2. List and describe the stages of the product life cycle. 3. What is likely to happen to the price of a product as it ages?
1. At first glance, the procedures of make-to-order and make-to-stock appear to be identical. The main distinction is that production orders in make-to-order are related to one or more sales orders, whereas orders in make-to-stock are the outcome of production planning, which is based on a sales forecast.
Make to Order:
Make-to-order refers to the practice of generating orders based on actual consumer demand and then producing those orders for the specific client who placed the purchase. When the manufacturing process does not need a significant amount of time, such as when it comes to items that can be built rapidly or manufactured in a short length of time, many firms choose this technique.
One of the main advantages of MTO is that it allows firms to produce goods that may be tailored to customer specifications, similar to engineer-to-order manufacturing. This manufacturing method might help you achieve zero inventory and eliminate waste in your business.
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