Question

Following intense competition in the market, it has become necessary for Excellent Herbal Products to redesign their popular malaria drug. Management of the company understands that apart from competition, other factors have to be considered during the redesign of the drug.

(i) Explain any six (6) reasons apart from competition, that can also compel Excellent Herbal Products to redesign its drugs.                                                                  

2. Discuss six (6) factors that are necessary for Excellent Herbal Products to consider

when designing their products.                                                                            

State the four (4) main parts of this product’s design and explain how they may influence demand for it.   

Answer 1

1) A company has many reasons to redesign a particular product. The first reason is an outdated product. A particular product might not meet the demands and needs of the current target audience and related customers. The company should make changes in the product to increase the demand and supply again. The second reason is a new product in the market or company. The company also can redesign the product if the company wishes to make a new product. Instead of ultimately making a new product, the company redesigns the current product. The third reason is expansion. The company might decide to enter into a new market also. The company should redesign the product to meet the requirements of the new market also. The fourth reason is the addition of e-commerce facilities. The company, after the electronic medium, should make the product more tech-savvy. The fifth reason is a change in the customer priorities. If the company researches in the market, it might know that the needs and requirements of the current audience have changed. The last reason is a change in marketing strategies. The company should change the features of the product with the change in marketing strategies.

2) The company should also consider some important factors while designing a product. The first factor is the cost. The cost of the product should be in sync with the market prices. The second factor is innovation. The firm should also become tech-savvy to stay in pace with the innovational changes and amendments. The third factor is customer needs. The company should manufacture the product based on the customer's Ed needs to increase the demand. The fourth factor is sustainability. The company should use sustainable methods to avoid affecting the resources. The fifth factor is raw materials. The company should use cost-effective and efficient raw materials to manufacture. It is because the raw materials set the starting block of the product. The last factor is CSR. The company should also keep in mind the corporate social responsibility towards the society.

3) The main factors of this product are innovation, cost-effectiveness, productivity, and sustainability. Innovation is essential to increase the demand for the product because it prefers innovative products instead of traditional products. It is a part of a changing environment. The product should also be cost-effective because when the product's price is less, the demand automatically increases. Productivity is essential for both the suppliers and the consumers. It is because a productive design improves efficiency and effectiveness. Sustainability is the primary concern today because the environment is continuously degrading. The business leaders should use sustainable measures to save and optimally use the resources.