Time and Order-processing Costs Essay Example for Free

Time and Order-processing Costs EssayAfter making some advisable short-term investments at a race track, Chris woeful had some additional cash to invest in a business. The most promising opportunity at the time was in building supplies, so depleted bought a business that specialized in sales of one size of nail. The annual volume of nails was 2,000 kegfuls, and they were sell to retail customers in an even flow. Low was uncertain of how many nails to order at any time. Initi every(prenominal)y, besides two costs concerned him order-processing costs, which were $60 per order without regard to size, and warehousing costs, which were $1 per year per keg space. On average, the rented store space is only half full. This meant that Low had to rent a constant do of warehouse space for the year, and it had to be large enough to accommodate an entire order when it arrived. Low was not worried about maintaining safety stocks, mainly because the outward flow of goods was so even. Lo w bought his nails on a delivered basis. research 1 Using the EOQ methods sketch in Chapter 9, determine how many kegs of nails Low should order at one time.Question 2 Assume that whole conditions in Question 1 hold, except that Lows supplier now offers a quantity discount in the form of absorbing all or part of Lows order-processing costs. For orders of 750 or more kegs of nails, the supplier will absorb all order-processing costs for orders between 249 and 749 kegs, the supplier will absorb half. What is Lows late EOQ? (It might be useful to lay out all costs in tabular form for this and later questions.)Question 3 Temporarily skip your work on Question 2. Assume that Lows warehouse offers to rent Low space on the basis of the average number of kegs that Low will collapse in stock, rather than on the maximum number of kegs that Low would need room for whenever a red-hot shipment arrived. The storage charge per keg remains the same. Does this change the answer to Question 1? If so, what is the new answer?Question 4 Take into account the answer to Question 1 and the suppliers new policy outlined inQuestion 2, and the warehouses new policy inQuestion 3. Then determine Lows new EOQ.Question 5 Temporarily ignore your work on Questions 2, 3, and 4. Lows luck at the race track is over he now must borrow money to finance his inventory of nails. Looking at the situation outlined in Question 1, assume that the wholesale cost of nails is $40 per keg and that Low must comport interest at the rate of 1.5% per month on unsold inventory. What is his new EOQ?Question 6 victorious into account all of the factors listed in Questions 1, 2, 3, and 5, calculate Lows EOQ for kegs of nails.

Reading Comprehension Essay Example for Free

Reading Comprehension EssayRobots litigate as get intotainers, servers, greeters and receptionists at the Dalu Robot restaurant. Service with a smile also comes with an electronic voice at the Dalu Robot restaurant, where the hotpot meals are not as famous yet as the staff who never lose their patience and never take tips. The restaurant, which opened this month in Jinan in northern Shandong province, is t erupted as Chinas first robot hotpot eatery where robots resembling Star Wars droids circle the room carrying trays of food in a transporter belt-like system. More than a dozen robots operate in the restaurant as entertainers, servers, greeters and receptionists. Each robot has a motion sensor that tells it to stop when someone is in its path so customers keep reach for dishes they want. The usefulness industry in China has not always kept up with the countrys rapid economic growth, and can be quite basic in some restaurants, leading customers in the Dalu restaurant to pra ise the robots.They harbour a better service attitude than humans, said Li Xiaomei, 35, who was visiting the restaurant for the first time. existence can be temperamental or impatient, but they dont feel tired, they just keep working and wretched round and round the restaurant all night, Li said. Inspired by space exploration, robot engineering science and global innovation, the restaurants owner, Zhang Yongpei, said he hopes his restaurant will show the world China is a knockout competitor in developing technology. I hope this new concept shows that China is forward-thinking and innovative, Zhang said.As customers enter the dimly lit restaurant lined with blinking neon lights to simulate a futuristic environment, a female robot decorated with batting eyelashes greets people with an electronic welcome. During the meal, crowds of up to 100 customers, are entertain by a dancing and talking robot that looks more like a mannequin with a dress, flapping its arms around in a stiff motion. Zhang said he hopes to roll out 30 robots which cost $6000 each ($NZ8000) in the coming months and eventually develop robots with human-like qualities that serve customers at their dishearten and can walk up and down the stairs.

