1.

Briefly explain the importance of market analysis as a product screening process in

gaining the company's competitive edge.

The market analysis will give a company the chance to evaluate its product concepts.
This is to prevent loss whenever the company undergoes product development. A series
of evaluation tests are to be used to examine whether the product will be feasible and
profitable if to be introduced in the market. A market analysis can be in the form of
interviews, focus groups, or a survey. This can help leverage the company’s competitive
edge especially if they know what exactly are the insights and feedback from their target
market, in order to provide them grounds for the improvement for the products or it is a
“go” or “no go” concept. This can also aid the company to position itself appropriately
that is tailored to the needs and wants of their potential customers.

Conducting market analysis will prevent the company from releasing and continue the
production of the product that will not be deemed to be successful in the market because
of low customer acceptance. This helps the company lower their costs in R&D especially
if the products that they have released did not meet the demands and expectations of the
market. They must be keen in identifying all possible factors and attributes that can help
contribute into finding the RIGHT FIT for their target market – further maximizing their
sales and their market share.

2. Briefly explain the importance of economic analysis as a product screening process

in gaining the company's competitive edge.

Customer evaluations and market studies determine whether there is enough interest to
invest in further development for the proposed product. If there is ample demand, an
economic analysis will be carried out to assess the cost of production and growth and
compare it to the expected sales volume. This is to help the company to assess whether
the product is profitable and will support the financial standpoint of the company.
Economic analysis includes establishing and comparing estimates of the cost of output
and demand with estimates of demand. For the analysis a precise estimation of demand
from statistical projections of industry revenue and market share of the sector in which
 the products compete is required. The analysis needs a precise estimate of the demand.
These figures are based on a forecast price range that is consistent with the new product's
position on the market and will help the company have its value proposition and total
communication strategy in the competition. In view of factors like materials, facilities,
and personnel, the company must estimate the viability of the estimated projections of
product costs. The product's profit potential can be analyzed using quantitative methods,
such as cost-effectiveness analysis, decision theory, NPV or internal return rate (IRR).
This analysis will aid the company to avoid overproduction and underproduction that will
both jeopardize the financial stability of the company. This will help them forecast the
needed amount that they will be needing to produce to meet the demand of the markets
without mass producing quantities of their product. Inventories that are not generated to
sales are also a loss.

3. Briefly explain the importance of technical analysis as a product screening process

in gaining the company's competitive edge.

Before planning to develop and release a new product, there must be a self-evaluation of
the company if they have the technical capabilities to manufacture the product. This will
ensure that the materials are available to meet the specification requirement to make the
product. There must be ample equipment to support the demands of the market. In
comparison with a reputable brand – Rubbermaid, they did deliver the promise to cater
new, innovated products to be made every day but have failed terribly. This is because
the company stuck to the generation of new product concepts but have forgotten if they
have sufficient equipment to support all the demands. That is why, there must be an
operational standpoint in the product screening process to avoid in the congestion of the
production processes, suppose that the idea will push through. This will drastically make
or break the company’s competitive edge because this will ensure if the products that are
to be made are durable and meets its expectation of the market.

To undergo technical analysis will also help the company in knowing the costs of
manufacturing and to strategically price the products according to a pro-forma setting –
 that will position themselves as the cost leader in the competition that will help them gain
a larger market share.

4. Briefly explain the four categories of process designs namely: project, jabbing,
batch, mass, and continuous.

Project is appropriate for the manufacture of unique goods. This addresses products to be
customized to each customer's specific requirements; thus, products are being made at a
high variety and low volume. An example with its many forms and project sizes is a
construction company. The conversion method must be versatile, in terms of equipment
ability, human skill and procedures, since the goods cannot be standardized. This
conversion process includes problem solving, collaborating with teams and organized
product design and manufacturing. It is ideal for the handling of complicated jobs
consisting of single tasks that must be performed within a short period of time.

Jobbing is ideal for a range of limited volume personalized items. It is also suitable for
small batches of various items. The processing systems are often called intermittent since
limited amounts are manufactured. It occurs when the products need special specification
to be handled with that is done a person with a specialty on the specific requirements.

Batch is suitable for a wide range of different quantities of goods. It is an increase in

product standardization from jobbing although it's not as uniform as a line/mass process.
Several products are requested repeatedly in large quantities in the broad product range of
the batch facilities. These few primary items distinguish batch installations from
workshops. The process needs to be scalable for low-volume and high-variety items as it
is intended for those many workers that often move from one job to the next. The range
of this process is high to low. Many food goods are batch processed.

Mass is an ideal process for a limited range of high-volume standardized goods. This type
of process is intended for installations that manufacture common goods in a narrow
range. Due to its relatively robust product nature, advanced equipment can be designed
and devoted to the reduced range of goods and quantities of human skills and
management systems. The process is inflexible within that range. For example, in the
assembly line system, cars are assembled.

The continuous process is ideal for the development of an ongoing product flow. Instead
of in quantities or distinct units, materials and goods are generated in constant, infinite
flows. The product as are all production methods, the product accumulation series,
materials, and equipment are highly standardized. Continuous flow technology provides
the capital-intensive, advanced automation for high volume 24-hour service. It produces
large quantities of a highly standardized product.