Question

Provide at least three paragraphs of answers to these questions.

1. Describe the steps involved in designing goods and services. Provide a real-life example of the designing process of a product.
2. Explain an efficient and responsive supply chain.
3. Explain the reasons for the clustering of competing businesses. Provide an example.

Answer 1

1.

Steps involved in designing goods and services are as follows :

a. Understanding the needs and wants of the customers, as it helps to design a product or service which is likely to be successful in the market.

b. Once the market research is carried out, it must be shared with the product design team for the next step.

c. Brainstorming of the findings is done, to determine the product or service designing process.

d. Product is designed and the test and modification if any required is done.

Example : Apple product design process, which involves product design team to work without traditional Apple hierarchy, they decide upon what product changes or innovation must be added, then the team discuss their findings with the other team members, after the brainstorming final product design is determined.

2.

Efficient and responsive supply chain is designed to reduce the operational cost, meet the demands of its suppliers and stakeholders in a real time. Such supply chain fosters the innovation to meet the demands of the marketplace, while considering the various departments such as product development, manufacturing, distribution and marketing.

3.

Reasons for the clustering of competing businesses are as follows :

a. Clustering lowers the cost of the production, transportation, infrastructure etc.

b. It helps to smoother the flow of skills, talent, ideas, innovation.

Example : Hollywood movie production industry cluster.