sophisticated method of manufacturing could be used as it would increase the cost of the circuit. Parts used in the construction of circuits used very cheap price but good in quality.

Budgeting means detailed research about cost estimation and its comparison with revenue, which is called budgeting. Fixed budget is estimated before time and as it is predictable and subject to unchanged, but the variable costs are subject to the activity level and changeable.

Profitability:

For estimation of the business’s profitability, its revenues are compared to the cost of products, and the sales point at which revenues received are equal to the cost of the product is called break-even or no profit no loss point.  For calculation of sales, numbers of units sold are multiplied by the price per item. This is how revenue is calculated.

Fixed and variable Cost:

As regard cost is concerned, it is divided into categories Fixed and variable cost. Fixed cost means that cost that does does not change when the level of sales is increased or decreased. For example, the rent of the building where the manufacturing process is carried out is considered a fixed cost. Variable cost is that that varies with increase or decrease in sales level. By adding up fixed cost and variable cost, total cost is estimated.

Incremental budgeting:

Incremental budgeting means with the start of the new financial year budget is appraised comparison is made with the previous budget. If any addition or subtraction is needed, it is incorporated in the following year’s budget. This is called incremental budgeting.

Zero base budgeting:

In the zero-base budgeting, as it is apparent from its name, there is not existing budget or previous year budget that can be used as the base year for comparison of any addition and subtraction. For this purpose, only analysis is made for every expenditure and revenue, and after analyzing budget for the following years is drafted.

While budgeting if the investment is made by using the loans from the bank, estimation of loan cost is also essential. Cost of loans refers to the amount of interest being paid on repayment of the loan in installments. Different financial institutions offer different rates of interest. (Sameer Kumar, 2005)

Methods of Production:

Method of production is the core activity of the manufacturing process. By using this company is enabling to combine resources and convert them into the products of service.

Job production:

Job production means manufacturing a product on the special demand of the customer. This is usually done in tiny jobs like orders in restaurants are compiled when customer demand for it or in a huge project like constructing a building etc. In job production, the product manufactured should be accurate and to be according to the exact demand of the customer. Sometimes goods manufactured in job production are unique in designs and quality as specialized professionals are involved in manufacturing that might not happen if the product is produced in mass production. This type of manufacturing is expensive as it involves skilled professionals who only perform their efforts for specific projects. (Robert H. Todd, 1994)

Production in Batch:

As it is apparent from its name that goods are manufactured in various sizes batches. This method is adopted by the company that produces a product in numbers with little variation. For this purpose keeping in view the market demand of the product and received orders, goods are manufactured in batches for the week of the month. For this purpose same type of machinery is used, but there is a possibility for little variation in product ingredients; the size of products and packing may be different. (Kaushish, 2010)

Production in Flow:

Flow production is a method where the product has to be produced in numbers, and there is no variation in any component. Goods are produced from one process to the next process. This process can be carried out by workforce or by using robot machines. Inflow productions tasks are done repeatedly and quickly without losing quality. By this method cost of production is reduced. If a company has to produce a product in large quantity must be manufactured by flow production.

Keeping in view providing the comfortable and desirous working environment, this production method, according to the theory of “FW Taylor,” who presented the motivational theory of the work environment,t is related. This method is found to be very stagnant and boring, and they may lose interest level.

For implementing flow production, a large amount of capital is needed. To cut the cost of overheads, it is important to keep this process continuous and running so that cost is spread between many units.

Cell production:

This type of manufacturing is almost similar to flow production. In this method of the production course of the product is separated and divided into a number of sections. Each section is supervised by a workers’ group that denotes “cell.” The responsibility of the cell is to ensure the quality of product, training of staff, and rotations of jobs.

