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Forecasting is an imperfect science, but it is also a necessity for most businesses. That's particularly true when it comes to supply chain management.
Proper forecasting helps ensure you have enough supply on hand to satisfy demand. Business analysts use supply chain management systems and other tools to forecast demand weeks and months in advance. Supply Chain Management Businesses have to be on point when it comes to meeting the demand of its customers and ordering the supplies needed to do so.
An overestimation of demand leads to bloated inventory and high costs. Underestimating demand means many valued customers won't get the products they want. Supply chain management is the process by which a company ensures it has just enough supply to meet demand.
According to the Association for Operations Management APICSsupply chain management involves the "design, planning, execution, control and monitoring of supply chain activities.
Forecasting Forecasting demand, and coordinating activities to meet demand, are full-time jobs. Companies with global operations use sophisticated software and systems to forecast demand, but your small business can forecast supply chain needs using simple techniques.
The methods of moving averages and exponential smoothing try to smooth out demand to allow for seasonality in the results. With moving averages, you drop the oldest sales numbers and add newer numbers, making the average move over time.
For example, to calculate sales over a four-week moving average, add weeks two through five, drop the sales from week one and divide by four. Exponential smoothing is similar to moving averages except that older data receives progressively less weight and new data receives greater weight.
Metabical: Pricing, Packaging, and Demand Forecasting for a New Weight-Loss Drug by John A. Quelch, Heather Beckham Metabical: Positioning and Communications Strategy for a New Weight Loss Drug (Brief Case) by John A. Quelch, Heather Beckham. Weight loss supplements are the preferred weight management product in this region and are estimated to reach sales of US$ million in Much of this growth is attributable to Russia, where product offerings and promotions have developed substantially, led by Poliaris’ new brand Reduksin-light. Cambridge Sciences Pharmaceuticals (CSP) has developed Metabical, the first FDA-approved weight loss drug targeting overweight individuals with a BMI≤ Marketing director, Barbara Printup, is tasked with creating a successful forecasting, pricing, and packaging strategy that will yield a minimum.
When there is definitive trend, however, the moving averages and exponential smoothing forecasts might lag behind the trend. High Inventory If your business overestimates demand, it ends up with more inventory than it needs. This can increase your labor and storage costs if workers have to move this inventory to another storage facility to make way for new inventory.
If your business supplies perishable goods, you might incur a further loss due to deterioration of unsold inventory. In such a case, you might need to sell inventory at a discount, which reduces your company's profit margins and income. Shortage of Inventory Suppose you suddenly find yourself inundated with large orders.
This is a nice problem to have — if you have enough inventory to meet demand. It's not so nice if you didn't forecast how much supply you would need and end up with an inventory shortage.
In such a case, some customers might take their business elsewhere. One option is to make a large, last-minute rush order, but this usually leads to much higher supplier prices, which reduces your profit margins and net income.
Insight Supply chain management SCM software can help facilitate the process of forecasting and measuring the supply chain synchronizes the supply and demand cycle through the use of real-time information. As a result, inventory is less likely to sit unused.
For example, a baked goods manufacturer using SCM software can monitor its inventories and place an electronic order to its suppliers in anticipation of a spike in demand.
Experience is also an asset when it comes to managing your supply chain. Having years of demand data helps you better predict future demand.Packaging and Pricing Strategy for a New Weight Loss Drug. Question # Report this Question as Inappropriate Question.
case: Metabical: Packaging and Pricing Strategy for a New Weight Loss Drug. 1.
What are the pros and cons of the forecasting methods presented by Printup? If you had to estimate demand for this product, how would. This case can be used separately or in conjunction with Brief Case #, Metabical: Pricing, Packaging, and Demand Forecasting for a New Weight Loss Drug.
Cambridge Sciences Pharmaceuticals (CSP) expects final approval for its revolutionary weight loss drug, Metabical. Instant Beverage Premix Market is anticipated to witness significant growth owing to the increasing product awareness pertaining to health benefits coupled with ease of usage.
Product innovation and design differentiation is one of the key factor driving the market growth. Flavor varieties, attractive packaging and design are among the key lucrative factors fueling demand. What this all led to was the development and exploration of a series of useful consumer decision-making strategies that can be exploited by marketers.
For each product, marketers need to understand the specific decision-making strategy utilized by each consumer segment acquiring that product. Metabical: Pricing, Packaging, and Demand Forecasting for a New Weight-Loss Drug. Metabical: Pricing, Packaging, and Demand Forecasting for a New Weight-Loss Drug Post a Question.
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Cambridge Sciences Pharmaceuticals (CSP) has developed Metabical, the first FDA-approved weight loss drug targeting overweight individuals with a BMI≤ Marketing director, Barbara Printup, is tasked with creating a successful forecasting, pricing, and packaging strategy that will yield a minimum.