Manufacturers in various industries today are enjoying the convenience and cost-efficiency of computer-aided design or CAD in their product development process. From personal, customized items such as medical prosthetics and jewelry to large-scale production of consumer electronics and devices, CAD has definitely changed the way designers conceptualize and execute their ideas.
Fulfillment is the name of the game when it comes to manufacturing and commercializing products. You might think your business is far removed from the customer, but the reality is that customers order and expect products to arrive quickly. That turnaround time is a key element in staying competitive and successfully commercializing products is recognized. There are many obstacles standing in the way of that fulfillment, the least of which being transportation and operations. Experienced manufacturers and product developers will need to plan around these roadblocks highlighted in this article.
Fulfillment is the name of the game when it comes to manufacturing. You might think your business is far removed from the customer, but the reality is that customers order and expect products to arrive quickly. That turnaround is a key element in staying competitive.
As per a report stated by WHO, around 3.4 million people die from water-borne diseases every year. Taking a note to this scenario, it is important for families to have a reliable RO water purifier system at home. The tap water or the well-water may look clean but is one of the major carriers of diseases. In addition to micro-organisms, drinking water in India also carries dissolved impurities and other contaminants.
The pricing of goods by eCommerce retailers is becoming increasingly more competitive, thus forcing eCommerce retailers to make an extra effort to price their products right. Big online businesses, like Amazon, have the advantage over the smaller businesses, as they can lower their prices in order to try and drive the smaller retailers out of business. In order to survive, the smaller retailers have to develop a competitive pricing strategy for their products.
How does a small retailer go about competing with the biggest eCommerce retailers in the market today? Here are a few tips to improve pricing strategy:
“Say it with flowers,” is the advice that marketing expert Elmer Wheeler gives to businesses in regards to product packaging. The idea being that your packaging has an impact on influencing customers and connects people to your product through showmanship. Basically, the way you package your product adds integrity to what you’re selling.
So, how attractive is your packaging? Could it be improved? When it comes to packaging there are two very important things to consider: cost and design. You want your package to stand out visually, but when you’re shipping hundreds of thousands of items per day, the cost of attractive packaging is significantly high. Still it’s important to stand out, so how does a business ship attractive packages in a cost-effective manner?
Dental Implants? Well, do you know that they play a majorly important role in dentistry. Infact, I wouldn’t be wrong to comment that a large percentage of the total procedures performed in the modern dentistry are almost impossible to carry out without dental implants. This is mostly true for restorative procedures like those where people who have lost their natural tooth or teeth need to get them replaced with the artificial tooth-looking creations. In these procedures, making the artificial tooth is not actually as complicated. It does not require equipment nor skill of more than a dental technologist. The tooth making can be termed as also an artistic venture which a partly skilled person with the right tools can carry out too.
When it comes to the argument of vaping vs. smoking, the one that wins is most often the lesser than the two evils. According to recent studies, it has been seen that vaping is slightly better than smoking but that doesn’t mean that vaping is all about benefits without any disadvantages. Unlike smoking, vaping involves inhalation of vaporized e-cigarette liquid which consists of nicotine, water and a base of propylene glycol or vegetable glycerine and sometimes it also contains artificial flavours. It is due to the lack of smoke inhalation that many users believe that vaping is a much safer alternative than smoking.
If you are involved in construction work of some description, whether professionally or as a hobby, it is likely that you will use a nail gun. Thanks to these tools, you can now complete a job in just minutes that would have took hours in the past. This is because nail guns use collated stainless steel nails, which are highly beneficial to all construction operations. Unfortunately, very few people understand just how many benefits these nails have and how they have actually changed and modernized the construction industry.
There’s no doubting the BMW 3 Series Touring’s credentials as the car of choice for many for work and pleasure. It is particularly popular among businesses thanks to its reliability and cost-effectiveness.
To all our thousands of subscribers, we thank you for being there for us patiently. We have finally revamped the Business Fundas website, after its database crashed at the hosting server. Do mail us your comments and suggestions on how we can improve the look and feel of this blog. A wordpress based new theme has been implemented, and we have made a substantial effort to speed up the page loading time. Also, we have minimized the external links to social media directly. Hope all these changes would ensure a better readability from all places, including work.
Pricing is one of the key components of services marketing. Service providers like that of telecom service providers, often are at a major dilemma, how to price their offerings? What would be a sensitive price point for converting a potential target customer into an actual consumer? The divide between perceived value of a service and its perceived cost would often vary across segments of customers for the same service offering.
So how should a pricing manager go about pricing network services?
