...1. Explain how you determined your brand design decisions. When making brand decisions, I utilized market research as well as the provided statistics in regards to what customers desired in regards to a specific type of computer. Unfortunately, by using this technique, both of my original designs were rated poorly in terms of how they met a customer need. By benchmarking my decisions against my competitors in the subsequent designs, I was able to design a more successful product. Whereas I had focused on the specific and literal definitions of the customer need, my competitor had provided “bonus” items that increased the customer’s overall experience and satisfaction with the product. Based on the needs and wants information provided, the most important features and benefits to the Workhorse market were ease of use, low price, office applications, and after sales service and support. Additionally, the ability to link with other computers, fun to use and fast and powerful ranked somewhat high on the desired list. Based on these preferred features and benefits, my initial design included features to match the top five requirements. I did not include “extra” features to keep the initial production cost down. Similarly, with the Traveler market, the most important features and benefits were portability, the ability to link to other computers, office applications, low price and easy on the eyes. Other notable features and benefits were after sales service and support...
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...A1: Product Design During the course of the year, TCB enterprises had tried to design its products based on what the customers wants. During the test market phase, two line of product was created; the Echelon, aimed for the high end market, and the JetSetter, aimed towards the travelers. These brands were also priced below the price that customers are willing to pay. Discounts were also given to reduce the price even further to attract customers to these brands. In Quarter 2, the decision was made to rename the Echelon line to Mercedes, and a new line, the Workhorse line, was added. This was decided as TCB’s management wanted to cover all three markets in order to gauge the profitability of each market. The Mercedes and Jetsetter lines were modified to align them more towards the customer’s needs and wants. Based on the performance reports from Quarter 2, during Quarter 3, TCB decided to realign all three lines. The Jetsetter line was renamed to Traveller to emphasize that this line is catering to the travelers. Each line was modified based on customer’s feedback, and each line was given the “v2” signature to emphasis on the newly improved version of the lines. The pricing strategy was kept the same, and the advertising campaign was modified to emphasize on the modified lines. In Quarter 4, a new line was added. The Echelon Line was reintroduced during this quarter...
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...A1. Brand Design Decision Traveler Brand The reason for creating a computer for the Traveler is to provide those who are business executives with a device which can be taken on business trips and have all the amenities used in an office computer but compact. The name chosen for this creation is the Phoenix GT which is an analogy to a sports car that has a GT engine. When consumer see or hear GT, they think fast, sleek, and finely tuned machines. This is the brand image that we want all executive to think about when purchasing there laptop. The market was in need for a design which the target market could feel confident about. Traveler Brand Functionality The Traveler Brand is the most top of the line laptop in its class. The GT comes with a 4th Generation Intel Core processor which allows the computer to operate without lagging transition from one program to the next. This comes in handy when executives are running meeting remotely and need to access additional programs as a part of the presentation. Comes with 8GB DDR3 SDRAM at 1866mhz to retrieve information from multiple file storage location in the hard drive. As for the hard drive, this model comes with 512GB made by Solid States. The amount of GB’s supersedes most desk top computers which are why this is the preferred choice of executives. Imagine having enough GB’s where you can download projections and diagrams of every project without worrying about space to store vital business information while traveling. ...
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...Task 2 Supply Chain Western Governor University A1. Brand Design Decision Traveler Brand The reason for creating a computer for the Traveler is to provide those who are business executives with a device which can be taken on business trips and have all the amenities used in an office computer but compact. The name chosen for this creation is the Phoenix GT which is an analogy to a sports car that has a GT engine. When consumer see or hear GT, they think fast, sleek, and finely tuned machines. This is the brand image that we want all executive to think about when purchasing there laptop. The market was in need for a design which the target market could feel confident about. Traveler Brand Functionality The Traveler Brand is the most top of the line laptop in its class. The GT comes with a 4th Generation Intel Core processor which allows the computer to operate without lagging transition from one program to the next. This comes in handy when executives are running meeting remotely and need to access additional programs as a part of the presentation. Comes with 8GB DDR3 SDRAM at 1866mhz to retrieve information from multiple file storage location in the hard drive. As for the hard drive, this model comes with 512GB made by Solid States. The amount of GB’s supersedes most desk top computers which are why this is the preferred choice of executives. Imagine having enough GB’s where you can download projections and diagrams of every project without worrying about space to...
