Nice Wood Developing a Competitive Edge Essay Example | Topics and Well Written Essays - 2000 words

Nice Wood Developing a Competitive Edge - Essay Example The nature of the Nice Wood Product business is that in the lumber industry where operations include picking, cutting and curing wood. Their products are composed predominantly of standard types and different grades of lumber that complies with the following specifications: 2x4s and 2x6s used in framing as well as plywood and particle board. Likewise, current technological breakthroughs have been reported to automate several phases in the firm’s operating cycle, including the picking, cutting, and curing phases. The new technological applications provided opportunities for New Wood to facilitate the processes (including cutting wood in a variety of standards; new types of kilns accelerating the curing process and lading technology was noted to significantly enable the processed wood to be placed in containers) and thereby, potentially increase their chances to be more competitive in the international market. C. Core Competencies The core competencies noted for Nice Wood were t heir â€Å"established client base and strong relationships throughout the industry† (Case facts, n.d., p. 1). Further, it was also disclosed that â€Å"the company is a close-knit operation and senior management values the skills and loyalty of its workers† (Case facts, n.d., p. 1). These facts indicate the Nice Wood Products possess a team of highly skills workers who could have potentially manifested loyalty and a low turnover. Further, their consistent delivery of high quality products has gained strong relationships with loyal clients who are to stay with them amidst the financial and economic challenges. D. Description of Product The product, wood processed lumber, is classified as industrial goods, where these are used to create or make other products. Likewise, these products could be further categorized into the raw materials subcategory. As raw materials, these â€Å"are graded according to quality so that there is some assurance of consistency within each g rade. There is, however, little difference between offerings within a grade. Consequently, sales negotiations focus on price, delivery, and credit terms. This negotiation plus the fact that raw materials are ordinarily sold in large quantities make personal selling the principal marketing approach for these goods† (eNotes, 2012, par. 19). E. Key Milestones The key milestones that Nice Wood

Needing the Unnecessary by James B. Twitchell Article

Needing the Unnecessary by James B. Twitchell - Article Example These products are of high meaning to us but have almost zero utility. I absolutely agree with the writer since things, the possession of which, was highly cherished previously are now taken for granted. The middle-class community is now not striving to give their family a better living and their children a good education, but they are now working themselves out in order to get the luxuries that they yet do not have. We have converted our wants into needs. We need to ask ourselves if this is what the generation of tomorrow requires and should we start giving more importance to directing the youth towards morals rather than teaching them how to acquire luxuries. 2. Brand Equity is "An intangible value-added aspect of a particular good that is otherwise not considered unique". It is attained by companies through an aggressive marketing campaign. Measuring brand equity is not at all simple. The logo of Coca Cola, for instance, is recognized worldwide but we cannot say that it enjoys strong brand equity just because people know about it. Moreover, a partial measure of brand equity is brand loyalty. However all consumers who always buy Coca Cola cannot be called loyal but they can also be categorized as habitual, who do not seek variety in their tastes. Another measure of brand equity is the brand image.  Ã‚   Hence an authentic measurement of brand equity has not yet been developed. 3. Price elasticity of demand refers to the way prices change in relationship to the demand, or the way demand changes in relation to pricing. Generally, it is believed that related to a reduction in the price of a product its demand increases. I think price elasticity can be used to identify a brand's competitors. Say for example that your product is not too high or not too low priced (mediocre). You lose a number of sales to competitors you would like to identify. Maybe if you increased your product price to an extent(for a certain period of time) that demand for it lowers, you could now study the consumers and identify which other brands the consumers shift to, thus identifying your competitors.