Question

For this assignment, answer the following questions:

1. What factors have contributed to the importance of international markets on Operations Management?
2. In what areas have these factors impacted Operations Management?
3. Think of a company or a product. How would you determine the demand for this product?
4. Choose a different product. Would the way you determine the demand for this product be different than the way you determined demand for the first product? Why or why not?

Please add the references ( where you find the answers)

Answer 1

Answer 1:

The factors that contributed to the importance of international markets on Operations Management are identified as follows:

• High value of international trade,
• International market size,
• Competition in international markets and its strength,
• Increase in product variety in international business, and
• Fluctuations in raw material,

Answer 2:

The areas in which these factors impacted Operations Management are as follows:

• Global trends in supply chain management,
• Product design process,
• Facility design process,
• Technological changes,
• Resource procurement strategy,
• Quality Strategy

Answer 3:

The company I have selected is Mc. Donald’s. In order to determine the demand for this product in a specific market, I will use following determinants:

• Price of products,
• Price of competitors similar product,
• Income of buyer,
• Taste and preference of local population,
• Other environmental factors.

Answer 4:

The other product that I have selected is Maybelline Liquid Ink lipstick. In order to determine the demand for this product in a specific market, I will use above mentioned determinants. The reason is the above mentioned determinants of demand are the most basic factors that must be considered while estimating demand of particular product.

References:

• Plenert Gerhard J.; 2002; International Operations Management; Copenhagen Business School Press.
• Schniederjans Marc J.; 1998; Operations Management in a Global Context; Greenwood Publishing group.