Market Research

When conducting market research businesses need to take risks and may be uncertain on the performance of those risks, however market research allows businesses to minimize the risk. Market research in a dynamic market can be difficult as it can be hard to gauge what is an acceptable metric and one that will not change or become inaccurate. Businesses invest thousands in trying to calculate what the next big trend will be and even more in advertising. Selling Products is the ultimate goal for market research, however it may allow a business to better define its product for market Dynamic… Continue reading Market Research

Stock Control and Resource Management

Just In Time is a lean production technique, It involves ordering a product right as it is about to run out, but before the business has to stop manufacture, this allows a business to work effectively when creating a product that requires a lot of parts and accessories. Raw Materials Work in Progress Finished Goods Bought from suppliers Supplier may not be able to meet demand Supplier could not raise prices Used in assembly or as ingredients Parts for assembly Not Sellable Costs business money to make into product May be a slow process… Continue reading Stock Control and Resource Management