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The Vanda-Laye Corporation is the organization that is engaged in producing and distributing outdoor cooking supplies. The company sets high but achievable goals and seeks to gain market excellence in its field of sales. In particular, one of the priorities of the corporation is the introduction of innovative technologies. This production mode is supposed to be realized in making such goods as oven mittens to improve the performance characteristics of this product and overcome the competitive barrier. In the future, it is planned to apply new proprietary developments for other goods of this profile and to reach a higher level of sales.
When coming to new ownership, the operating structure of the Vanda-Laye Corporation has become consistent with the organization specializing in the field of trade. Its top management oversees the work of departments headed by managers who, in turn, control the execution of instructions. The division into structures allows distributing responsibilities and achieving high-performance outcomes.
The proposed changes might have a positive effect on the company’s results if all the measures announced, for instance, the introduction of innovative technologies will be implemented competently. Therefore, it is essential to achieve the realization of the plan and follow the new course.
Market Factors Needed
To assess whether a new strategy for the production and distribution of new oven mittens manufactured with the use of modern technologies makes them a success or failure, specific market factors need to be analyzed. According to Chen, Tang, Jin, Li, and Paillé (2015), one of the main indicators that need to be taken into account is performance. It means that the more goods are produced in a certain period, the potentially higher is the profit. This criterion is significant; therefore, the management of the Vanda-Laye Corporation should consider this parameter.
Another factor that deserves attention when analyzing the market is a competitive advantage. Chen et al. (2015) call this criterion the variable that defines such important aspects of activity as the volume of production, the nature of the marketing campaign, and work with the target audience. Moreover, this indicator may allow determining which innovations should be introduced for the new product (in this case, oven mittens) could meet the expectations of both producers and buyers. Therefore, the parameters considered need to be evaluated in order to obtain a comprehensive picture reflecting the results of activities.
Supply and Demand Aspects
For the successful introduction of a new product to the market, it is required to calculate the necessary parameters of supply and demand in advance. These indicators are essential criteria for obtaining a reliable situation regarding the current sales strategy. As Tate, Mollenkopf, Stank, and Da Silva (2015) argue, “companies that develop demand and supply integration have done far more than merely implement a single initiative” (p. 16).
The evaluation of these factors makes it possible to determine the optimal volume of goods that need to be released in order to prevent a surplus and, at the same time, provide consumers with a sufficient amount of desired products.
With regard to the Vanda-Laye Corporation and its oven mittens, it is necessary to determine what percentage of potential customers are interested in purchasing the new product. For this purpose, surveys and marketing campaigns are necessary to receive a plausible picture of demand. Concerning supply, it is essential to calculate the costs required for the production of a certain share of products and correlate the indicators. In case the results are positive, the proposed innovations will bring profit, and the company will be able to implement the sales plan successfully. Therefore, the relationship between supply and demand is a significant value.
Chen, Y., Tang, G., Jin, J., Li, J., & Paillé, P. (2015). Linking market orientation and environmental performance: The influence of environmental strategy, employee’s environmental involvement, and environmental product quality. Journal of Business Ethics, 127(2), 479-500. Web.
Tate, W. L., Mollenkopf, D., Stank, T., & Da Silva, A. L. (2015). Integrating supply and demand. MIT Sloan Management Review, 56(4), 16-19.