P 3

Project 1: Vanda-Laye Corporation

Mina Prophitt

South University

Managerial Economics

May 19, 2021

Information on technology is one of the most significant asset values required to assess the market factors that will make Oven Mittens a success or a failure in the market. Information on technology would help create an efficient product with better channels of delivery provided that it would be the final destination of the product (Johnson et al., 2017). The information obtained would be used to guarantee the suitability of the new product in the market and assess whether customers’ needs, and preferences are well catered for by the product. The team responsible for designing the new product would use this critical information and design a quality product that would finally make the product a success in the market.

Market orientation information would also be needed to assess the market factors that will make the product a success or failure. According to Johnson et al. (2017), market orientation entails the philosophy adopted by any production agency to discover all the needs of the target consumers and develop products that meet their tastes and preferences through the company’s product mix. In this case, the designers of the products must influence their designs based on this philosophy to guarantee the product's success in the market. This would be achieved by doing thorough research, identifying the potential customers' perfect desires, and developing high-quality products that would guarantee the best user experiences with the product.  

Information on knowledge management would also be needed to assess the market factors that will make oven mittens a success or failure in the market. It is critical to collect available knowledge used in making other similar products by the competitors and use them well to develop a diverse product that s unique and satisfies the customers. The market research data obtained would be used efficiently to design a completely different product from the available products and add some unique features that the product designers deem necessary and achievable. The data should then be kept as a secret to stop irregular access from unauthorized personnel to prevent data loss to competitors. These steps would guarantee the products’ success in the market.

The price of the products is essential supply and demand aspects that will make Oven Mittens a success or failure in the market. If the prices are too high for the customers, their demands would be low, and the supply of the product would be skewed (Hashim et al., 2017). This would reduce the rate of production. However, if the price is fair for every product unit, the demand would be high, and the supply would increase.

Income disparities among the potential customers will make the product a success or failure in the market. If the average incomes are low for the target customers, the product will fail to sell in the market. On the other hand, if the income of the target consumers is high, there would be increased supply as the potential customers would be indifferent in purchasing the product.

Consumer expectations would also be an essential aspect of supply and demand, making Oven mittens a success or failure. According to Hashim et al. (2017), the tastes and preferences of the target customers are essential aspects that determine the supply and demand of a product. If the customer’s tastes and preferences are met, the supply will increase since the demand for the product would be very high. The inverse is also true where the customers would demand fewer products if their tastes and preferences are diverse, making the supply to be critically low.

References

Hashim, S. H. A., Hamid, F. A., Kiram, J. J., & Sulaiman, J. (2017, September). The relationship

investigation between factors affecting demand for broadband and the level of satisfaction among broadband customers in the South East Coast of Sabah, Malaysia. In Journal of Physics: Conference Series (Vol. 890, No. 1, p. 012149). IOP Publishing.

Johnson, J. S., Friend, S. B., & Lee, H. S. (2017). Big data facilitation, utilization, and monetization: Exploring the 3Vs in a new product development process. Journal of Product Innovation Management, 34(5), 6