Video Comments

Video Comments/ DQ/Weekly Summary

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Video Comments/ DQ/Weekly Summary

Question 1

            Packsize on demand packaging is a creative new way of wrapping products in clean and secure materials. In addition, the video is insightful because it offers a historical perspective of the packaging industry thereby revealing the glaring mistakes of the older cartons. Furthermore, the chronological explanations are understandable since they offer a compelling rationale for the creation of this innovation. Similarly, the environmental consciousness of the design is appropriate because it helps to reduce cases of pollution thereby improving the quality of life (Nestle PTC Orbe, 2003). Likewise, its low operating budget enhances profitability due to the reduction in a firm’s expenditure. It also enables merchandise to be stored in cartons that match their size thus ensuring the items delivered to consumers are in good condition. Therefore, the video contains appropriate graphics that help the viewer to understand the concepts being discussed.

Question 2

            Private labels and manufacturers are interrelated because the former offer special products at premium prices while the latter present customers with trendy merchandise at affordable rates. Manufacturers have a large resource pool to conduct expensive research and development activities in order to design great merchandise. Thus, store brands could benefit from this information by using these concepts in their innovations. Similarly, the closeness of private labels to customers is beneficial because it enables them to know the changing preferences. As such, they can share that with manufacturers for them to modify their wares to suit the current needs of clients (Imperial sugar Company). Likewise, they too need each other to provide a variety of goods for different categories of people. These two entities need to collaborate as well because retailers would rely on the national prominence of manufacturers while the latter would depend on the reputation of private labels as a symbiotic marketing tool. Consequently, this exposure leads to an increase in consumer base and sales volume (Christensen, 2004). Furthermore, these two entities need on e another in offering incentives for certain complimentary items in which either party shoulders financial responsibilities for the venture. Such actions reduce the level of competition whilst increasing the amount of sales thereby facilitating the generation of more revenue for both businesses. Such promotional activities generate publicity for the corporation, which increases market visibility and awareness thereby building brand loyalty. This makes their coexistence important especially at a time of a struggling economic outlook.

Question 3

            The theories about the different methods of making innovations were enlightening as they explored the various changes in the demographics of a nation. Additionally, the procedure for both small and medium sized companies in creating new products was exhaustively covered. Moreover, the management techniques necessary for guiding the development of new merchandise were well handled since they contained several examples and real life scenarios that contextualized them. By so doing, one is able to develop an analytical mind capable of making sound business decisions regardless of the challenges in the marketplace (Cooper & Edgett, 2009). However, the use of difficult vocabulary when discussing certain concepts was a hindrance to the quick understanding of such utterances that prompted me to conduct online research for the same. This helped to maintain the line of thought. Nevertheless, an analysis of the criterion used to build joint ventures, mergers and franchises would have been enlightening on the conversion of knowledge into tangible goods for resale. Whilst it has been an informative process, the posing of more questions would make it more interactive as well.

References

Christensen, J. (2004). Product Development. Oriflame.

Cooper, R., & Edgett, S. (2009). Product Innovation and Technology Strategy. Ancaster, Ont: Product Development Institute.

Imperial Sugar Company. (n.d.). Using Packaging to differentiate a Commodity Product. Imperial Sugar Company.

Nestle PTC Orbe. (2003). Bringing Innovative Solutions to the Consumer. Nestle.