Business economics plays an important part in the product development process. There is no fun in developing a product that is not profitable. As product architects, we need to ensure the technical, environmental as well as financial viability of our products. The product must be socially acceptable and environmentally friendly.
A well-designed product must ensure the viability of the three Ps of sustainability-planet, people, and profit. Ensuring these 3Ps is the basic requirement to remain in the market for a long time.
In the formative stages of product development, we start with estimates and incomplete ideas. During the development process, there are many changes in our product idea as we get and process more information.
Sometimes the design changes are competitor driven, sometimes by our innovation. During the idea formation phase, it is important to quickly evaluate many alternatives and select the better ones. As we progress with our development, we add more details and get more accurate information to check the viability of our product ideas.
In the QFD (quality function deployment) analysis itself, we should include the requirements of environmentally friendly products as well as social requirements. Many of the environmental requirements, like the conservation of energy and other resources, also directly impact profitability. Even in cases where such direct relation is not present, consumers prefer a product that is less harmful to the planet.
Analysis of the profitability often poses a problem as different expenses happen at different times and may not be apparent right at the beginning. One needs to account for all the revenues and expenses to get an idea of the profitability.
Esta historia es de la edición April 2023 de Electronics For You.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición April 2023 de Electronics For You.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
TRULY INNOVATIVE ELECTRONICS -INNOVATION UPDATES
Amongst numerous press releases of new products received by us, these are the ones we found worthy of the title Truly Innovative Electronics
Elastomer enhancing smart wearable performance
A high-tech, flexible wearable device made from the innovative elastomer material
Nanotechnology based noninvasive cancer diagnostics
Nanoflake sensors built from indium oxide with platinum and nickel detect changes in isoprene
Space communication with silent amplifiers
In the new communication system from researchers at Chalmers University of Technology, in Sweden, a weak optical signal (red) from the spacecraft's transmitter can be amplified noisefree when it encounters two so-called pump waves (blue and green) of different frequencies in a receiver on Earth.
Advancements in TOPCon solar cells
The structure and performance of tandem devices with highly passivated TOPCon bottom cells
Quantum leap in magnetism refines superconductors
Rice University physicists have uncovered key magnetic and electronic properties in kagome magnets, structures resembling basket-weaving patterns.
Sensor targets food antioxidants
A research team from Hunan City University and Xiangtan University in China has developed a sensor for detecting TBHQ, a food antioxidant used in oils and fats, addressing health concerns at high concentrations.
Data sensing with repurposed RFID tags
UC San Diego researchers have advanced passive data collection with a breakthrough in battery-free sensing.
Seal-inspired sensors to safeguard offshore wind farms
Schematic structure of the seal whisker-inspired flow sensors
Artificial nose identifies scents accurately
Artificial nose identifies scents accurately