For deciding the method of production for the electrical circuit, two methods can be taken into consideration. One is job production. Reason for suggesting this production method for circuits is that this method is useful for an industry that is not very big.   As the targeted market for the circuit is limited to the University Campus, it needs to be produced in a specific number as the number of students at the university campus is also very specific. The quality of the product by using this method will also be very high in quality. But there is a certain reservation that it cannot produce urgently if the demand for the circuit is made. I mean to say that circuit is kind of product that is not a food item that is made when a customer makes an order, or it is not like a big building for its construction customer could wait. Therefore, I suggest batch production method will be suitable for circuit production. Keeping in view the demand of the circuit, the batch will be produced for weak or month or year. (Fritz Klocke, 2009)

Testing Concepts:

The concept developed is tested by presenting ideas to the prospective consumers (students). What is their opinion about the idea? This is usually done by choice modeling before selecting the final model for generating similar concept designs to full working models. (Pusuluri, 2006)

Critical Vs. Creative thinking:

Thinking skills refer to the eagerness to logic and order facts and extract meaning from life experiences. It is the temperament of broad mildness and to interrogate and challenge the other’s idea. It is the temperament of being challenged and questioned by others and accepting the probability of being wrong.

Critical thinking involves the criticism on solid reasoning; it involves evaluation of different alternatives, it rationalizes and opinion of point of view.

Creative thinking is required in those tasks that involve planning, estimating, finding conclusions, evaluation, and communication.

Attribute Vs. Morphological Analysis:

Attribute Vs. Morphological analysis is a technique if a new combination of a new product is being designed. For the application of the attribute technique, the attributes related to the products are list down. Attributes refer to the designs, characteristics, qualities, segments, dimensions of the strategy or product under analysis. These attributes are noted down in the columns of the table. For the establishing attributes try to write different options or variations. After this, select different combinations of products from different columns. This can be done by selecting one item randomly from each column and intentionally making a new combination. Appraise this combination by analyzing and improving combination and make sure would it be profitable in the market or not. For conducting morphological analysis of electric circuit properties of the circuit includes  Resistors, capacitors, transistors, inductors, microphones, Connection wires. The options related to these properties, type, size, style finish and the material will be written in the column of a table. This table is called the “Morphological” box developed by Fritz Zwicky in 1960. Different combinations out of this table are selected and tested. The best combination is selected based on the analysis that it will be acceptable to the customer and profitable in the market.

CAD applications solid works  Vs. CATIA:

CAD and CATIA cannot be compared with each other. CATIA is for designing the products for them bigger processes are involved. In contrast, Solid works are employed comparatively small projects. Both software is used for mechanical designs, assembling of parts, and for drafting designs. For designing, machines, and industry, Solid works are used by those industries that are comparatively small in size. CATIA is used to design and model big projects like Aerospace and Automotive companies. Solid works, as compared to CATIA, are user-friendly. (Books, 2011)

 Solid modeling Vs. Prototype model:

Rapid prototype modeling includes all those advanced technologies that are involved in the construction of the object underuse of a computer. In this process, materials are assembled in lean layers, and a  3-D object is constructed. Products produced through prototype models are very peculiar, elegant, and complex. No other technologies can produce such accurate products as by prototype model. This technology is costly and usually employed in the production of high-end products.

In solid modeling, different solid single objects are assembled in and 3-D design to make a design.  Initially, basic shapes like cones, cylinders, and spheres were designed by using solids objects. After development, with the help of rotated and squeezing 2-D geometry and wireframes, solid objects are designed. (R. J. M. Hague, 2000)

After getting through different models and techniques, I have concluded that the Attribute analysis technique would be best for the designing of the concepts of the electrical circuit. I have selected this technique for circuit design and assembling of the product as this method is very convenient for the low or medium-sized industry. As assembling and manufacturing the circuit are not as big as other aerospace industries, thus this is the best modeling method for my product.

