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    1. Two mistakes in marketing are not getting feedback from customers and setting prices too low. Two mistakes in financial management are unnecessary business expenses and failing to budget. 2. Four common errors in outsourcing are overestimating cost savings, underestimating the costs of managing outsourcing relationships, selecting a country before understanding objectives, and relying on a single outsourcing provider. 3. Advantages of outsourcing include reducing costs, gaining access to specialized expertise, and increased flexibility. Disadvantages include loss of control over quality and intellectual property risks.

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    1. Two mistakes in marketing are not getting feedback from customers and setting prices too low. Two mistakes in financial management are unnecessary business expenses and failing to budget. 2. Four common errors in outsourcing are overestimating cost savings, underestimating the costs of managing outsourcing relationships, selecting a country before understanding objectives, and relying on a single outsourcing provider. 3. Advantages of outsourcing include reducing costs, gaining access to specialized expertise, and increased flexibility. Disadvantages include loss of control over quality and intellectual property risks.

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    1. Two mistakes in marketing are not getting feedback from customers and setting prices too low. Two mistakes in financial management are unnecessary business expenses and failing to budget. 2. Four common errors in outsourcing are overestimating cost savings, underestimating the costs of managing outsourcing relationships, selecting a country before understanding objectives, and relying on a single outsourcing provider. 3. Advantages of outsourcing include reducing costs, gaining access to specialized expertise, and increased flexibility. Disadvantages include loss of control over quality and intellectual property risks.

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    © All Rights Reserved
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    Download as pdf or txt
    27 views5 pages

    Asynchronous 13

    Uploaded by

    Charles John Dol
    1. Two mistakes in marketing are not getting feedback from customers and setting prices too low. Two mistakes in financial management are unnecessary business expenses and failing to budget. 2. Four common errors in outsourcing are overestimating cost savings, underestimating the costs of managing outsourcing relationships, selecting a country before understanding objectives, and relying on a single outsourcing provider. 3. Advantages of outsourcing include reducing costs, gaining access to specialized expertise, and increased flexibility. Disadvantages include loss of control over quality and intellectual property risks.

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    CHARLES JOHN B.

    DOL ASYNCHRONOUS 13

    1. Give two mistakes in the following functional areas of the business:


    a. Marketing
    ● Not Getting Feedback​: If you create your entire product in a silo, without getting
    feedback from external sources (especially your intended customers/users), you’re that
    much more likely to wind up creating something nobody wants. The way to get around
    this potential pitfall is simple: collect feedback as often as possible in the process. Not
    just from other people internally, but from the people who would actually be using your
    product in their day-to-day lives.
    ● Setting prices too low: We know. Conventional wisdom is that the lowest prices will
    yield the greatest sales, but this often couldn’t be further from the truth. More often than
    not, companies wind up undervaluing their products, selling them at a fraction of their
    ideal price points. Sure, revenue may skyrocket initially, but you won’t be able to sustain
    that level for very long without this approach wreaking havoc on your bottom line.
    Besides, pricing is one of your greatest tools for shaping your audience’s perception of
    your product. Going too low can make it unattractive to quality-conscious consumers,
    implying that it is weaker than its more premium-priced competition.

    b. Financial
    ● Unnecessary Business Expenses: ​Many business owners believe they need to make large
    expenses to separate their brand from their rivals. As a result, they might pay a significant
    sum for the latest technologies, office equipment, or staff salaries.

    It is, however, a smarter approach to adopt a more frugal mindset. For example, invest in
    second-hand products, haggle with suppliers, and find an affordable lease for your office
    or building space.

    Never spend a penny more than you need to, even when your company is generating a
    superb return on its investment. By running a lean business, you’ll have more money
    available to overcome a financial obstacle.
    ● Failing to Budget: ​Many businesses are guilty of failing to budget each month, but it
    could be critical to your company’s success and survival. It ultimately helps a business
    owner to maintain a tight control of their finances, as they will know exactly how much
    money they will need to spend each month and where it is going.