Platos Reflection on Metaphysics Essay Example for Free

Platos Reflection on Metaphysics EssayA combination of the Greek word, meta, which translates to after, beyond, along with, among, and behind, and the Latin term, physica, that exclusively means the science of matter and physical properties. Philosophers refer to this term to theorize about the different elements of the manhood in which we live and the terra firma that truly exists. One of the most prominent philosophers is Plato, who set the foundation for many modern philosophers on their lieu of reality through apprehension.Plato believed in two separate realities the physical and the immaterial. He claimed that a dividing line existed between the two worlds, and the immaterial or intelligible is of more importance in the discovery of justness than the physical properties of our world. Comprised of in manifest properties but that can be seen through logic, the immaterial world is grasping the reason behind the predilection of an intention and separating those elements from the subject. Plato explicates the physical world as anything or objects that is place by one of our five senses.Within the physical world be two subsets, image and tangible object. Image refers to the shadow or reflection of the image. In addition, the physical object is self explanatory the object distinguished by touch, taste, smell, or sight. Although primarily disconnected, the two worlds cannot exist without each other and the knowledge that pertains to both. For example, Plato utilizes a freak as the subject to form an analogy of the collaboration between the two realities. From childhood, we ar taught that a ball is a ball based on others perception and knowledge of it not our original thought.The ball exists in the world of appearances, physical. However, its intangible properties such as, roundness, exist on a parallel plane. Plato describes that plane as the world of Forms. In an effort to further enlighten us, Plato sets guidelines for the properties to forms. F irst, forms are objective ideas exist through reason and not experiential. Objects that we perceive are reliant upon our experiences and verbal confirmation of the object and not the actual perspective of the object. Therefore, one can surmise that our senses are isleading, and the reality in which we live is different from others and the true reality. Next, forms are transcendent. The property remains true in spite of time and space. Third, forms are eternal. As aforementioned, Plato believes forms are static true concept behind an object is unchanging, redness. The form is separate from our subjective image. True comprehension lies in individually analyzing each separate form that comprises the object and identifies it as what we perceive it as.Forth, forms are models truest essence of an idea to which an object copies the form and combines it with other elements to create a copied version of a sample of the form. Fifth, forms are expert species can only when be determined throu gh reason separating the being from the object. Lastly, forms are perfection. In its purest state, a form is a singular entity. A material object collects bits of forms and its perfection making the object itself impure.A material object cannot be perfect in its existence because it is but an imitation of several forms that only alone are perfect. Platos concept of reality or the simultaneous existence of the two realities are at best intriguing and worthy of exploring. However, as he himself stated, we can never come in direct contact with the immaterial world. Therefore, how can true knowledge be acquired or ascertained? at once again, it is not until we are no longer part of this world that we may finally discover the truth behind this vast universe and the world or worlds in which we reside.

Gambling in guyana is a benefit to the society Essay Example for Free

Gambling in guyana is a benefit to the society EssayI deport the argument that swordplay in Guyana is a benefit to the society. When I say gambling, I refer to wakeless gambling. I acknowledge that gambling can become an addictive activity on a individualised basis and can lead one to bankruptcy. At the same time I believe that Guyanese should be given the freedom of choice to determine how they spend their money and what decisions are best for them. whatever show that gambling is bad for our society since it makes one addicted to it as with drugs. I totally dissent since unlike drugs, gambling is non physically but is physiologically addictive.The Guyana lottery, established in 1997, is deemed a levelheaded form of gambling by the laws of Guyana. The lottery involves playing various games of chance with the hope of earning fast tax free cash. In an interview with Tracey Lewis, the lottery companys general manager, she stated that the company provides cypher employmen t for 34 persons and business opportunities for approximately 80 retail agents.She also stated that the company has acquire over $4. 5 billion in revenue for our country to date. From the facts given, can one really argue that a company that has done so much and is continuing to do much more is not beneficial for Guyana?I highly doubt that since this company has made it possible for many Guyanese to be employed and also has donated significantly to our already struggling economy. The Gambling Prevention Law which was amended in 2007 legalized the establishment of casinos locally. The Casino provides a means of employment to many Guyanese and also is a consultation of revenue since the Casino owners are compelled to pay tax. The Casino Act states that the only if people who can run a risk at the casino are international tourists and locals who are guests at the hotel. One may argue that gambling in casinos will make more Guyanese bankrupt.This can easily be refuted since the legi slation only permit locals staying at the hotels to access the facility. In an interview with a receptionist at the Princess Hotel in Guyana, she claimed that about 99% of the guests at the hotel were foreigners. This clearly shows that it is highly unlikely that locals will become bankrupt from gambling at the casino since they are not usually guests there. The legislation permits only gambling in newly built hotels with a minimum of 250 rooms. Thus, this opened the doors for foreign investors to invest in new hotels here which will in go game create employment opportunities.How can providing employment, tourism and revenue via a legal means be considered calumnious to Guyana? In conclusion, legal gambling is greatly needed in a country like Guyana which is considered a third world country. According to www. cia. gov, Guyana has a debt of USD$1. 234 billion. Thus, legal gambling is a source of earning foreign currency which in turn can assist in settling our debts and developing our country. These are a a couple of(prenominal) reasons why I support the argument that gambling in Guyana is a benefit to our society.

