nswer # 1
1.Price: In our day to day routine observations, we often see that a lower price would attract more customers provided the product or service fulfils its intended use. Lower price helps an organization to increase its customer base.
2. Quality: is an important dimension by which superior raw materials as well as high Skillman ship would ensure that product manufactured or service developed is offered to the customer with something extra. That something extra is nothing else but Quality. Quality is always offered free of cost, we will discuss this when we study in details Quality Management and Total Quality Management.
3. Product Differentiation refers to special features that make the product or service look more suitable to the customers like an automobile manufacturer decides to provide GPS system to selected customer at an additional price etc.
4. Flexibility: is the ability to respond to changes. It may refer to changes in target sales, product feature like adding GPS device to all automobiles
5. Time: refers to the period required to provide a product or service to a customer from the moment the order is booked to the delivery, also time required to rectify a shortcoming or mistake.
Answer # 2
•Timely. The forecast should be timely. Indicating that forecasting horizon should provide enough time to implement possible changes. Capacity cannot be expanded instantly it requires some time to plan, coordinate and increase the required resources.
- •Reliable. Forecasts should be reliable meaning that it should work consistently. A forecast that is partially correct will succeed at sometime and sometime fail making the end users question the purpose and intent of forecasting.
- •Accuracy. Forecasts should be accurate. In fact it should carry the degree of accuracy, so the users are aware of the limitations of the forecast. This will also help the end users to plan for possible errors and provide a basis for comparing the forecast with other alternative forecasts.
- •Meaningful Forecast should be expressed in meaningful units. Financial Planners will use Rupees to show how much capital would be required; Mechanical Project Schedulers would require Forecasts to carry the type of machines and crafts of technicians required.
- •Written/Documented. The forecasts should be presented in writing. A documented forecast always provides a chance to measure the variance between estimate and actual result at a later stage.
- •Simple to understand and use meaning that Forecasts should not be dependant upon usage of sophisticated computer techniques or task specific highly qualified technical personnel. A failure or limitation on the part of this can lead to an incorrect decision and less acceptance amongst end users.
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