Answer to Question #242029 in Management for Zarah

Question

1. Brief explain the 'product life cycle approach strategies' for Oder Winner.

2. Brief explain value adding process in

1. a Bank 2. a hospital 3. a rice mill

3. Brief note. How to Operation Technology improves Productivity and Competitiveness in Sri Lankan furniture Industry. Using examples.

Answer 1

1) The product life cycle contains four distinct stages: introduction, growth, maturity and decline. Each stage is associated with changes in the product's marketing position. You can use various marketing strategies in each stage to try to prolong the life cycle of your products. Order winners are the competitive advantages such as quality, delivery speed, reliability, product design, flexibility, and image that cause a firm's customers to select that company's products or services. It is the main reason why customers purchase a company's product.

Product introduction strategies for Oder winners included skimming and penetration skills which aimed to establish a clear brand identity.

Product growth strategies involve improving product quality, adding new product features or support services to grow your market share, entering new markets segments, keeping pricing as high as is reasonable to keep demand and profits high, and increasing distribution channels to cope with growing demand. Oder Winner utilized the strategies efficiently.

Product maturity strategies involves market modification and product modification.

Product decline strategies. At this stage there is declining sales and profits which is normally caused changes in consumer preferences, technological advances and alternatives on the market.

2) Value adding refers to a process or step within a process which transforms raw materials or work in progress into much more valuable goods and services to customers downstream.

Banks add value by holding more risky assets, and they count all fee income as value added even if the fees simply compensate banks for bearing risks.

In hospitals, Adherence and disease management programs. Reimbursement assistance. Data products for payers and manufacturers.

Rice mill, products such as ready-made mixes (dosa and idli) and noodles have huge potential in the export market. In addition to white rice, milling also produces bran and husk as by-products.

3) Technology can help furniture manufacturers improve production management but, choosing the right solution can be difficult. There are many different solutions on the market; standalone software serves a specific purpose such as CRM, Inventory and Production Management, whereas an integrated system such as ERP software has a range of functionality. the advancement of technology and the internet has made changes develop faster and faster, making them even more difficult to assimilate and follow. Furniture follows this trend, be it in the way of designing, manufacturing, or even selling products.

In Sri Lankan furniture Industry, Operation technology has led to productivity and competitiveness in the market increasing sales through exports and local sales through 3D printing, Augmented reality, internet of things, artificial technology improving the designs and quality of the furniture. This has led to increased comfort increasing its competitiveness.