The Schlieffen plan Essay Example for Free

The Schlieffen computer program EssayExplain how the Schlieffen plan was meant to work.The Schlieffen plan was the strategy Germany think to adopt in the event of a contend in 1914. It was intended to bring a fast, effective victory for Germany, and was devised by Count Alfred von Schlieffen who was the principal(prenominal) of the customary Staff of the German Army.If a struggle skint bug step for ward, Germany would be faced with a contend in the west against France, and a war on the east against Russia. German generals k innovative that they could not sustain this war on both(prenominal) fronts, and the Schlieffen plan was devised to deal with this.It was calculated that if a war started, Russia would take a broad time to mobilize, and on that pointfore Germany planned to defeat France earlier Russia had enough time to mount an invasion. They would do this by sending the majority of the German forces to snipe France, leaving the eastern roomer vulnerable to att ack. This was a wild strategy, as if Russia mobilized quickly, than Germany could be easily invaded.As a result of the Franco-Prussian war, ending in 1871, France had built solid defences close to the French-German boarder to prevent another German invasion. Rather than invading through the heavily defended boarder at Alsace-Lorraine, the German multitude was to attack France through neutral Belgium. By using all overwhelming force, it was planned that the German force would surround Paris within six weeks, thus causing France to give birth. Afterwards, the German army could be turned around subscribe to Germany and concentrate their force on the Russian army to the East.The Schlieffen computer program was a huge gamble on the German behalf, as for it to work several conjectures would have to reside correct.It was predicted that Belgium would not resist against a German invasion, and British intervention was completely unaccounted for. It was also assume thatthe grip of Paris would lead to the defeat of France. However, the success of the plan pivoted on the time Russia spent to mobilize, and was the fundamental assumption required for the plan to work.For the Schlieffen plan to be successful, all these assumptions would have to remain correct, showing that even out front it was put into practise, it was already fundamentally flawed.b). Why did a cul develop on the westward take care?At the beginning of the war, both sides predicted that the fighting would be based upon a war of movement. With more crushing technology and effective weaponry, it was harder for either side to advance with resulting in heavy casualties, which contributed towards the establishment of the trench system.No one had predicted the effects modern technology would have on warfare, and is partly responsible for the deadlock that develop on the Western Front. However, there were other factors and modify events that also lead towards the stalemate.Perhaps the nigh rea l cause of the stalemate was the failure of the Schlieffen plan. This was because many of the assumptions that the plan depended on were wrong. Firstly Germany had not accounted Belgium resistance or the involvement of the British Army in the fighting. However, the intervention of these two counties slowed the German advance into France, which reduced the likelihood of Germany defeating France within the allotted six weeks.The Belgium army was out hailed ten to one, however they managed to slow the rapid German advance, which was inbred for the success of the Schlieffen Plan. British involvement was also unexpected, as the British-Belgium treaty dated back to 1839. The Kaiser did not conceptualize that Britain would go to war over a scrap of paper. However, Britain did uphold their alliance with Belgium, and on 4th princely 1914 declared war on Germany and sent 120,000 forces across the channel to meet the German advance. as well Russian army mobilized quicker than Germany had a nticipated, resultingin many German soldiers cosmos withdrawn from the west to be utilize to stop the Russian invasion in the east. This considerably weakened the German invasion into France, and as a result the German troops were strained to advance east of Paris, away from their original goal. This over-stretched the German supply lines, and after weeks of fighting, eventually exhausted the German army.The German 1st Army encountered French troops returning from the failed Plan XVII at the Battle of the Marne on 6th September 1914, resulting in around 250,000 casualties for both sides. Although the German army were not beaten, all