NAXFRA MIXED EDUCATION ENRICHMENT (N.M.E.E).

PRODUCT DESIGN Product design is cross-functional, knowledge-intensive work that has become increasingly important in today's fast-paced, globally competitive environment. It is a key strategic activity in many firms because new products contribute significantly to sales revenue. When firms are able to develop distinctive products, they have opportunities to command premium pricing. Product design is a critical factor in organizational success because it sets the characteristics, features, and performance of the service or good that consumers demand. The objective of product design is to create a good or service with excellent functional utility and sales appeal at an acceptable cost and within a reasonable time. The product should be produced using high-quality, low-cost materials and methods. It should be produced on equipment that is or will be available when production begins. The resulting product should be competitive with or better than similar products on the market in te

NEW PRODUCT DEVELOPMENT The dynamics of markets, technology, and competition have brought changes to virtually every market sector and have made new product development one of the most powerful business activities. The monumental changes that constantly impact commerce have forced companies to innovate with increasing speed, efficiency, and quality. In turn, this has made new product development one of the most complex and difficult business functions. However, firms must innovate in order to survive. The power of innovation is revealed in numerous studies, which show that companies leading their industries attribute about half of their revenues to products developed in the most recent five years. By comparison, companies at the bottom of their industries achieve approximately one-tenth of their sales from new products. A firm's new product development efforts are shaped by its size, as well as the nature of the industry in which it operates. New products may be defined as any

MARKETING RESEARCH Marketing research is the function that links the consumer, customer, and public to the marketer through information. This information is used to identify and define marketing opportunities and problems; to generate, refine, and evaluate marketing actions; to monitor marketing performance; and to improve understanding of the marketing process. Marketing research specifies the information, manages and implements the data-collection process, analyzes the results, and communicates the findings and their implications. Marketing research is concerned with the application of theories, problem-solving methods, and techniques to identify and solve problems in marketing. In order to offset unpredictable consumer behavior, companies invest in market research. Increased customer focus, demands for resource productivity, and increased domestic and international competition has prompted an increased emphasis on marketing research. Managers cannot always wait for information to

An organizational mission is an organization's reason for existence. It often reflects the values and beliefs of top managers in an organization. A mission statement is the broad definition of the organizational mission. It is sometimes referred to as a creed, purpose, or statement of corporate philosophy and values. A good mission statement inspires employees and provides a focus and direction for setting lower level objectives. It should guide employees in making decisions and establish what the organization does. Mission statements are crucial for organizations to prosper and grow. While studies suggest that they have a positive impact on profitability and can increase shareholder equity, they also support that almost 40 percent of employees do not know or understand their company's mission. Not only large corporations benefit from creating mission statements but small businesses as well. Entrepreneurial businesses are driven by vision and high aspirations. Developing a

CASH FLOW ANALYSIS AND STATEMENT Cash flow analysis is a method of analyzing the financing, investing, and operating activities of a company. The primary goal of cash flow analysis is to identify, in a timely manner, cash flow problems as well as cash flow opportunities. The primary document used in cash flow analysis is the cash flow statement. Since 1988, the Securities and Exchange Commission (SEC) has required every company that files reports to include a cash flow statement with its quarterly and annual reports. The cash flow statement is useful to managers, lenders, and investors because it translates the earnings reported on the income statement—which are subject to reporting regulations and accounting decisions—into a simple summary of how much cash the company has generated during the period in question. "Cash flow measures real money flowing into, or out of, a company's bank account," Harry Domash notes on his Web site, WinningInvesting.com. "Unlike repor