    Without a budget in place, you could fail to account for your tax obligations, insurance
    premiums, office expenses and more. If you spend too much, you may then need to apply
    for a business loan or run up debt on your credit card if you urgently need cash to pay for
    a debt repayment or corporate expense.

    c. Research and Development


    ● Inaccurate Information: A biased population or a poorly formulated research can result in
    false or inaccurate feedback. Plus, market research on new products developments may
    only reveal customer attitudes about your new product such as the intentions to buy it.
    However, these intentions may not translate to actual sales in future. Market research also
    affords you a small focus group, which may give you inconclusive data about your new
    product.
    ● Time Constraint: Market research involves a detailed process of collecting and analyzing
    data, which is time-consuming. Also, for you to have a relevant market survey, you have
    to collect and analyze the data within a given time frame; otherwise it might easily
    become outdated. You also need to make quick decisions regarding the product to gain a
    competitive edge over others before you lose the available market opportunity. Allocating
    all the market research processes in your constrained timetable can be difficult.

    d. Operation
    ● Inflexible to consumer demand: As mass production by definition focuses on the creation
    of one product in mass quantity, it is difficult to adjust to ever-changing customer
    demands if that product’s demand suddenly declines. Within the food industry, it is
    notable that many food products go through peaks and troughs in relation to demand.
    This is hard to predict and can be wasteful if the products are perishable.

    ● Disengaged workforce: The monotony that is the nature of mass production work, in
    turn, could lead to disengaged and unmotivated staff, which if not addressed can lead to
    high staff turnover. If the staff are not rotated frequently and work on the same product
    each day, this could definitely lead to inefficiency in certain aspects of the manufacturing
    process, such as quality control.

    e. Human Resource
    ● Limited awareness of employee rights: You don’t need to know everything about
    employee rights, but you do need a basic level of knowledge. If you don’t, you risk
    breaching the law and having an unhappy workforce.
    For example, an increasing number of people want to work flexibly and they have the
    right to make a formal request to do so. An understanding of the law will ensure you
    respond to those requests in the right way. There is a lot of useful information and advice
    available online (particularly on government websites) to help you understand what
    employees are entitled to, so take advantage of these resources.

    ● ​Poor management of workplace conflict: If there is a potential workplace issue bubbling


    away in the background, tackle it head on. If you don’t address it at the earliest
    opportunity, it could escalate into a full-blown dispute.
    Make sure you follow your grievance policy and encourage those involved in the issue to
    also read and follow this policy.
    Don’t be afraid to put a formal (and documented) plan in place if needed, especially for
    poor performance, as this could save you time and costs further down the line.

    f. Logistics
    ● Failure to separate pickup areas and bulk storage: Most warehouses aim to improve
    productivity by eradicating the waste of motion. A common mistake in warehouses is the
    failure to keep fast pickup areas separated from bulk storage. In such cases, the stock
    takes up the space meant for storing fast-moving products.
    Having bulk quantities and fast-moving products all in one place creates a level of clutter
    that makes it hard to locate urgently required merchandise.
    To avoid this, create a designated spot for placing fast-moving goods away from primary
    stock storage. This way, it becomes easier to keep many different products within a
    restricted space, and bulk quantities in other parts of the warehouse.

    ● Use of outdated technology: Digitization has been a significant booster for logistics and
    supply management. Technology makes it easier to pick out products in the warehouse,
    as well as keep track of goods in transit and in inventory. The use of outdated technology,
    by contrast, means the business can’t properly communicate with clients and provide
    information on order status.

    Businesses that implement and adapt to technology in their logistics strategies earn more
    revenue and report a higher return on investment. Ensure your business is integrated with
    the latest technological trends, and implements the latest supply-chain management
    software.

