Critical Path Method
The critical path is the longest succession of tasks that has to be successfully completed to conclude a project entirely. The tasks involved in the sequence are called critical activities, as any task getting delayed will result in the whole project getting delayed. To determine the time duration of a project, the critical path has to be identified. The critical path method or CPM is used by project managers to evaluate the least amount of time required to finish each task with the least amount of delay.
Cost Analysis
The entire idea of cost of production or definition of production cost is applied corresponding or we can say that it is related to investment or money cost. Money cost or investment refers to any money expenditure which the firm or supplier or producer undertakes in purchasing or hiring factor of production or factor services.
Inventory Management
Inventory management is the process or system of handling all the goods that an organization owns. In simpler terms, inventory management deals with how a company orders, stores, and uses its goods.
Project Management
Project Management is all about management and optimum utilization of the resources in the best possible manner to develop the software as per the requirement of the client. Here the Project refers to the development of software to meet the end objective of the client by providing the required product or service within a specified Period of time and ensuring high quality. This can be done by managing all the available resources. In short, it can be defined as an application of knowledge, skills, tools, and techniques to meet the objective of the Project. It is the duty of a Project Manager to achieve the objective of the Project as per the specifications given by the client.
Reflective Paper 1
Mulling over M & M
In the 1930s Spanish Civil War, Forrest Mars saw soldiers eating chocolate pellets
with a hard shell to carry these chocolates easily without the risk of melting. This gave
him an idea, and the M&M’s Plain Chocolate Candies were introduced in the USA
market in 1941.
The product was a hit with the American soldiers and U.S. Army became its first big
customer as it gave the soldiers an option to carry chocolate in tropical climates without
melting. In 1949, the brand introduced the tagline “Melt in your mouth, not in your
hand,” and this led to a considerable increase in its sales because it delivered on a
solid insight, especially from parents who did not like to see their children making a
mess when eating chocolate. M&M’s are button-shaped chocolate-filled candies with
hard shells surrounding a filling which varies depending upon the type of M&M’s. The
product is available in various colors – red, yellow, orange, brown, green, and blue.
Initially, there was only one M&M Plain Chocolate candy that had a semi-sweet
chocolate filling. Then, in 1954 M&M’s introduced a variation through the launch of
Peanut Chocolate Candies.
Within a decade, the brand became so popular that M&M’s started stamping each
candy with the letter ‘m’ to help the customer find the real M&M’s from inferior imitators.
They started marketing this through the campaign ‘Look for them on every piece.’
Incidentally, the initials of M&M’s are inspired by the names of its creators – Forrest
Mars and Bruce Murrie.M&M’s knows that the consumer profile, taste, and
expectations are constantly changing, and they want to be relevant to this everchanging
market. They have always kept up with the trends, surprising their
consumers by taking steps to be a part of the culture be it with their innovative product
ideation or their communication campaigns.
As the brand custodian for M & M reflect on the following –
1.) Reflect on the salience of brand strategy followed by M & M globally and identify
the brand’s positioning approach.
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