STUDENTS' CORNER - 131

We have looked into supply-demand balance and demand-driven planning that sees to it that no lapse occurs the efficient management of the supply chain.  These strategies in a way are external processes that take care of production to distribution.

The focus of strategy now moves to something subtle like design and attributes of a product.  Your product must remain in the market despite challenges and crises and that is the end of the business. If your product does not continue to find market, the business normally tends to fade, to end. To remain steadfast in the market, the design optimization of your product helps.

What is design optimization?

To put it simply, your product must be able to attract the customers amidst stiff competition. Your product must have some unique quality that the products of the other companies do not offer to the customer. Designing requires technical knowledge and artistic sensibility. For example, if you market soap, then, you have so many parameters to look into, like the size, the shape, the colour and the flavor and also the wrapper with its own design of immediate appeal.  An exact knowledge of the offerings of your competitor is essential to make a right decision of optimizing the product.

When you are optimizing the product design, you must not lose sight of certain constraints that influence your process of design optimizing, such as the environmental concerns, supply chain consideration, so on.  But the most significant facts that do demand your close attention are quality and cost.

And it is the fundamental aspect of business: let customers’ requirements and affordability guide your entire process of product design optimizing. Try to give most with least from the customer.

Another week, another strategy.