hopes for a quick decisive victory had been dashed. As a result, German forces retreated to higher constitute, where they dug a series of trenches to protect themselves. The British and French forces soon followed suit, however they were forced to construct their trenches in the flood-prone lower ground.This was the start of the trench warfare that would look out on the Western Front for the next four years. As both fatigued armies rested, their trench systems became more confused and fortified, and eventually both Allied and German troops were to heavily dug in to be forced out of their trenches by a single attack or loathsome. As a result, little ground was gained by either side. This was the start of the stalemate that would remain throughout the duration of the war, until the final German offensive in March 1918.c). Why was the stalemate broken on the Western Front?The German surrender on 11th November 1918 was due to a number of different factors and events. Each contributed to the final end of the war, and were all of significant importance. Some factors contributed towards the armistice more than others however combined they resulted in the end of the war.The first contributing factor was the creative activity of modern technology, such as gas shells and tanks. This was of vital importance, as with im turn outmetho ds and machinery, it was hoped that the stalemate would be broken more easily. It was hoped this would happen in 1916, where tanks were first used in the Battle of the Somme. However, although the bearing of tanks took the Germans by surprise, there were not enough to have the intended effect. Many tanks broke down in no-mans land or became stuck in shell holes, and were generally very unreliable. As they were a new survey of warfare, the Allied commanders had no experience of how to command tanks, and as a result they were not used effectively, resulting in hundreds being destroyed.However, by 1918 the design of the tanks had been greatly improved, and the importance of them on the battlefield had been widely recognised. Tanks were being used to break German lines whilst protecting troops from machine gun fire. This was illustrated at the Battle of Cambrai on twentieth November 1917, where 378 tanks mod six kilometres into German territory. However, the use of tanks had not yet been perfected by the Allies, as there was often not enough infantry to follow behind a tank assault, leaving gaps in the Allied lines. However, even though Cambrai was not without losses, it clearly demonstrated how the effective use of tanks could diddle a decisive role in a battle.Trench warfare had begun in 1914, and was the ultimate cause of the stalemate, with both sides only making small advances at a time. The war was expected to be a war of movement, however this prediction was evidently prove incorrect after only a few weeks of fighting. However, as new weapons and technology were introduced, it became easier for either side to advance and to capture the enemy trenches. An example of this would be the introduction of the gas shell.They were first used by the Germans in the Second Battle of Ypres on twenty-second April 1915. At first, only mild tear gas was used, however it was not long before centilitre and mustard gas shells were being used. By using gas attack, it was hoped the enemy would be forced out of their trenches, proving a dangerous yet deadly form of weaponry. With such effective methods being used to a greater extent, it became evident that trench warfare could not sustain such forms of fighting, thus contributing towards the overall breaking of the stalemate.the States entering the war was another important aspect in the breaking of the stalemate. For most of the war, America had not intervened with the fighting in Europe. However, Germany had decided to attempt to force Britain out of the war by cutting off all its supplies, and hoping to force the British into submission. This involved the felling of American cargo ships, which cover the Atlantic delivering resources to Britain. The German high command knew that this decision was a gamble, and would ultimately result in America entering the war, but hoped that a German victory would be achieved before America had the chance to play a significant role in the fighting.In February 1 917, Germany began unrestricted submarine warfare, which authorised German U-boats to sink any ships suspected of carrying supplies to Britain.This was yet another risk taken by Germany in the course of the war, which failed, as America joined the war earlier than expected. On 6thApril 1917, America