Supply Chain Management:

For the manufacturing of electric circuits, many aspects of Supply Chain Management are involved in the process. Some of them are discussed as follows:

Design of Supply Chain:

While going through manufacturing process you will need to know the amount of variable cost at times and arrangement for resource generation have to made at once. For estimation of fixed cost and global issues factoring will also be required. With the help of Supply Chain Design a company would be able to assess. In addition to cost estimations it also help to estimate the other factors like suppliers, customers, distribution channels etc. with the help of hypothetical description by using computer program based on model. It helps to formulate plans with new market demand. The Supply Chain Design helps impact of different combinations selected in the Attribute analysis and their accomplishment. It helps to handle associated risk in period of time. (Wisner, 2011)

Manufacturing turns out:

Outputs about the inputs using computer programs can be maximized if the production schedules are created in detail. This enable organization to evaluate various alternatives to assume the effects of replacing conditions. With the optimal maximization of Throughput can plan for the constrictions during lean flow or work order process. Manufactures can take into consideration inventory cost and run lengths of production. For regulation bottlenecks, a mixed-mode environment will work at times. (Cover, 2008)

Real-Time Orders:

Real-time ordering enables enterprises to respond to customers quickly according to their needs at minimum cost and maximize profitability for the business. There are four real-time methods are employed that ascertain the delivery dates of orders:

For the determination of stock position “Available-to-promise” method is used.

For evaluation of all constraints and the capabilities in materials “Capable-to-promise” method is used. The “Profitable –to-promise” method renders all critical data regarding profit, cost, and price.

“Scenario manager” provides a comparison of various promising scenarios grounded on profits, margins, and cost and picks up the best combination of scenarios that fit according to customer’s needs.

Optimization of Supply Chain:

Any change in the complex design of Supply Chain Management can be handled rapidly. Supply chain optimization helps to regulate networks of multi-site SCM and provide tools for formulating plans for optimization of profits and cost and take into consideration manufacturing elements including material, processing, warehousing, and other bottlenecks in distribution channels. For stakeholders, it assists in making everything clear. For distribution of product optimization, the supply chain reduces the number of shipments. It succeeds in obtaining positions at a multi-level for compliance with customers’ orders.

Ethical and sustainability issues in the development process:

The historian John Heskett asks the question “whether designers are merely technocrats, devoting their skills to the highest commercial bidder without considerations of the ends they serve, or is there a dimension of social and environmental purpose requiring acknowledgement in their work?”

Ethical issues refer to all those problems and dilemmas on which a manufacturer compromise at various stage of product developments. It is the responsibility of manufacturers to provide a product to consumers that meet their expectations. The issues related to the claims of customers include safety of product, dependability. It is the manufacturer’s duty that care should be taken while designing, producing, and information provided factors related to products must not be prone to any injury to customers. These ethical issues while making decisions and formulating strategies involved at a different stage of production from the first idea to design screening, product development, market testing, and launching of the product. Various issues relevant to the product are the requirements of law. Manufacturers, while designing to developing the product, must abide by all these laws related to the product. He must be sure that not to use any design or idea for the product for that patents and copyright are already reserved by some other company. Neither must he use the name of the trademark that already exists in the market. Law violation may bring a bad name to the product and mistrust of customers on the authenticity.

References:

Books, H., 2011. Articles on Computer-Aided Design Software. s.l.: Hephaestus Books.

Cover, F., 2008. Supply Chain Management Process, partnership, performance. 3rd ed. Jacksonville: Supply Chain Management Inst.

Fritz Klocke, A. K., 2009. Manufacturing Process. 2nd ed. Germany: Springer.

Kaushish, J., 2010. Manufacturing Process. 2nd ed. New Delhi: PHI Learning Pvt. Ltd.

Pusuluri, N. R., 2006. Software Testing Concepts and Tools. 1st ed. New Delhi: Dreamtech Press.

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Robert E. Stevens, P. K. S. J. P. D., 1993. Market Analysis. 1st ed. New York: Routledge,

Robert H. Todd, D. K. A. L. A., 1994. Fundamental Principles of Manufacturing. 1st ed. New York: Industrial Press Inc.

Sameer Kumar, P. P., 2005. An Empirical Approach to Study of the Effects of Innovation Strategy, Organization Learning, and Market Conditions. 1ST ed. US: Springer.

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Wisner, J. D., 2011. CengageBrain.com. 3rd ed. US: Cengage Learning.

You, I., 2012. Impact and Role of Market Research in Product Development. New York: GRIN Verlag.