The current marketplace is undergoing an accelerated pace of change that challenges corporations to innovate new techniques to respond rapidly to an ever-changing environment. At the center of this changing environment is a new generation of empowered buyers (customers) equipped with fast evolving technologies that allow them to buy from markets scattered across the globe. Empowering the customers has deprived organizations of what was once their right-to introduce new products slowly, at their own leisure. Organizations used to introduce new products every few years, and, for the most part,...

Modular products are products that fulfill various overall functions through the combination of distinct building blocks or modules, in the sense that the overall function performed by the product can be divided into sub-functions that can be implemented by different modules or components. An important aspect of modular products is the creation of a basic core unit to which different components (modules) can be fitted, thus enabling a variety of versions of the same module to be produced. The core should have sufficient capacity to cope with all expected variations in performance and usage....