The product planning strategy

Week IV Assessment Questions
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Week IV Assessment Questions
Question 1
The product planning strategy is a continuous process of articulating and identifying the requirements in the market that define the features of the product. It is a basis for making decisions concerning pricing, distribution, and promotion. There are three main strategies in product planning, Chase, stable workforce-variable work hours, and level production. Pure strategies use only one of these product planning throughout the process, while the mixed strategy uses two or more approaches in strategic product planning (Baxter, 2018).
Question 2
The demand for the product can change because of changes in prices, changes in consumer preferences, income levels, advertisement incentives, offers, and expectations on future prices (Charter, Gray, Clark, & Woolman, 2017). The way different entities influence demand is outlined below:
Supermarkets – the influence demand by offering items on sale, free giveaways, and regular seasonal sales such as “Festive Offers.”
Airlines – the demand for airlines is influenced through age rates, excursion rates, charter flights, offering meals and snacks, packages for tour agencies, free drinks, linking with hotels and accommodation services, and airport rides.
Hospitals – personal doctors and practitioners recommend healthcare facilities to their patients. Therefore, healthcare organizations provide free office spaces, nursing assistants, lab equipment, and patient billing to physicians. Moreover, the hospital also promotes its services through advertisements including room rates, standards of care, licensing, and testimonials from previous patients.
Banks – banks influence demand for their services by offering gifts to new customers, safety deposit cases, free financial advice, membership to clubs, and access to executive lounges for depositors.
Cereal Manufacturers – The main avenue of influencing demand is through Television and radio advertisements, sponsorship of children and teens events, free prizes in the cereal boxes, and utilizing the prime display spaces in shopping centers.
Question 3
The SAP software is very different from traditional business accounting, planning, and controlling software. It is essential in updating information in the information technology field. The software assists in creating and planning for decision making, as well as an accounting of the firm. Notably, the SAP software updates all relevant information every time. An individual can access the information everywhere and provides all these on time. If there are any changes from the people can easily know the changes in plans. On controlling, the managers can measure all the feedbacks and make better decisions (Erkut, 2016).
Question 4
The Enterprise Resource Planning can link all areas of a business when linked correctly. In this regard, every individual will be able to understand what is goin...