declared war on Germany before a German victory could be achieved.America took a long time to mobilize, but eventually over 250,000 American troops were being sent to the Western Front by March 1918.This was a disastrous event for Germany as America was strong military and economically, and its participation in the war proved a huge threat to Germany, and seriously jeopardised the likelihood of a German victory.The role of the British navy in the war also helped to bring about the end of the stalemate. The Navys primary responsibility was to enforce a naval blockade around German ports that would cut off supplies reaching Germany, thus weakening the body politic both economically and mi litary. Without sufficient resources, Germany would not be able support its soldiers on the Western Front, as a restriction of food and munitions would cut off the vital resources needed to sustain the German army in France.The Allies planned to take full advantage of the blockade, and combined with the new American force, were in a position to weaken the German army, andswing the war into their favour.The Naval blockade also arouse angry riots in Berlin and other German cities, as the inhabitants began to starve as a result of the hold food supplies reaching Germany. It is estimated that over a quarter of a million Germans starved to death as a result of the British Naval blockade. This pressurised the authorities to take action, and relieve the strain the blockade was causing on Germany, before they were forced into a state of collapse.As a responsive to the growing number of Allied forces on the Western Front, and the strain of the Naval blockade, Germany mounted a huge offensi ve. Russia had recently pulled out of the war as Lenin took power, resulting in the end of the fighting on the Eastern front, and also leaving thousands of fifth wheel soldiers that could be used to fight in the west. In their unusually strong state, the German commanders believed they could drive back the Allies in the west before the port blockades and extra American troops begun to take effect.General Ludendorff ordered the training of many stormtrooper units. These were troops specialized in close range fighting, and were used to attack the length of the Allied line.In March 1918, the Germany army began a huge assault on the Western Front, involving the majority of its military force. This was a gamble on the German behalf, however there were no selection strategies that would achieve a fast victory, as the port blockade and increase in Allied soldiers were already starting to weaken Germanys military strength.The stormtrooper attacks worked well, and within a week the German f ront line had advanced by 60km, and by April the Germany army was only 80km away from their original goal of Paris. The Allies ended up retreating over the ground they had spent years trying to gain.However, their rapid advance cause the German lines to over extendedthemselves, and coupled with the limited food imports, few supplies were reaching the German army at such a distance into France.As a result, the German advance came to a halt, prompting a sorry counter-attack from the combine British, French and American forces.The Germans fell back to their heavily fortified Hidenburg line, however this was taken by the overwhelming force of the Allies on 26th September 1918, resulting in over 400,000 German soldiers being captured.The offensive had backfired tremendously, and left over 1 million German soldiers dead. Faced with the extinction of their whole army, Germany asked for peace, and the Kaiser fled to Holland. The cease-fire was signed and the war came to an end on 11th Nove mber 1918.This was a result of a series of accumulative events and factors. Ultimately, it was the German offensive in 1918 that was the event which lead to the end of the stalemate, as the German attacks and British counter-attacks broke the trench system, and for the last few week before the armistice, the war was again a war of movement. However, the German offensive would have never taken place if it were not for the other contributing factors already discussed. The impacts of new technology, as well as the strain put on Germany by the American entry into the war and the port blockades forced the German commanders to respond with the offensive, which resulted in the end of the war.Although the offensive was the most important factor, the stalemate would have never been broken if it wasnt for the effect of the other factors, proving that they were all significant contributors to the breaking of the stalemate in 1918.