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...Task 2: Marketplace Simulation Evaluation Section A: Simulation Results A1: Explain how you determined your product design decisions in the simulation. During the simulation, I used two pieces of information to design my products by. The first was the initial information provided in quarter one in the section “Market Research – Customer Needs.” I decided to focus on two groups and create two products. I choose the features of each product based on the market research ratings for each of the features and attempted to create names for each of the products that would appeal to the product’s target group. For example, the Workhorse group needed an easy to use computer, loaded with office applications. For them, I created a machine based on their needs called the “Workforce-LS,” a name which I thought would speak to its intended use. In the following quarters, I looked to sales data, customer needs, and added design options to create new products. I used the sales data to determine what features my competitors were offering which might have enticed customers to purchase their products over mine. I also looked at upgraded design options, such as a larger screen size or faster processors, to redesign products based on the provided customer needs. Overall, this strategy worked as my sales increased with each adjustment made. A2: Discuss whether you would change the target markets you selected if given the opportunity to repeat the simulation. My initial response to this question...
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...JCT 2 Task 3 Having been retained by a group of investors who plan to manufacture and market a line of power hand tools to guide their decisions around the supply-chain, the first order of business would be to recommend adoption of an overall supply-chain strategy. There are many different strategies to choose from. One such strategy would be to use the Many Suppliers strategy where “a supplier responds to the demands and specifications of a ‘request for quotation’, with the order usually going to the low bidder” (Heizer, J. & Render, B. 2010, p. 425). This strategy forces the suppliers into competition with one another and is not very conducive to forming long-term partnerships. Another is the Few Suppliers strategy where the goal is to form long-term relationships with suppliers. “Long-term suppliers are more likely to understand the broad objectives of the procuring firm and the end customer” (Heizer, J. & Render, B. 2010, p. 425). The potential downside for this strategy is huge cost for changing suppliers if necessary and the purchaser also has to worry about supplier performance. The strategy I would recommend for the power tool company would be the Vertical Integration strategy. The goal in using this strategy would be to ‘develop the ability to produce goods or services previously purchased or to actually buy a supplier or a distributor’ (Heizer, J. & Render, B. 2010, p. 426). Vertical Integration can also offer different strategic opportunities...
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...Task 2 A. Analyze your simulation results. Include the following in your analysis: 1. Explain how you determined your brand design decisions. In the first quarter, it was the goal of the company to focus on higher quality products, for a more discerning market willing to pay more. There was a secondary goal to use the prestige of the brand to incite interest in the lower end models that would be offered to the Workhorse level client. It was also the goal of the company to offer an affordable product that offered a higher value for the lower end of the market. With those goals in mind, customers needs were assessed for both sectors of the market to help determine what to include in each brand. For the Mercedes line, the Elite, any item that showed that there was either a clear or marginal need was added to the product. This same process was used for the Workhorse or Pro brand. One thing that was added to create value and differentiation from the rest of the market was each model was to have the fastest processor. Each quarter in the beginning we held almost 25% of the market, with three other competitors, we neither were behind or dominated it. Each Quarter would bring an updated model to each brand, with a focus on needs. Market research would tell of where items hit or missed the mark, and the brands would be redesigned to compensate for the misses. As the fourth quarter approached it became clear that the traveler market was interested in the type of products the company offered...
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...JCT2 TASK-2 A. Analyze your simulation results by addressing the following prompts (A1 through A4). 1. Explain how you determined your product design decisions in the simulation. I designed the first computer to have your basic components, office software, and word, excel, power point etc. Multimedia accessories, you’re standard desktop design with a 15” monitor standard keyboard and standard computing power. The cost, easy to use, what it will be used for, who will use it, how long it lasts and what is unique about it. This can be for the individuals that were just learning how to use a computer or for your high school students that just need a computer to help them with homework assignments that are on a fixed budget. The second one is designed similar to the first on but with a 17” monitor for the more advanced computer individual who works with spreadsheet or designs thus allowing them to have a wider screen to view their projects that they are working on this model would cost a little more due to the monitor size but still priced at a value that an individual can afford. 2. Discuss whether you would change the target markets you selected if given the opportunity to repeat the simulation. The two target markets that I had picked were NY-North American and Pairs-Europe the demand in these two market is very high and they are among the top two cities in the workhorse, Mercedes and Traveler sector I would have included...
