Depending On The Demand For The Product â€Myassignmenhelp.Com

Question: Discuss About The Depending On The Demand For The Product? Answer: Introduction Whos it is a gadget that is very useful for the household these days. Safety and security had always been a matter of concern for most of the households. Sometimes the owners of the house feel unsecured as in if they open the door there might be some stranger or rogue who can tend to be harmful. For this reason, the ABC company has introduced their new gadget whos it. This gadget is an innovative product which will hit the market very soon and will be spread worldwide too, depending on the demand for the product. This will make life easy for the elderly people who are unable to run to the door every time the doorbell rings. The gadget will be provided with other accessories to give full support as required. Other accessories include a remote with a screen and a set of batteries for the remote. There will be a speaker too which will be audible in every nook and corner of the house (Baden-Fuller Haefliger, 2013). Goals and objective The goal of ABC Company is to deliver the best in convenience, quality and value for their customers. They have employed 500 people in two of their stores to manufacture the product. They have also recruited an additional 100 people who will work as suppliers. They have previously gained the trust of their business partners by providing high quality goods and services. The ABC Company has never remained stagnant which is their most interesting part. They always keep on changing their goods and services and try to introduce something innovative every year. They always try to place their operations on technology, demand and choice of the customers. They have done a market survey before introducing their new product with the aim of expanding their market (Bergek et al., 2015). They have tried to respond to the new changes by placing the customers as the first priority in the business, paying attention to their needs and want and create something new and innovative methods for improving the quality of shopping. In the recent years it can be seen that technology has played a big impact on any business. This innovative product has also used technology to its extreme. They have invested in a unique area where nobody has invested before. They have taken a wise decision by investing in such a product that will easily attract the people and will have a high sale with profit. Their first penetration in the market will determine whether their supply will be able to meet with the demand or not (Binz, Truffer Coenen, 2014). Market Analysis Target market The target market for the company will include any one in general because it is not so expensive that people of low income group will not be able to afford it. Still these gadgets will be targeted mainly for those households where elderly people resides or those women who has to live alone or any person who has problem in walking. Market size The ABC Company has invested almost a million dollars for this new and innovative product. This investment can be considered as the highest till date as compared to their previous innovations. This shows that they were determined beforehand only to capture the target group with their new and innovative product (Camisn, Villar-Lpez, 2014). Market growth Previous research and the product details of the company have shown that they are highly competitive and concentrated. They are increasing rapidly to move ahead of their fellow competitors without even giving them a scope to participate in the competition. Market profitability ABC Company can be considered as one of the most important profit- makers in a slow and low cost market. They were fortunate economics that they did not have to struggle with their new products as compared to other companies. They kind of dominated the market when the new product whos it was introduced (Coccia, 2014). Market trend Australia got a special insight in the future of technological market because of the new innovation of the ABC Company. They have painted a picture for other companies as what should be the market of technology in the coming years. Key success factors There are different success factors of the ABC Company such as their dedicated practices which have never ceased to amaze their customers. Their deep experience also counts when it comes to strong sustainability consulting skills. Competitor analysis It can be said that with respect to the innovative product the ABC company did not have such tough competition as they had brought forward such a unique product which none of the companies have thought of before (De Massis, Frattini Lichtenthaler, 2013). Competitor comparison ABC Company had already made a place for them in the market with more than 100 stores spread in Australia. They are trying to expand in other countries too with their new and innovative product. They have started the competition with other companies and very soon they are going to be in the lead. Strategic differences ABC Company has used the strategy of low price with their new product which has made them stand at a distinguishing place than other technological companies. They have kept their prices low which would target more customers and that will help them in expanding their market globally. This strategy has kept them ahead of the competitors because other companies have kept their product price high which made many customers avoid the products (Perez, Popadiuk Cesar, 2017). Marketing plan Marketing plan of ABC Company refers to the fundamental goal of attaining a sustainable competitive advantage and increase in sales. The recent marketing plan has helped them to increase their sales as well as the profit tending to put it at the top of the technological industry. SWOT analysis Strength- Their strength is that they are almost on the leading position which will encourage the ability of the company in gaining an advantage in the competition by means of their strong resources. Weakness- the impact that they might have on the customer can be considered as their weakness. This is because they have only presumed that their new product will affect the sales of the company but they are not sure of that. Opportunities- They have a good potential growth in the Australian technological industry and certain factors like computerization advances in the technical field will be able to change the lifestyle of the customers. Threats- There might be high level of competition in the technological industry worldwide. They can face a challenge in expanding their market throughout the world. Organizational plan ABC Company is a popular brand in the technological sector of the Australian region. Their expertise ranges from different gadgets which are essential in daily lives. The structure of the company needs to be identified before drawing any conclusion about the operation management principle. The principle that the company follows is coordinated contraction where exists a primary contractor. Sub contracts are the given contract for certain jobs in the ABC Company. The sub- contractors are given instructions about the production of various goods. Sometimes ABC can take the responsibility of making the raw materials available and planning and controlling the sub- contractors. The sub- contractors also make the tools and equipment available which are essential for the trade (Kogan et al., 2017). Financial plan Budgeting comes first in financial plan. ABC Company needs to work on identifying and prioritizing the medium which will lead to long term personal goals. They also observe their bills to keep a track on how much are they spending and what can be cut down. They also keep a look on their debts that provide the highest interest rate and do the payment as per the priority. They have created a realistic firm budget to determine their saving capacity compared to the competitors. It is a well- appreciated system of giving rewards after reaching the budget milestones. If they can maintain their financial plan accordingly then it will be not so hard for them to rule the technological industry in Australia and other areas (Sandn, Hekkert Negro, 2017). Conclusion ABC Company is a technological company which benefits people regarding gadgets and other electric appliances. Their target is to bring middle class products in the homes of working class. This technological company targets the both the upper middle-class households and working- class population. They have positioned their product at a low price for shopping benefits of the customers. As this is a safety product therefore they made sure that this should be available and accessible to one and all. They can be regarded as the pioneers to introduce the innovative and unique model whos it. This well- known company operates a number of subsidiaries and has their own store brands. With strong brand name comes, efficient operations. Reference Baden-Fuller, C., Haefliger, S. (2013). Business models and technological innovation.Long range planning,46(6), 419-426. Bergek, A., Hekkert, M., Jacobsson, S., Markard, J., Sandn, B., Truffer, B. (2015). Technological innovation systems in contexts: Conceptualizing contextual structures and interaction dynamics.Environmental Innovation and Societal Transitions,16, 51-64. Binz, C., Truffer, B., Coenen, L. (2014). Why space matters in technological innovation systemsMapping global knowledge dynamics of membrane bioreactor technology.Research Policy,43(1), 138-155. Camisn, C., Villar-Lpez, A. (2014). 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