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- QUESTION
Assignment Content
Resource: Industry Overview Grading Guide
Create a 525- to 700-word industry overview.
Include the following:
Explain your design, manufacturing, distribution, and sales chain for a product, or your planned customer experience for a service-oriented business.
Detail your inventory and cash flow systems.
Create detailed pricing and sales strategies.
Format your assignment consistent with APA guidelines.
| Subject | Nursing | Pages | 3 | Style | APA |
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Answer
Industry Overview
Diva in Defense falls operates in the health and fitness industry. In the health and fitness industry, no company deals specifically with self-defense products. Most players in this industry focus on research, development, and manufacturing defense weaponry and technologies. However, the few ones who offer defense products stock unattractive tools that women cannot carry around because they have dull colors and are bulky. As such, with proper supply chain management, adequate inventory and cash flow systems, and better sales and pricing strategies, Diva in Defense stands a chance of becoming the leading seller of self-defense products.
Design, Manufacturing, Distribution, and Sales Chain of Self-defense Products
Product design refers to the process through which a firm formulates a technique to improve its existing merchandise (Gerwin & Barrowman, 2002). Diva in Defense seeks to source its products from reputable manufacturers and suppliers. It intends to maintain an inclusive contribution of every supplier and manufacturer to participate in product design when outsourcing its products. The company will ensure that its product design interface is handled carefully to reduce the costs involved in the process. During its product design, the company will carry out marketing and product promotion to show its product offerings and differentiate such products from those offered by its competitors. Moreover, it seeks to modify its products and protect them through copyrights and licenses. The company will adopt an intensive distribution strategy to distribute its products. Through this strategy, the firm will ensure that its physical stores and electronic commerce websites offer similar products and that its stores perform identical operations. It seeks to use online and non-online distribution channels to reach its target markets. To sale its products, Diva in Defense will use online platforms and traditional methods, particularly personal selling, publicity, and advertising, among others.
Inventory and Cash Flow Systems
Diva in Defense will use various systems to manage its inventory and cash flows. Just in time system will help it maintain its inventory. It will use this system in the form of cross-docking where its trucks and those of suppliers will meet at a designated distribution center where products will be moved from suppliers’ trucks directly to its vehicles and then moved to its respective stores. Through cross-docking, the company will be able to minimize the size of its inventory, reduces inventory maintenance cost, and deliver products quickly to the stores (Huang & Sarigollu, 2012). To manage its cash flow, the company intends to use a management accounting system that will help it determine its initial buying cost of the products and evaluate the effectiveness of its pricing structure. The company will correctly use Vision Suite accounting software to produce general ledger, AR/AP, and check, among others. The benefit of this software is that it is faster, cheaper, and provides accounting statements automatically, thereby enabling the firm to access various accounting statements and make informed decisions related to cash flows (Needles, Powers, & Crosson, 2010).
Pricing and Sales Strategies
Diva in Defense will adopt everyday low prices to attract millions of customers, attain high sales volume, and consequently become profitable in the long run. It is expected that using this strategy will increase the firm’s sales volume and profitability despite its minimal margins and reasonable selling prices linked to its cost leadership generic approach for competitive advantage. Besides the daily low price strategy, Diva in Defense intends to use market-oriented pricing for most of its self-defense products. It will also look forward to adopting the flat rate subscription pricing approach for unlimited deliveries for customers who buy from its e-commerce websites.
As already discussed, Diva in Defense's pricing strategy is one of the critical components of the company's marketing strategy. In particular, its everyday low prices will enable the company to build a reputation as the best price retailer for self-defense products across the world. Besides that, the organization will spend much money conducting marketing, including sales promotion. It intends to advertise and promotes its products using various advertising channels. In particular, it will engage in personal selling to get the views of women regarding these products. It will also offer after-sale services and discounts to customers at least three products at once. Customer service is another sales strategy that the company will adopt to create a positive brand image and gain higher sales volume.
References
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Gerwin, D., & Barrowman, N. J. (2002). An evaluation of research on integrated product development. Management Science, 48(7), 938-953. Huang, R., & Sarigollu, E. (2012). How brand awareness relates to market outcome, brand equity, and the marketing mix. Journal of Business Research, 65(1), 92-99. Needles, B. E., Powers, M. & Crosson, S. V. (2010). Financial and managerial accounting. USA: Cengage Learning.
Appendix
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