SU_MBA5004_W1_CP_Dennis_A

docx

School

Independence University- Salt Lake City *

*We aren’t endorsed by this school

Course

5004

Subject

Business

Date

Apr 3, 2024

Type

docx

Pages

Uploaded by amandadennis0905

1 Product Evaluation Amanda Dennis South University MBA5004: Managerial Economics Dr. Zhenhn Jin February 19, 2024

2 Product Evaluation Vanda-Laye Corporation is an outdoor cooking supplies distributor in Biloxi, Mississippi. It has recently come under new ownership and management and will be undergoing several changes in its product lines and operating structure. New Company Goals Vanda-Laye Corporation's company goal is to set the bar when it comes to industry excellence. From production to customer service, Vanda-Lay aims to create the best outdoor cooking experience possible. Through innovation, the Vanda-Laye Corporation searches for ways to improve all of its outdoor cooking supplies, from drop-in gas ranges to oven mittens. With a focus on innovation, one of Vanda-Lay’s priorities is to produce an oven mitten that offers heat protection while maintaining a high level of flexibility, thus overcoming the competitive barriers within the industry. Future goals of Vanda-Laye include utilizing this same oven mitten technology, to produce other outdoor cooking supply goods to achieve a higher level of sales. Operating Structure An organization’s operational structure defines how things get done. It is the combination of operational activities as well as the relationships between them. The operational structure of a business also determines how resources are used and any rules or parameters that limit those activities (Functionly, n.d.). Operational strategies are impacted by internal factors, such as company expansion or the introduction of a new product. In addition, outside competition or regulatory compliance can also impact operational strategies. When changes to the operational structure occur, this can lead to organizational structure changes as well.

3 An organizational structure outlines how certain activities are directed to achieve the goals of an organization (Kenton, 2023). With a focus on innovation, the new owner and management at Vanda-Laye Corporation have adopted a decentralized team-based organizational structure. Each team will work towards a common goal while performing their own assigned duties. New Product Market Factors With a new product, Vanda-Laye will need to determine what market factors will make it a success or failure. These market factors include competition, market size, target audience, competitive advantage, packaging, price, product benefits, and sales motivation. For the newly innovative oven mitten to be successful, Vanda-Laye must ensure the right customers are targeted at the right time. Supply and Demand The law of supply and demand is the theory that prices are determined by the relationship between supply and demand. If the supply of a good or service outstrips the demand for it, prices will fall. If demand exceeds supply, prices will rise (Luther, 2022). If the newly innovated oven mittens are to be a success, Vanda-Laye must determine how much to sell the oven mitten for and how much of the product is made. If the company produces too much or sets the price too high, the launch of the new oven mitten will be a failure. If Vanda- Laye sets the price too low and creates a large backorder for the product, it can also be considered a failure as consumers may not be willing to wait an extended time to receive their items. However, if the company produces enough products to meet the demand, then equilibrium pricing occurs and the product can be considered a success.

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

4 References Functionly. (n.d.). The basics of operational structures . Retrieved February 14, 2024, from https://www.functionly.com/orginometry/organizational-design/the-basics-of- operational-structures#:~:text=An%20organization%27s%20operational%20structure %20defines,parameters%20that%20limit%20those%20activities. Kenton, W. (2023, March 16). Organizational structure for companies with examples and benefits . Investopedia. Retrieved February 14, 2024, from https://www.investopedia.com/terms/o/organizational-structure.asp#:~:text=Types%20of %20organizational%20structures%20include,and%20culture%20of%20the%20company. Luther, D. (2022, July 13). law of supply and demand defined . Oracle Netsuite. Retrieved February 14, 2024, from https://www.netsuite.com/portal/resource/articles/erp/law-of- supply-demand.shtml

Related Documents

Quiz 2.pdf

Destiny Denson DAT640 Final Project.docx

IMAX Inc..docx

DAT650 (Milestone One).docx

casestudy_clipboard.docx

SU_MBA5001_W4_ Dennis_A.docx

SU_MBA5001_W1_Dennis_A.docx

SU_MBA5001_W2_Dennis_A.docx

Unit 5 Case Study Chobani.docx

Management of Criminal Justice Agencies assignment 6.docx

ATMO 1010 - IL-8 - Seth Zacharias.docx

Management of Criminal Justice Agencies assignment 7.docx

Recommended textbooks for you

Purchasing and Supply Chain Management

Operations Management

ISBN:9781285869681

Author:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson

Publisher:Cengage Learning

Management, Loose-Leaf Version

Management

ISBN:9781305969308

Author:Richard L. Daft

Publisher:South-Western College Pub

MARKETING 2018

Marketing

ISBN:9780357033753

Author:Pride

Publisher:CENGAGE L

Marketing

ISBN:9780357033791

Author:Pride, William M

Publisher:South Western Educational Publishing

Contemporary Marketing

Marketing

ISBN:9780357033777

Author:Louis E. Boone, David L. Kurtz

Publisher:Cengage Learning

Principles of Management

Management

ISBN:9780998625768

Author:OpenStax

Publisher:OpenStax College

SEE MORE TEXTBOOKS

Recommended textbooks for you

Purchasing and Supply Chain Management
Operations Management
ISBN:9781285869681
Author:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson
Publisher:Cengage Learning
Management, Loose-Leaf Version
Management
ISBN:9781305969308
Author:Richard L. Daft
Publisher:South-Western College Pub
MARKETING 2018
Marketing
ISBN:9780357033753
Author:Pride
Publisher:CENGAGE L
Marketing
Marketing
ISBN:9780357033791
Author:Pride, William M
Publisher:South Western Educational Publishing
Contemporary Marketing
Marketing
ISBN:9780357033777
Author:Louis E. Boone, David L. Kurtz
Publisher:Cengage Learning
Principles of Management
Management
ISBN:9780998625768
Author:OpenStax
Publisher:OpenStax College