Typically some of the more classical approaches in pricing Telecommunication Network Services are as follows:
- Maximization of consumer surplus
- Welfare maximization
- Peak load pricing
- Pareto optimal pricing
- Ramsey prices
- Cost based pricing
Here the objective of the pricing manager would be to set a pricing technique which depends on measurable parameters
- Fully distributed cost pricing (preferred by regulator)
- It may obscure the fact of inefficient technology
- Over provisioning of infrastructure
- It may be costly to implement
This pricing technique must ensure that if not at an individual service level, at least at a service bundle level, the price bundles post consumption must be profitable to the service provider.
Another major challenge for the pricing manager is how to apportion the cost when same resource produces two services (voice and video). This becomes extensively critical when a cost based pricing mechanism is used. It is important to note at this point that decisions, if not prudently taken, would turn a Business Unit of the service provider into a potential cost center without strategic deliverables. Cost apportionment is especially problematic and questionable in an industry marked by production not directly proportional to input materials (as all services are, where the intellectual capital matters a lot more than tangible artifacts).
To take care of this challenge, one may approach this dilemma using the following approaches:
- Subsidy free (very difficult to decide on the price)
- Sustainable (Ramsey pricing)
- Activity based costing : It is based on a hierarchy of four levels and is a refinement of FDC approach
Another major issue is Pricing Services Bundles. Pricing is a major decision point in the adoption of service bundles, especially when the key differentiators are extremely intangible in nature. That again is another ball game. If you find that interesting, you can go through the following article of mine: A Model for Bundling Mobile Value Added Services using Neural Networks, 2012, International Journal of Applied Decision Sciences, Vol. 5, No. 1.
Do get back to me if you have any queries.
I would like to thank the entire HostSo team for the support they have provided me. Business Fundas is up and running. The blog appears to be operational again.
Arpan Kar (Editor, Business Fundas)
There are multiple approaches to pricing of information technology products and services. Although pricing strategies differ based on whether the software or system is getting sold as a product or getting leased as a service, there are certain basic generic strategies for pricing the same. These strategies are being discussed in this article.
Product life cycle management (or PLC management) is the sequential formulation and implementation of strategies used by Marketing Professionals as a product goes through its life cycle. The conditions of the market in which a product gets sold changes over time and the issues that arises with the changes must be managed as the product moves through its succession of stages.
So whats the next level of innovation Steve Jobs is going to announce next? The I-Pad appears to be an extended and enlarged version of the I-Phone. Following this trend, we may very soon be introduced to the i-Board and then to the i-Mat from the Apple Innovation Labs.
Time to ask Stevey, Whats next on your cards?
“A market is never saturated with a good product, but it is very quickly saturated with a bad one”.
Henry Ford never said anything wiser. But essentially what is a good product or a bad product.
Technically a product may be great, but it may not meet the requirements of its target segment. Understanding the gap which no products available in the market is fulfilling is one short yet simple strategy to create a good product, and more importantly, a successful brand.
So how should companies go about it? Consumer focused market research is the only solution. So how to go about the same?
- First do an exploratory study to gauge the needs which your target segment may be facing which are yet to be met with.
- Then do an internal analysis to match the firm competencies vis-a-vis the gap faced by the target segment, to propose few product types with hypothetical specifications.
- Do a in-depth interview to review if the proposed product types meet the needs of the segment, or if at all, they are needed. Many products fail because they do not address any market needs.
- Do a conjoint analysis and/or a factor analysis to determine specifically what is required by the target segment.
- Go back to verify if the same matches with the internal competencies of the firm, and do a feasibility study for the proposed project.
Check out what Google has to offer now along with its core offerings in email. Google is planning a launch of its priority inbox, where, each user will mark mails as being more important and less important. Based on the priorities of individual users, obtained from feedback and text analysis of the mails more viewed by the same, incoming emails will be prioritized.
And intelligence ensures that users don’t need to set up rules to make the sorting happen. The feature takes its cues from things like who users e-mail the most and what messages are open and replied to rather than being skipped over.
Priority Inbox is scheduled to be rolled out to all Gmail users over the next week or so. Users just have to look for the “New! Priority Inbox” link in the top right corner of their Gmail account.
HP-Palm has become the hype that the mobile computing world could have done without. Is it really worth the hype? Will this $1.2 billion deal create waves in the already competitive market?
Hewlett Packard, the world leader in laptops (in terms of sales) has its own series of PDAs, less popularly known to the common man. The I-PAQ PDAs sold by HP does not rank among the top 10 PDA brands in terms of sales. With the focus shifting towards handheld computing devices, this may have been a desperate move by HP to claim its place in the competitive industry dominated by the likes of Blackberry, Apple, HTC, Nokia and O2.