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When discussing Customer Value and Improvement in Product Development Processes in relation to Ford Motor Company (FMC), I must first give a definition of "Customer Value" that everyone can understand. One of the Customer Value equations that I have seen used while in my present position as a Vehicle Dynamics Engineer is given in equation #1.
(1)
This equation relates the Value a customer receives from a product to the ratio of function to price in the market. To me, this is a very simplistic equation that I find many managers trying to use as the basis for their entire product development process.
Approximate Word count = 468
Approximate Pages = 1.9
(250 words per page double spaced)
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