Wacom Star Limited

This is a report prepared by Wacom star stores by the store manager. Wacom star stores are owned by the Wacom star limited and it deals with the production and manufacturing of the home appliances and home goods. Their main job is to distribute whatever the company produces and make sure that the community and the market is aware of the all the new products that the company produces. The company has been producing many new products and currently they are offering the best home appliance that will help in food preservation and increase usability of the available material. The company has introduced to the market a new refrigeration system in which is portable and pocket friendly in terms of power conservation and the quality of the performance of the machine.

In our homes every now and then the food goes on waste and what people are focusing on are how to dispose the waste food yet we can have good ways of making sure that the food that is produced and cooked or raw food in vegetative form can still be utilized and be used in near future. Wacom Star Company produced one of the best refrigerator machines to cab the problem that the society was going through. This form of machine is different from other forms of the fridges in the market, according to the “The European Physical Journal C, 70(4), 1165-1192”.It can run with power from the solar and also they have introduced an element that can help in controlling the leeches and the other flies that lead to spoilage of the food when the power fails. Our company also offers transportation and installation services hence we can come to where our customers are and make any maintenance and installation for free. Again the product is going with the market price reduced with 10% of the market price.

Objectives

The prime aim this report is to give the success of the selling of the new introduced fridge which the company has produced for home storage of food both cooked and raw food. The report will give the method used to analyze the success of the new products creating of the awareness and by how much the sales could be seen numerically and also through doing of the comparison of the customer’s perception about the fridge from other commodities of the same form. When the data is compared now it might be easy to get whether what is said true and can be of the help to generate and do introduction of more products.

The success of the new product in the market according to the business perspective can be indicated by the joy the producer gets through the profits he or she gets while marketing and selling the product. We as Wacom star store we were able to note the success of the selling of the fridges through giving we get back in form of profits and also give the best to the people. We have also used the tool of receiving the feedback through allowing and giving our customers a number to call and inform how the fridges are operating and if the speed of sensitivity comes down they also inform the company. We never received any complain from the customers and this is an indication that the company that is Wacom star limited produced one of the best refrigeration services and always focus on the customers preferences.

Analysis

This product was identified through using of different ways which were used as truth and precise ways of identifying of the materials that were new in the market. PEST method was used in the analysis of the uniqueness of the materials in the market.

PEST analysis of Wacom star store

Political

Economical

Due to the lack of the government security and the stability, the sales of other commodities were low according to the data shown below of different goods offered by the company stores. This is an indication of how the best the fridge has been and how is overcoming the market challenges and also the political challenges.

There have been many economic reforms in the store and from the data the fridges were the highly sold compared to the other commodities in the market. Again the economic aspect could also be seen where by the rate of sales defeated all other sales of the other commodities and this is an indication of how the product was good.

Social

Technological

The feedback from the clients indicated how best was the commodities and when the sales bring back good recommendation from the customer, it was one of the customer’s measures of success.

With many other goods and also which are complimentary of what is expected, the selling of the new product could be seeing remaining the best hence indicating that technologically the fridge was well and there could no competition when releasing the product in the market.

Source: (Author, 2018)

Through the above PEST way of analyzing the selling of the commodity we can see that the product was well marketed and the profits recorded showed that the work was done well. We cannot dispute the fact that the market was not made by the advertisement and any other thing but the way the process was sequential.

Methods of Tracking and Reporting

Tracking can be explained as a way of following up on how the commodity or a good is moving either by using analog or digital ways. One of the trending methods of the tracking method is the use of the software which was set to produce the signals which could be either continuous or discrete signal. Tracking helps to reduce or even eradicating completely the certain ups in the business and this can help the business to get highest profits. Some of the reasons to control or to do tracking is to control theft in the business, to ensure customer services and needs are met, make sure that financial management were well kept and also ensure that the product moving from the store to the customers hand are saved.

The best way of introducing the best way of tracking and report in the store was only the way of using digital software and ensure that the automatic software are well kept and settled or stored in a place where by no one can temper with them. With the software, the store can operate with the least number of the workers and this will help in the work of giving less workers and also we safe much, this is according to ”Journal on Image and Video Processing, 2008, 1”. Tracking and giving reports will demand one to be familiar with the system that the information is recorded correctly.

The best ways of tracking and reporting can be also by use of the questionnaires and the response from the questionnaire can be used to report the success of the commodity selling and the standards of the customers and the view the customers has on the commodity. By using the questionnaire this can be termed as an analog form of the tracing the market follow of the commodity and also the way of establishing the commodity that is our fridge in the market. Through the market information that the questionnaire give back the store will need to be equipped more if the is an indication that we will sell more or the store receiving may go down to ensure that the materials which are already in are sold before requesting for another stock to equip the store.

Mathematically this measure of success will be able to determine the calculation of the entire process be concluded in the result of the analysis. Below are some of the variables that were used to indicate the different levels of sales being sold from the store?

Material sold per day

New designs fridges

Old designs fridges

Total sales

Monday

50

20

70

Tuesday

90

50

140

Wednesday

110

40

150

Source: (Author, 2018)

Percentage of new materials sold in the three days as indicated in the table above shows that the new product has more percentage than old designs

50/70 x 100 = 71.14% on Monday.

90/140 x 100 = 64.29% on Tuesday.

110/150 x 100= 73.33 % on Wednesday.

The sale of the new product in the market is good and can be seeing from the data collected that the percentage is increasing and above the mean value which is the value of 50% and can be understood to be the best way of giving the best result. Through the use of graphical methods the sales tracking can be seen whereby the material is have a directive proportional when compared with the period in days they are sold.

Graphical Representation

Figure 1: Product development life-cycle

Source: (Hansen et al., 2009)

Analysis of the graph

In conclusion, as seen in figure 1 above, there are numerous stages that a product introduction and development takes as explained below in accordance to the typical example of fridges as an example in this paper.

Introduction stage; since the product was very new, the customers buying were less but the rate of the customers buying kept increasing directly proportional to the number of the sales. We can see as the product remained and the supply was kept constant, the customer appreciated the sale and this gave the immense sale to the store. Growth stage: there is rapid growth according to the graph. This implies that the commodity or the good had rooted its stands in the market and more customers were able to buy at the price the good was going at. Maturity stage; it indicates the point maximum sales according to the graph. It is the point at which the store sold many new items and it was able to give to its best in terms of profits and other quantifiers. Decline stage; sales went down; this was as a result of competitive goods and technologies. The fridge had to be done some modification and also reduce the pricing to attract the customers and also the retail clients.

References

Hansen, D. R., Mowen, M. M., & Guan, L. (2009). Cost management: Accounting & control. Mason, Ohio: Thomson South-Western.

Singer, R. A. (1970). Estimating optimal tracking filter performance for manned maneuvering targets. IEEE Transactions on Aerospace and Electronic Systems, (4), 473-483.

Bond, R. L. (2013, November 14). What you need to know about managing retail inventory. Retrieved from https://www.entrepreneur.com/article/228008