    2. Give 4 common errors in outsourcing.


    a. Don’t overestimate overall cost savings: Most companies outsource because of the
    tremendous cost-benefits that outsourcing offers. Sending your work overseas can help
    you save significantly on operating costs while getting access to quality services.
    However outsourcing experts have predicted that the cost of operation even in countries
    like India will rise by 10% a year. This cost will not reduce but will only rise. Experts
    have even predicted that down the years India will not be a cost-effective destination. So,
    if you are outsourcing because of costs, you need to think again.

    b. Don’t underestimate the cost and complexity of managing an outsourcing relationship:


    Before getting started with outsourcing, ensure that you are aware about how the
    outsourcing relationship works. Many companies start outsourcing without properly
    analyzing the time, money, effort and resources that will be involved in the outsourcing
    process. Although there is cost savings involved in outsourcing, you must also consider
    the complexity involved in the process. To make outsourcing work, you need a dedicated
    team of professionals, efficient management, good communication and strict adherence to
    the service-level agreements signed at the beginning of the contract.

    c. Don’t select a country before understanding your objectives: It is of utter most important
    to first understand your business objectives, business processes, operating costs before
    outsourcing. Based on these, you can select your outsourcing partner. It would also be
    wiser to study the level of expertise of your partner, the communication barriers that you
    might have to face, tax laws, infrastructure and proximity before choosing the country.
    When you make your choice based on these objectives, you will be able to choose the
    right country.

    d. Don’t select a single-source provider: If you are outsourcing, ensure that you don’t
    outsource all your services to a single outsourcing provider. If that is the case, your
    business might come to a standstill if for some reason your outsourcing partner is not able
    to continue to provide services. An ideal way to deal with this would be outsource your
    business process to different providers in different parts of the world. This would greatly
    reduce the risk of outsourcing, as your work will not come to a standstill and can
    continue on an ongoing basis.

    3. Enumerate 3 advantages and 2 disadvantages of outsourcing.


    ● Advantages
    a. COST ADVANTAGES: The most obvious and visible benefit relates to the cost
    savings that outsourcing brings about. You can get your job done at a lower cost
    and at better quality as well.
    b. INCREASED EFFICIENCY: When you outsource your business needs to an
    outsourcing partner like Flatworld Solutions, they bring years of experience in
    business practices and expertise in delivering complex outsourcing projects. Thus,
    they can do the job better with their knowledge and understanding of the domain.
    This leads to an increase in productivity and efficiency in the process thereby
    contributing to the bottom-line of your company.
    c. FASTER AND BETTER SERVICES: Make your service offerings better with high
    quality deliverables and decrease the lead time it takes for your product to reach
    the marketplace. Thus you would be faster in getting your ideas converted into
    products and better at delivering the value-added proposition.
    ● Disadvantages
    a. Risk of exposing confidential data: When an organization outsources HR, Payroll
    and Recruitment services, it involves a risk if exposing confidential company
    information to a third-party
    b. Synchronizing the deliverables: In case you do not choose a right partner for
    outsourcing, some of the common problem areas include stretched delivery time
    frames, sub-standard quality output and inappropriate categorization of
    responsibilities. At times it is easier to regulate these factors inside an
    organization rather than with an outsourced partner
    References
    https://www.google.com/amp/s/www.intelligencenode.com/blog/avoid-these-strategic-pricing-m
    istakes/amp/
    https://www.mindtheproduct.com/common-product-development-mistakes-and-how-to-avoid-th
    em-all-a-case-study/
    https://yourbusiness.azcentral.com/disadvantages-market-research-new-product-development-20
    911.html
    https://www.taylorvinters.com/article/founders-side-step-these-10-common-hr-pitfalls
    https://www.supplychainbrain.com/blogs/1-think-tank/post/31470-six-common-logistics-mistake
    s-and-how-to-avoid-them
    https://blog.outsource2india.com/common-mistakes-in-outsourcing/
    https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.flatworldsolutions.com/
    articles/benefits-of-outsourcing.php&ved=2ahUKEwippMSMuL3tAhWBEqYKHdJMCsAQFjA
    HegQIARAF&usg=AOvVaw21CHpcMY6z4A_zRfBnatLJ&cshid=1607398249765
    https://www.flatworldsolutions.com/articles/advantages-disadvantages-outsourcing.php

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