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...JCT2 - Supply Chain Management This course supports the assessment for JCT2. The course covers 10 competencies and represents 3 competency units. Introduction Overview In this course, you will be challenged with learning about the integration of activities that comprise a supply chain, from manufacturing goods through retailer sales. Understanding and proactive management of a supply chain is a key skill set for today's business executive. This course focuses on supply chain and distribution channel decisions within a global environment. The Marketplace Business Fundamentals simulation will provide you with the opportunity to apply, in a setting that simulates a real-world environment, a variety of business decisions that must be made when managing a business as a component of a supply chain. Watch the following video for an introduction to this course: Note: View the video in full screen at 720p for best results. Competencies This course provides guidance to help you demonstrate the following 10 competencies: * Competency 326.1.5: Budgets The graduate utilizes budgets and a variety of pro-forma statements for planning and control purposes including analyzing cash flows to assure adequacy of funds for capitalizing on business opportunities. * Competency 327.3.1: Continuous Improvement and Quality Management The graduate applies quality management methods for continuous improvement and proposes various quality improvements in an organization. * Competency...
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...JCT2 Task 1 Supply Chain Management Western Oregon University A1. Cumulative industry results for last four quarters ending in quarter: 4 | | Minimum | Maximum | Average | Lean In Enterprises | Total Overall | 0.00 | 749.39 | 10.85 | 0.09 | Financial Performance | -73.50 | 211.50 | 8.54 | 0.41 | Market Performance | 0.00 | 0.65 | 0.10 | 0.39 | Marketing Effectiveness | 0.00 | 0.82 | 0.20 | 0.60 | Investment in Future | 0.00 | 468.30 | 1.01 | 2.73 | Wealth | -2.12 | 5.21 | 0.41 | 0.78 | Human Resource Management | 0.00 | 0.82 | 0.21 | 0.70 | Asset Management | 0.00 | 2.10 | 0.33 | 1.30 | Manufacturing Productivity | 0.00 | 1.00 | 0.22 | 0.49 | Financial Risk | 0.00 | 1.00 | 0.27 | 0.99 | A2. B1 Until Quarter four I did not fully grasp the purpose of the Pro forma statements. I did not understand that the pro-forma was a projection of your decisions that you were making in the current quarter. Had I closely analyzed my Pro forma statement in quarter two I would have seen that I had set my demand for my sales team at zero and overspent in production. My revenue was not enough to cover the cost of production and overhead. Just by doing the simple math using my Pro-forma sheet I could have quickly assessed that the Revenues of +$990,900 would not cover the Cost of production-$576,338 and an excess capacity cost of -$491,524. Q1 my largest investment was in $470,000 in the sales office. I chose to open offices in Tokyo and New York since the...
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...Managing Internal Cost & Controlling – Developing & Maintaining Quality – Managing Operations JCT2 Supply Chain Task 1 Western Governor’s University Introduction My company name was Arete Sytems. Arete is an ancient Greek term meaning “excellence of any kind”. The choice of name was intended to represent the quality, high-end systems that we would produce. B1. Using Budgets and Pro-Forma Statements to Plan Production Capacity One of my key lessons from this simulation was the importance of working in teams and openly discussing decisions that need to be made before making them. I approached the simulation as the only team member because the simulation didn’t include other participants. In retrospect, I would have assigned other members, at least in my mind, to gain additional team insights. I was not careful enough in setting pricing for my two products correctly in the second quarter when we actually began sales. I priced my high end Mercedes line accidentally at the price I had planned for my mainstream Workhorse line and vice-versa. I did not look closely enough at my pro forma cash flow or income statements to recognize the forecasted loss and as a result did not dig deep enough to see the reasons and to make the adjustments in pricing. I was overly focused on cash at that point to fund production capacity. I discovered the error when evaluating second quarter actuals. Going into third quarter planning, I looked at the pro forma cash flow...
