Question

Why are the following business processes important? Which process do you feel is most important? Explain your reasoning.

• Strategy development
• Product development
• Systems to produce goods and services
• Order fulfillment

Answer 1

All the below-mentioned processes are important for a business concern as they are playing a very crucial role in the successful running of it.

Strategy development

Strategy development is the function of identification, creation, and implementation of various strategies. It helps an organization in allocating its resources in an optimal manner. It provides a direction to an organization in its day to day running. It always reminds an organization of its fundamental goals. It helps in the creation of a vision and also helps a firm in prioritizing its activities. It also acts as a helping guide in taking crucial decisions. Strategy development helps in measuring the success of an organization too.

Product development

Product development is the process of modifying an existing product or creating an entirely new product. It helps an organization in providing value to its customers. Also through product development, an organization could improve the standard of living of people in society. It is the fundamental action that contributed to the growth of the business. Product development helps in the creation of adequate market demand also.

Systems to produce goods and services

Systems to produce goods and services is the methodology used by companies in producing goods and services to customers. In fact, a production system coordinates various factors of production such as men, money, material, and machinery. It is a process that determines the qualities of the products of an organization.

Order fulfillment

Order fulfillment is concerned with generating, processing, and delivering customer orders. It requires the coordinated efforts of all the departments in an organization. Successful order fulfillment helps an organization in attaining better customer satisfaction.

Strategy development is the most important strategy of it all because it lays the foundation for all other actions such as product development,systems to produce goods and services, order fulfillment, etc.