Question

ANSWER QUESTION (5 ) I BOLD IT

Chapter 15: Product Development and Supply Chain Management

COVID 19 health crisis that we all are experiencing is giving us a healthy dose of reality to understand the importance of this chapter. Some pharmaceutical companies are racing to develop vaccines and drugs for this epidemic, and others are racing against the clock to produce ventilators and other critical equipment to deal with this public health crisis. Retailers are struggling to move supplies and fill the shelves to meet our needs: food, medicine, toilet papers, sanitizers, and the list can go on. Government agencies at all levels are watching and trying to protect against so-called “entrepreneurs” that are moving supplies to geographies where they can capitalize and earn more dollars.

Again, given the time constraints, we will focus on the following points:

• 15-2 Innovation: A path the grow
• 15-3 The product life cycle and new product development
• 15-4a Branding
• 15-6 The legal environment
• 15-7 Supply chain management

I highly recommend that you read the whole chapter to get the full benefit. Your assignment is to discuss the following:

1. Can you make an argument as to why a solid performing business DOES NOT need innovation to grow? Explain why!
2. What is the importance of new product development? Put your answer in the perspective of the product life cycle.
3. Why is banding relevant to the company’s products and services?
4. This question will have two folds:
   1. What are the mechanisms in place to protect consumers?
   2. What are the mechanisms in place to protect a firm’s product and services
5. From your perspective, choose one of the businesses around you in this crisis of COVID 19 that you think is not doing a good job in delivering the product or services that you are used to. Based on your reading of section 15-7 Supply chain management, identify what do you think the problem is and how you would solve it.

Answer 1

1. The solid performing business DOES NOT need innovation to grow because the business owners are capable of the following qualities.

• Solve Problems Easily

• Increase Your Productivity

• Market Your Business

• Beat Your Competitors

2. Why Product Development is Important?

Product development, is the life-blood of organizations and social orders. The product could be a physical product, for example, a car, cell phone, or espresso producer. It could likewise be administrations, for example, new IT arrangement, new assembling process, or another land showcasing idea.

All effective product development activities give the accompanying:

a. New incentives for clients: The first and most significant explanation behind any new development is to give new an incentive to the client. Without this, there is no purpose behind them to exchange their cash for the new gadget. Nonetheless, on the off chance that the product or administration offers overpowering worth, at that point clients will rush to it.
This new and expanding esteem is the thing that keeps organizations developing. On the off chance that there is no new incentive to offer clients, the firm shrivels and inevitably bites the dust. On the off chance that the worth offered isn't expanding, at that point the organization is losing ground in the market as its rivals increment their incentive in the market.

b. Improved society: Numerous new products are essentially a steady improvement over the past variant with just some new highlights or slightly quicker execution. These products may support the organization by offering enough new an incentive to create extra income, yet they are not really helping to society.
There are sure examples where new products will improve society past simply the prompt delight of the buyer. The case of these is imaginative new medications to treat incapacitating maladies and car security gadgets that spare several lives for each year. Neither of these may offer the purchaser quick fulfillment, yet they spare lives and thusly improve society.

c. Proceeded with the presence of the organization: New products and administrations are the backbones of any organization. Without them, the firm dies from neglect and either kicks the bucket or is consumed by another firm. Society is very much served by the continuation of these organizations from the work of the people who work there (who are likewise purchasers), and the help for society everywhere as tax collection and altruistic giving.
Organizations (and civic establishments) have minimal decisions yet to develop and improve in the event that they need to move from endurance to flourishing. The new products and administrations made and gave by organizations of all sizes give the component to this development and improvement.

The 4 stages of the Product Life cycle are:

a. Introduction: When a product has been created, the principal stage is its introduction stage. In this stage, the product is being discharged into the market. At the point when another product is discharged, it is regularly a high-stakes time in the product's life cycle - in spite of the fact that it doesn't really represent the moment of truth the product's inevitable achievement.

b. Growth: By the growth stage, purchasers are now taking to the product and progressively getting it. The product idea is demonstrated and is getting progressively well known - and deals are expanding.

c. Maturity: At the point when a product arrives at maturity, it's business will in general moderate or even stop - flagging a to a great extent immersed advertise. Now, deals can even begin to drop. Evaluating at this stage can in general get serious, flagging edge contracting as costs start falling because of the heaviness of outside weights like rivalry or lower request. Showcasing now is focused on battling off rivalry, and organizations will regularly grow new or changed products to arrive at various market fragments.

d. Decline: Despite the fact that organizations will for the most part endeavor to keep the product alive in the maturity stage as far as might be feasible, the decline for each product is inescapable. In the decline stage, product deals drop essentially and shopper conduct changes as there is less interest in the product. The organization's product loses increasingly more pieces of the pie, and rivalry will in general reason deals to fall apart.

3. Branding is relevant to the company’s products and services because of the following reason:

• Branding Creates Trust
• Branding Improves Recognition
• Branding Supports Your Marketing Efforts
• Branding Motivates Employees
• Branding Generates New Revenue
• Continuously Have Your Customer in Mind
• Make Messaging That Illustrates Your Value
• Use Emotion
  

5. The e-commerce services are lacking in their services as they are required to do.

• Due to the unavailability of transportation, the delivery of the needful services is getting delayed.
• There is a risk getting involved, the products not getting sanitized effectively.
• There remains a possibility of spreading the pandemic of COVID 19 from the delivery agents.
• The supply chain management is stopped due to the unavailability of the products or raw materials.