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...JCT2 – Task 1 Western Governors University Table of Contents 1. Financial Statements a. Balanced Score Card b. Income Statement c. Balance Sheet d. Cash Flow Statement 2. General Simulation Analysis a. First Quarter b. Second Quarter c. Third Quarter d. Fourth Quarter 3. Adequacy of Funds 4. Just-in-Time 5. Lean Operations 6. Work Cells 7. Inventory Management 8. Continuous Improvement Program 9. Sources Financial Statements Balanced Score Card Income Statement Balance Sheet Cash Flow Statement General Simulation Analysis Micro Computer Solutions (MCS) performed well below the market standard during its first year. The company failed to establish and defend its position during any of the quarters. “Firms achieve (their) mission in three conceptual ways: (1) differentiation, (2) cost leadership, and (3) response.” (Heizer and Render, 2011). The struggle of MCS can be attributed to failure to invest in its future, and overall financial performance. The company did not design any new micro computers during its first year and the Max and Air had a limited technological life cycle, because they failed to evolve. In addition, the firm was unable to make the necessary adjustments in branding and advertising to meet market demands. MCS manufactures two different types of micro computers, Max 2.0 and Air. Max 2.0 cost $3,160 and was created specifically to cater to the Workhorse demographic. The Air was designed...
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...JCT2 Supply Chain Task 1 B 1. Evaluating my use of budgets and pro-forma statements to plan for production capacity In Ralph Estes's Dictionary of Accounting, a pro forma financial statement is defined as "a financial statement prepared on the basis of some assumed events and transactions that have not yet occurred." (Estes, 1981) Historical financial statements are used to measure an organization's past financial performance and condition. Without historical financial statements, financial analysis and evaluation would not be possible and management, board members, investors, and customers would be largely in the dark about how well an organization has done. Pro forma financial statements are similar to historical financial statements in appearance and use, except that they focus on the future instead of the past and are based upon assumptions rather than hard fact. According to CliveVlieland-Boddy “the construction of pro forma statements is based upon detailed financial projections and the historical relationships between different income statements and balance sheet accounts. A set of current financials serve as the foundation on which the pro forma will be built.” (Vlieland-Boddy, 2011) With starting a new company and brand, I did not have much in the way of current financials to use for helping create the pro forma statements initially. When I did start receiving the reports, the information was hard for me to use for projections due to the lack of a track record...
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...Supply Chain – JCT2 Task 1 Roy C. Vasel Student ID 000298533 Business Simulation for OutFront Computers A. Business financial documents from simulation | | |Cumulative industry results for last four quarters ending in quarter: 4 | | |Minimum |Maximum |Average |OutFront Computers | |Financial Performance |-47.33 |171.31 |1.98 |44.29 | |Market Performance |0.00 |0.60 |0.03 |0.58 | |Marketing Effectiveness |0.00 |0.81 |0.05 |0.75 | |Investment in Future |0.00 |38.98 |0.17 |1.39 | |Wealth |-0.57 |4.26 |0.11 |1.74 | |Human Resource Management |0.00 |0.82 |0.06 |0.78 | |Asset Management |0.00 |2.10 ...
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...JCT2 Task 3 A: Supply Chain Strategy The best strategy for this company in regards to supply chains is known by the Japanese term “Keiretsu”1. “It is part collaboration, part purchasing from few suppliers and part vertical integration.” Your manufacturing company would most “likely be a financial supporter of some or all of your suppliers through either ownership or loans. Members of the Keiretsu are assured long term relationships but are expected to collaborate as a partner, provide technical expertise, and stable quality production”1 to you. What this means to you is the ability to work with suppliers with a relative level of trust. This will allow you to work together on making your power tools a better product to the competition. In addition your company’s goals will be directly tied to the goals of your suppliers. You can share data, collaborate on business decisions, as well as standardize your products and processes. This makes the overall success of your company just as important to your suppliers as to yourselves. You will have to be mindful of a few things. The first is to keep an eye on your entire supply chain and make sure that all of the entities involved are aware of the overall goals. This will help keep the idea of “Local Optimization”1 in check. “Local Optimization”1 is the concept where a supplier or other entity is unaware of the overall goal and its importance and focuses on their own goals which could potentially sabotage the overall efficiency...
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