ABSTRACT
Due to developments in information and transportation technology, the world is getting smaller. World-class manufacturing is achieved by those companies which are best in the field at each of the competitive priorities such as quality, price, delivery speed, delivery reliability, flexibility, and innovation. A company can no longer dominate a market with access to cheaper manpower, newer technology, convenient capital, or a particular supply chain. On the basis of the design, product cost is estimated to determine actual product pricing, which in turn is used to assess the product market. Now due to the competitive buyers’ market, a world-class manufacturer will need to reverse the sequence of how a product is developed to be competitive. The companies, which are willing to be world-class manufacturers, should increasingly rely on demonstrating the industry’s best practices. To develop a successful product, one needs to begin by defining all consumer-relevant product features in advance of prototype development.
