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To what extent can improvements in productive flow and product quality lead to an increase in sales and profit - Essay Example

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To what extent can improvements in productive flow and product quality lead to an increase in sales and profit? Name: Institution: Introduction In business, the ultimate objective of conducting transactions is to achieve profitability. Every endeavor in business is always carried out with sole intention of achieving what is set out as outlined in business objective…
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To what extent can improvements in productive flow and product quality lead to an increase in sales and profit
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"To what extent can improvements in productive flow and product quality lead to an increase in sales and profit"

Download file to see previous pages Products perform poorly in the market because of a number of reasons. The marketing manager determines all these and devises a plan of ensuring that the product regains its dominance in the market. Product quality is one great determinant of the performance of the product in the market. Manipulation of the product quality has the potential of either improving or decreasing sales. Any market is mostly divided into two; there is a segment that attaches a lot of importance on the quality of a product. These consumers are never greatly concerned with the price of the product. They spend any amount of money to obtain a high quality product. This group of consumers includes the middle and the high-class members of the society. They carry out most of their shopping expeditions in super stores and legitimate outlets. Their buy genuine products most of which are manufactured by famous brands. The second group of consumers is one that have their actions dictated by the price of the commodity. These shoppers attach little value on quality and tend to stick to the basics of either a product or a service. This group constitutes the lower class members of the society. ...
A business therefore needs to evaluate itself and determine its market group. The qualities oriented are unfortunately never the majority in most cases. A product targeting this market will therefore sell small quantity but at high prices. This results in adequate profit to keep the company in operation. The price-oriented shoppers are the majority in every economy; a product targeting them will sell a lot given their big number but at very low prices. Without effective management between the cost of production and the selling price, some of such products incur losses resulting in the closure of such companies. It thus is a prerequisite that a business organization carries out an effective business research to determine its market and all the requirements of the niche (Bogomolova, 2011). The process of improving sales and profits of a particular product begin with the evaluation of the performance of the product. After determining the market segment in which to operate, the investor decides on the quality level of products to produce for the very market. Quality of products is likely to attract more clients but only if the product targeted the quality oriented market segment. Quality of a product encompasses a number of the product features such as product life or even durability. Customers are attracted more to durable products. By increasing the durability of an electronic or the shelf life of some perishable products through addition of preservatives, a company becomes more likely to register improved sales. However, durable products mean that after buying, a client stays away from the shop for a very long time, which may hamper the sales in a way. Another basic way of improving quality of a product is to improve its packaging. The shape, color ...Download file to see next pagesRead More
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