AYS Corporation’ is an Italian established multinational conglomerate that designs and sells ready-to-assemble furniture, kitchen appliances and home accessories, among other useful goods and occasionally home services. The company is well known for its modern designs for various types of appliances and furniture, and its interior design work is often associated with an eco-friendly simplicity. In addition, the firm is known for its attention to cost control, operational details, and continuous product development. They are currently operational in 10 countries mostly in Europe and North America. Recently, they have opened a store In Mumbai, India and it has been extremely successful there. As there is a successful entry to the South Asian market, AYS decides to open one of their stores in Dhaka, Bangladesh and start operation in 2022. Question: As the company starts its operation in the Bangladeshi market, many consumers pass through different stages before and while making the decision to purchase or not purchase a new product. Your cousin who is fond of modern furniture and considers himself as a potential customer for the company. What are these five stages in the adoption process that he goes through? What happens in each of them considering the given case? Provide examples for each step.
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.
‘AYS Corporation’ is an Italian established multinational conglomerate that designs and sells ready-to-assemble furniture, kitchen appliances and home accessories, among other useful goods and occasionally home services. The company is well known for its modern designs for various types of appliances and furniture, and its interior design work is often associated with an eco-friendly simplicity. In addition, the firm is known for its attention to cost control, operational details, and continuous product development. They are currently operational in 10 countries mostly in Europe and North America. Recently, they have opened a store In Mumbai, India and it has been extremely successful there. As there is a successful entry to the South Asian market, AYS decides to open one of their stores in Dhaka, Bangladesh and start operation in 2022.
Question: As the company starts its operation in the Bangladeshi market, many consumers pass through different stages before and while making the decision to purchase or not purchase a new product. Your cousin who is fond of modern furniture and considers himself as a potential customer for the company.
- What are these five stages in the adoption process that he goes through? What happens in each of them considering the given case? Provide examples for each step.
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