Five Important Factors to Success Essay Example for Free

Five Important Factors to supremacy EssayEmployers today look for a variety of skill sets and personal strengths in an singular and ingest those whom they feel will contribute intimately to their corporation. As an individual applying for employment or an internship with a company, one and only(a) should be well aw ar of the necessary requirements and the recommended skill sets that each company looks for in a effectiveness employee. While there are many different factors that can impact an individuals victor in gaining an internship or employment, there are five factors that especially high put down ones qualifications. The premier(prenominal) thing that employers search for in a future employee is the quality and extent of the individuals academic background. The importance of a college education has become quite evident in terms of earning potential inwardly todays economy (College View). A knowledge base of all general education classes along with classes that foc us on the individuals major are an exceedingly desired asset for most high-income caprioles. Specialization of ones education builds and structures the skills and strengths that an individual will need to be successful in their desired industry. Within this one industry, employers hasten to start what is called a weed out process in order to narrow down their applicant list.One of the most highly used techniques among these businesses is creating an automatic magnetic inclination list based on academic achievement for the recent college graduates. Each college graduate will brook taken the same set of classes for a particular major, therefore, if one students grades do not compare to those of the high achievers, they will have less of a chance finding employment or an internship. However, these college graduates with lower grade point averages are still more plausibly to obtain important job positions than those who lack a degree altogether. According to College View, attendin g college provides opportunities for graduates which are not as widespread to those who have not received a higher education.Leadership is a key factor in structure ones path to success. Success Magazine says leadership is everything, whether you are leading a life, a community, an organization or a business, or you are in school. Businesses spirit to subscribe to employees want to escort that each applicable individual demonstrates the initiative to take on projects and fully complete them in an unionized and timely manner. According to Success Magazine, it is extremely important that current hires develop the abilities of leaders in the areas of strategical and critical thinking, enhancing relationships, negotiating, managing risks, people, change, conflicts and financials, making the right decisions, managing work-life balance in order to become successful in their new position.Businesses also look for leadership like characteristics in their potential new hires such as in tegrity, honesty, drive, and excellence. These qualities within an individual will help a company progress and become more successful. Hiring new employees is a risk for each company. Because of this liability, businesses want to make decisions in which they feel confident that will good their company due to the fact that it is so costly to hire a new employee under qualifying extensive training. Having a leadership background can definitively increase an individuals likelihood of gaining employment or an internship.Recruiters find it square that their potential new hires show diligent involvement and a proactive attitude throughout their geezerhood attending a university. Being involved with organizations on and off a university campus will greatly benefit an individual because of the variety of different learning, volunteer, and career opportunities given by each of the organizations. blue Business Advice entrap that a proactive employee is not going to sit back and wait for opportunities to land in their lap. Instead, they are going to go out and get what it is they want. Employees want to make sure that the people they are going to hire will work proactively and in the best interest of the company and nobody else. Individuals that show view with commitments of an organization in which they are involved demonstrate a more effective work ethic. Small Business Advice says you will never see a leader sitting back and waiting for soul to tell them what to do and when to do it. This is exactly what a company looks for in a new hire.Networking is an extremely important part of successfully gaining employment or internships. The most successful people in the domain of a function today would not have been able to achieve such great measures if they hadnt encountered other authoritative people. People and connections are the greatest resources an individual has. If an individual has connections with respectable and influential people, they are more seeming to succeed in their business. Applicants must put their name and qualifications out there in a exacting for all to see in order to begin constructing their own effective social network. A direction for individuals in college to network is to join organizations and meet with professors and other academic advisors. The more connections one has, the more likely they will receive a job or internship within a company.It is absolutely necessary that an applicant or new hire demonstrate superior behavior at all times. Recruiters are looking to hire individuals that will represent their company in a good light 100 percent of the time. No matter where one is or what one does in their free time, if they are publicly misrepresenting themselves, and therefore, the company as a whole, the business will no longer allow that individual to continue portraying the company in such a bad manner and will chivvy them. A professional businessperson is always on the best of their behavior and always keeps the goals and priorities of the company forward their own personal goals and priorities.There are numerous factors that influence a recruiters decision to hire a new employee. However, the five main factors are a strong academic background, leadership, proactive involvement, networking and professional behavior.

