Product Development and Marketing
The Marketing and Accounting elements of the module aim to to develop the Learner's understanding of and ability to use specific Marketing and Finance concepts and techniques as part of the process of Product Development and also in the overall management of an Organisation. The subject areas will include Market Research and analysis, the segmentation of a Market, formulating an offering for potential customers in the form of a 'Marketing Mix' i.e The Product, The Price, How it will be Promoted, The Place where it will be made available. The Product/Process Costing with a specific focus on the management of Fixed Overheads; Investment Appraisal; Cost-Volume-Profit analysis and Planning.
The Product Development element of the module introduces the learner to structured product development processes. The module will focus on the creation of industry-specific product hierarchies which analyse component specifications and costing through bill of materials and process development. Various engineering design tools are applied to product designs and guide the learner to develop products that align with industry best practices, customer requirements, product functions, and conformance to standards and legislation.
Identify and describe the factors and processes which influence the demand for goods and services in a modern economy.
Perform and report on an investigation and assessment of the market potential for a specified product/service.
Perform an assessment and report on the financial and non-financial considerations relevant to common business decisions.
Interpret and explain the interaction between innovation and the product development process in the design and development of furniture products.
Apply product data management principles in furniture design and production.
Develop hierarchical product and component specifications through functional and process analysis of product designs.
Analyse current products, new product designs, materials and product components for conformity with the Circular Economy and current sustainability legislation and guidance. Identify reuse and recyclability options for materials and product components.