Operations Management For Dummies Answers Assessment Answer

e for the firm on own terms and conditions (Thomas 2013). The business should get benefit through the single sales as well as expense forecast, or either the profit and loss. The business always requires coming up with cash flow, business ratios, and balance sheet. Therefore, business should keep going as per these requirements (Thomas 2013).

Briefly, define what a product master plan is

Product master plan for the product or either for the product line is a document repository (Cunha and Manuela 2010). It includes various subdocuments, such as current, historical, as well as strategically oriented ways (Cunha and Manuela 2010). It includes a plan of record for both the future and present activities of the product. It’s also referred as the collection of programs, communication mechanism, as well as learning tool across the company, as well as all across the generation of the product team and product managers (Cunha and Manuela 2010).

Provide an overview of what such a plan consists of

Product master plan is made for the start-up retail company named as Booming Boutique that is mainly set up for selling the fashionable clothes for the women and the kids (Cunha and Manuela 2010). The initial goal of the company is to open the boutique, then expand the plan, which includes franchising the retail store or either building the famous brand name (Cunha and Manuela 2010). The product of the company will be entirely focused over styling, colours and will fit the needs of customers. To build a competitive position in the market, the company will learn the focus on marketing activities (Cunha and Manuela 2010). To (or “intending to”) target the mass population, the group will organize and marketing campaign, which covers up print advertising, local media storage as well as direct mail campaign (Cunha and Manuela 2010). The company will aim to keep the marketing budget to not above 5% of the gross yearly sale, and they will even try to partner with the downturn merchants association and chamber of commerce (Cunha and Manuela 2010).

Justify the value of each section as you go along

The first step of the plan emphasizes over the few starters components (Ann, Anderson, Anderson and Parker 2013). The problem which we will solve of our customers, mission statement, solution, as well as market analysis will be undertaken for understanding the business (Ann, Anderson, Anderson and Parker 2013). Not every start-up is that single, rather most of them require product packaging, development, signage, retail fittings, websites, equipment for office and even the payroll of years for starting the sales (Ann, Anderson, Anderson and Parker 2013). Unless one is wealthy to finance the cost, one requires dealing with the bank loans as well as investors for the business. Booming Boutique will try to earn its revenue through the purchase of the product made by customers (Ann, Anderson, Anderson and Parker 2013).

The company will even generate the revenue through the sale of clothing as well as through various other merchandise (Ann, Anderson, Anderson and Parker 2013). In the first year, it is expected to go around $285000, and the projected sales will be surpassed by around $525000 by the year end (Ann, Anderson, Anderson and Parker 2013). Retail business is considered as the reliable company that gets change, and even styles get change and demands of the customer. The retail industry product master plan is necessary as it keeps on exploring the pleasant customer experience of shopping (Ann, Anderson, Anderson and Parker 2013).

Remember to clarify to whom the plan will be of value, and why

Product master plan made for booming boutique, which is the business of consumer retail organization. The company target on the female and kids (Ann, Anderson, Anderson and Parker 2013). The company plans to focus on attracting the young women having the peripheral products. However, the portion of the enterprise stress over the young generation (Ann, Anderson, Anderson and Parker 2013). It is important for the company not to provide the products, which are exclusive with the old audiences (Ann, Anderson, Anderson and Parker 2013). There are presently more than around 7.5 million boomers of a baby that stay in America (Ann, Anderson, Anderson and Parker 2013).

This boomer is better explained as the generation that is born between the years 1946-1964 (Ann, Anderson, Anderson and Parker 2013). In this half of the population is of female (Mukhopadhyay 2015). The company gives more value to the convenience, uniqueness, quality as well as service (Ann, Anderson, Anderson and Parker 2013). Price definitely becomes the factor in the process of decision making. Simultaneously, they are always considered as the generation of philosophy that is based on purchase now and pay later (Ann, Anderson, Anderson and Parker 2013).

Provide a summary of the overall value of the plan

This program is helpful for the company for planning for every activity of the project, whether it’s the operations or financial budgeting of the business (Boone and Kurtz 2014). Through this plan, the company will be able to secure their merchandise through all the domestic manufacturers (Boone and Kurtz 2014). To control the cost, manage the stock level as well as track the inventory, the company will be able to prepare an inventory control system, while planning for the business in beginning (Boone and Kurtz 2014).

References

Ann, M., Anderson, M.S.E., Anderson, E. J., and Parker, G. 2013. Operations Management For Dummies. John Wiley & Sons

Boone, L. E., and Kurtz, D. L. 2014. Contemporary Marketing, Update 2015. Cengage Learning

Cunha, C., and Manuela, M. 2010. E-Business Issues, Challenges and Opportunities for SMEs: Driving Competitiveness: Driving Competitiveness. IGI Global

Mukhopadhyay, S. K. 2015. Production Planning And Control: Text and Cases. PHI Learning Pvt. Ltd.

Thomas, C. 2013. ECommerce MasterPlan 1.8: Your 3 Steps to Successful Online Selling. SRA Books