Company Introduction, Market Segmentation, and Product Positioning Essay Example for Free

Company Introduction, Market segmentation, and Product Positioning EssayThe cite to victorious crossing implementation in todays national enterprise system is the utilizable marting of a new merchandise with the callers line of alive harvest-homes. As state by Lacobucci (2012), trade is destined as an exchange between a company and its customers. The customer wants something from the company or firm and vice versa. In previous times, a company would manufacture a intersection point they thought the customer would want or need. The customer purchased that output because of a pending need, which basically meant that food market used to be product oriented. However, marketing today is much that an advertisement for goods and services in an essay to attract new business. We live in a customer orientated and empowered marketing environment. We elucidate the importance and ramifications of having an exchange with our customers and developing a congressship with th em. It is this exchange of information between our company and our existing as well as future customers that secures our gravel in our derriere market. Our company is a regional tool distributor located in the northeastern section of the United States.Our customer dish consists of several(prenominal) major denounceers, nationally kn have got in the sell and wholesale tool industry. We used the brand pit Blue Steel Tools for marketing and distribution of our products to discuss the implementation of an effective plan to market a new product line, the Illuminated Power Wrench. This paper will analyze market, identify our market ingredient for gross revenue distribution and discuss the reasoning for the segment. Discussing the manoeuvre market and why the leaded customers were specifically selected.We will do the SWOT analysis describe the unique market position and the expected service provided in conflux the needs of the target audience. 1. Identify the marketing segment for the product and provide a rationale for this segment. The interpretation of a market segment as stated by Lacobucci (2012) is a group of customers that sh atomic number 18s similar inclinations towards our brand. To define market segment further for our needs, it is an identifiable group of individuals, professionals or organizations that share one or more characteristics or needs in an otherwise homogenous market.In our case, our product will have a very wide market of consumers and small business owners and employees. Therefore we will need to reduce the market segments to larger chunks. Market segments generally respond in a predictable manner to a marketing or promotion offer. The market segment for the new product will vary widely repayable to the versatility of our product usage. Our main segment approach will focus on the wholesale distribution to retail repair supply stores who carry lines of tools for resale to the private and business consumer.These market segments w ill hold businesses such(prenominal)(prenominal) as Lowes and Home Depot, retail tool distributors such as Harbor Freight Tools, automobile parts stores such as Advance Auto Parts and tool catalogue companies such as great northerly to name a few. As we analyze this segment we ask the question if this segment is viable and quite a little we profit from using it. Other considerations are accessibility and measurability. This segment is small enough to manage our sales and distribution, but large enough to reach the ultimate user of our product.This market segment possesses the potential and versatility to sell and distribute our product to the target consumer market with a widely diversified audience in the retail industry. The bases for this segmentation include similar demographics, geographical locations, and psychological make-up of customers and behaviors of users/purchasers. In other words, the customer base for our segments satiates the desired user of our end product. Anyo ne who builds or repairs something whether they are a novice or professional is a potential customer.Therefore, by using this method of market segmentation for product distribution, we will successfully sub-divide a large homogenous market into clear identifiable and manageable segments that have similar needs, wants or look at characteristics indicated by Lacobucci (2012). 2. Discuss the target market and provide rationale for this target market. The target market be is the particular market segment at which a marketing campaign is focused. As stated earlier, this product has been designed for the retail tool industry.We have targeted segments in the industry that will be the most successful in reaching the consumer and generating a demand for our product through steady sales. Lacobucci stated the first view in assessing segments target is to have a view of the segments themselves and the primary concern is the segment be profitable. This in turn will become a profitability issu e for our company as we continue to deal a place in the small tool market and generate profits with continued sales.The secondment perspective examined was if the market or segment fit with who we are. In this case the answer is yes. The ultimate target for this product is the consumer. The greater exposure we have, the higher propensity for sales growth. The illuminated ratchet screw number one wood is a quality tool for use by not only the novice home self repair person it will also meet the needs of the professional repair person, no thing what the industry.The illumination system in the handle of the sprain will appeal to the vehicle mechanic operative in the close quarters of an engine compartment, the electrician repairing the circuit breaker box, the computer repair technician on the job(p) in between electronic circuitry as well as to the basic consumer performing handy alimentation projects. This tool will come with the standard wrench lugs and have availability to accessories such as wrench tips to enhance its versatility to meet the needs of a wider target audience.The wider target audience is customers of our targeted market segments. Therefore the target market is our path route to the ultimate user of the product is consumer sales. The strategical sales objective of these retail establishments coincides with our strategic vision of reaching the ultimate user of our products, satisfying their needs and increasing the likelihood of additional product sales. 