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  • MME40001 Engineering Management II Minor Activity Sheet 5

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    Abidul Islam
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    The document discusses key concepts for engineering management including the main types of business strategies focused on cost, quality, and responsiveness. It also describes the product life cycle model and how understanding each stage can help with designing effective marketing strategies. Additionally, it outlines SWOT analysis and how examining internal strengths and weaknesses as well as external opportunities and threats can benefit strategic planning. Finally, Porter's Five Forces framework is mentioned as a tool for analyzing competitive industry forces around potential entrants, suppliers, industry competitors, buyers, and substitutes.

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    The document discusses key concepts for engineering management including the main types of business strategies focused on cost, quality, and responsiveness. It also describes the product life cycle model and how understanding each stage can help with designing effective marketing strategies. Additionally, it outlines SWOT analysis and how examining internal strengths and weaknesses as well as external opportunities and threats can benefit strategic planning. Finally, Porter's Five Forces framework is mentioned as a tool for analyzing competitive industry forces around potential entrants, suppliers, industry competitors, buyers, and substitutes.

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    14 views2 pages

    MME40001 Engineering Management II Minor Activity Sheet 5

    Uploaded by

    Abidul Islam
    The document discusses key concepts for engineering management including the main types of business strategies focused on cost, quality, and responsiveness. It also describes the product life cycle model and how understanding each stage can help with designing effective marketing strategies. Additionally, it outlines SWOT analysis and how examining internal strengths and weaknesses as well as external opportunities and threats can benefit strategic planning. Finally, Porter's Five Forces framework is mentioned as a tool for analyzing competitive industry forces around potential entrants, suppliers, industry competitors, buyers, and substitutes.

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    © All Rights Reserved
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    MME40001 Engineering Management II

    Minor Activity Sheet 5

    Name: S M Shagor Tutorial Group: Tuesday

    Student ID: 102427517 Date: 21/08/21

    I. What are the main types of strategies/ dimensions?

    Cost

    Quality

    Responsiveness

    Cheap, customised, Fast service

    II. What is Product Life Cycle and why it is beneficial?


    For marketers, managers, and designers alike, the product life-cycle is a useful tool. It
    identifies four distinct stages in the life of a product and provides recommendations for
    designing strategies to make the most of those stages while also promoting the product's
    overall success in the marketplace.

    III. What is SWOT analysis and why it is beneficial?

    SWOT Analysis is a basic yet effective framework for examining the strengths, weaknesses,
    opportunities, and threats that your company faces. It enables you to build on your
    strengths, fix your weaknesses, reduce risks, and maximize your chances of success.

    Strength Opportunities

    Weaknesses Threats

    IV. What are the Porter Competitive Forces?


    Potential Entrants

    Suppliers Industry Competitors Buyers

    Substitutes

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