3. Perform a SWOT (strengths, weakness, opportunities and treats) for the company.As we move forward in the marketing of our product, we need to our own corporate strengths. Lacobucci (2012) suggests the use of a SWOT analysis in identifying our strengths, weaknesses, opportunities and holy terrors. The strengths and weaknesses characterize our company in relation to competitors where the opportunities and threats characterize the broader environment such as the tool industry, supplie rs, the government and etc. Our strengths are in our pencil lead record in t he tool industry. We have provided quality products at competitive prices.another(prenominal) perceived strength is in the management of our company. The senior management of Steel City Tools has provided a strategic vision with clearly defined attainable goals for market position and sales. However a perceived threat is in the foreign market. A number of tool companys efforts have been over vague with a cheaper duplication of products from foreign markets. The US has been plagued with a reduction in the manufacturing industry due to globalized markets, elimination of trade barriers and outsourcing.The end result is our market segment (distributor) could purchase a similar product cheaper and increase their gross margin and not purchase our product for resale. Another threat we are not ready to react to is loss of a major distributing customer. With more and more businesses merging, we could lose a dis tribution ejaculate with no warning. One of our weaknesses is we have focused on sales east of the Mississippi, thus limiting market expansion. However, this could be turned around as a future opportunity for market expansion.An easy way to expand our market is to establish a retail division and use infomercials through the cable tv set network to accept mail order/telephone order select product sales such as our new illuminated power wrench. However, a marketing effort of this nature would require thorough consideration must be given to the geographical area so as not to change our primary segment customers. A move of this nature would require additional capital investment and scrupulous analysis of this type of expansion would be necessary to minimize risk of project failure.The SWOT is useful in clarifying our marketing questions. The key is to address our shortcomings so as not to give the contention an upper hand and not raise concerns with our customers and capitalize on our strengths for continued success. 4. Create the market position for your product and service. Explain your rationale. Product positioning, according to the Encyclopedia of Business, involves the tailoring the entire marketing program to include product features, distribution, price, quality and service to meet the needs of the consumer within the specific market segment.In this manner, the product positioning is part of the overall market segmentation. Product position takes place in our distributors store, or target market segment and tells us how we can strive most effectively in that market segment against our competition which are also present on display. The key is to understand the consumer perceptions of the product and the marketing buttocks it. Quality, reliability, affordability, unique features, benefits to the customer is just a few attributes of product positioning.According to Lacobucci (2012) positioning is often closely modifying the four Ps of marketing (positi on, price, place and promotion). In the case of our company, our reputation is a considerateness of the position to provide a quality product at a competitive price objet dart leading the market in innovation. Our company performance is attributed to the quality of our employment staff. Our employees are at the loading to our success. We have established core values for our companys work force by creating a positive work culture with recognition of the whole person concept.The strategic leadership from the top on down to the employee fosters productivity with reward and recognition to enhance their performance in support of the company trading operations to include our marketing efforts. Thus the positive and proactive personality of our company in meeting its marketing objectives is a direct reflection of the quality of every member of the Blue Steel Tool Team. As we continue to grow and develop products for sale, we position our products at a distribution sales point or market segment with the greatest customer exposure for maximum market penetration.We will service our product to the satisfaction and benefit of the customer so as not to jeopardize customer confidence as well as the business relationship with our market segment. The product we create and the service we provide are a direct reflection of not only our company, but that of our distributors. Our products are designed to meet the working(a) needs of our professional as well as consumer clientele with a level of quality that meet or exceed expectations at the best value. fibres Lacobucci, D. (2012) Marketing Management 2012 custom edition.Mason OH Market Segment define Retrieved from http//www. businessdictionary. com/definition/market-segment. html Morley R. (2006), Trumpet Print Edition The Death of American Manufacturing, February 2006 Retrieved from http//www. thetrumpet. com/index. php? page=articleid=1955 Reference for Business Product Positioning Encyclopedia of Business, 2nd ed. Ret rieved from http//www. referenceforbusiness. com/small/Op-Qu/Product-Positioning. html Target Market Defined retrieved from http//www. businessdictionary. com/definition/target-market. html