International Product Development Process

 The International Product Development Process is the process of introducing new products in international markets. New Product development (NDP) is the term that defines to launch and introduce new products in the fields of business and engineering. 

New Product Categories 

• The new products also introduce the new market category 
• The new product development also helps penetration in the existing market for the first time

Global Product Development & Conventional Product Development 

What are the 7 stages in the new product development process?

To study further about the International Product Development Process, please visit below:

https://businessquora.com/international-product-development-process/

What are the Global Marketing Strategies?

What are the Global Marketing Strategies? In the previous days, it was very difficult to sell products in another county and only some large scale trading companies take the risk for export. But with the passage of type, it became easier to sell products globally.

To sell out a product in the international market you will need to launch your product in the internal market by developing marketing strategies. The marketers want to launch their product across the globe in a manner that customers wait to purchase that product.

The global marketing strategy is one side of Total Global Strategy. It must include all practical aspects of a business from finance to operations to R&D. It must have clear pre-defined objectives that show where you want to go.

Further, you can read about Global Marketing strategies and its advantages in the below articles:

https://businessquora.com/what-are-the-global-marketing-strategies/

Possible Effects of Digital Marketing Strategies

Marketers looking for the ultimate digital marketing strategy need to have a clear understanding of their business, product, we believe that a digital marketing strategy is essential to take benefit of the emergent chances from digital marketing. Digital Marketing is the main type of marketing strategy which we have discussed in our other article ‘Type of Marketing Strategies’.

Structure of a Digital Marketing Plan

• Plan
• Reach
• Act
• Convert
• Engage

What is a Digital Marketing Campaign Strategy?

A good campaign makes a company memorable to its target audience — but you want to be remembered for the right reasons. This strategy needs to be realistic, achievable, and practical, based on your budget, available resources, and business objectives.

To study further about Digital Marketing Strategies, please visit below:

https://businessquora.com/possible-effects-of-digital-marketing-strategies/

What are the Types of Marketing Strategies?

What are the types of marketing strategies? First of all, we want to explain the definition of marketing strategies is all about giving awareness to the public about your products or services through different types of mediums. To keep updated the public or your customer about the products or services you offer. Now there are many types of marketing strategies used by the companies. We want to explain here the most commonly used strategies.

Types of Marketing Strategies

• Source Marketing
• Paid Advertisement
• Relationship Marketing
• Diversity Marketing
• Word of Mouth
• Transactional Marketing
• Digital Marketing
• FAQ

To study further about Marketing Strategies types, please visit below:

https://businessquora.com/what-are-the-types-of-marketing-strategies/

Fundamentals of ERP System

Fundamentals of ERP System: ERP Stands for Enterprise Resource Planning is the software to run the operations of any organization through the integration of different functions in the system. ERP has been generated to record every transaction that occurs in the organization for the tracking of every activity and transactions. ERP is configured mostly by MIS teams and there are various software and modules of ERP that exist in the market to further specify the business operations and better reporting.

SAP MM Module

MM is one of the modules in SAP called SAP MM Module, MM stands for Materials Management which refers to functions of the supply chain including procurement, inventory management, warehousing, and sales. Materials management is a process to ensure any shortage of raw material, components, and finished goods, it helps in maintaining the minimum stock which is also called buffer stock to run sales smoothly. SAP MM Module also includes monitoring of inventory, sales forecast, and current sales of each SKU which comes under MRP (Material Resource Planning). MRP comes under the production planning of Supply Chain.

To study further about the Fundamental of ERP System and SAP MM Module, please visit below:

https://businessquora.com/fundamentals-of-erp-system/

What is 3PL Model

What is 3PL Model? The 3PL (Third Party Logistics) concept is introduced for manufacturing concerns to focus on their core competencies such as the production of goods or services. For logistics matters, a third party is involved on a contract basis to perform logistics operations regarding dispatch and inventory monitoring of finished goods, raw material, and other inventory items from warehouses to customers or suppliers to organizations.

Advantages of 3PL Model:

The main advantages of 3PL are the responsibility of Packaging, warehousing, order fulfillment, distribution, and logistics on the third party, the company has to co-ordinate with them for reports and updates regarding orders delivery

Logistics Service Provider

The best logistics service provider is the one who fulfills your entire requirement on time with minimum cost with the best relationship. Some of the major points which need to be considered while hiring a logistics service provider defined in the below article.

To study further about the 3PL Model, please visit below:

https://businessquora.com/what-is-3pl-model/

Function of Value Chain Model

The Function of Value Chain Model is to increase the value of a product or service, Value chain activities throughout the product or services lifecycle such as determination of customer needs, production, distribution, marketing, and after-sales services. In Marketing, either it is domestic or Export Marketing in the case of exporting.

What is the Value Chain?

Value Chain is a process of connecting stakeholders for working together to fulfill the market needs, for specific products or services is called a value chain.

What is Value Stream?

A Value Stream is a sequence of activities required to design, produce, and deliver goods or services to the market. It may be controlled by a single business or by a network of several businesses for a product.

What is Value Stream Mapping?

Value Stream Mapping is a two-steps process, first, you have to draw the value stream map or flow of the map, your current supply chain and then you draw an improved and second, most effective flow for your product or services.

What is Porter’s Value -Chain?

Porter’s value- chain focuses on system and how inputs are changed into an output using the viewpoint described a chain of activities that are common to all businesses, and are further divided into two types of activities.

• Primary Activities
• Support Activities

To study further about the Value Chain, please visit below:

https://businessquora.com/function-of-value-chain-model/

Describe the Supply Chain Network

To Describe the Supply Chain Network the word chain derived from the network of Supply Chain which defines the whole chain in which all the business partners are involved from upward to downward and from downward to upward. From Tier-II supplier till the end consumer and then revert back to manufacturer and supplier is the Supply Chain Network.

Majorly there are type main types of Supply chain network which are being defined below:

Upstream Supply Chain

The upstream supply network involves the business partners who just focus on the manufacturing of products, it involves all the areas of the supply chain including logistics, inventory management, warehousing, planning, procurement, etc but the final target of the Upstream network is to produce a final product.

Downstream Supply Chain

The downstream supply chain is defined as the network starts from the manufacturer to the end customer, the main objective of the downstream supply chain is logistics to ensure the availability of the product to retailers and to sell to end consumers.

Reverse Logistics

Reverse logistics is introduced to claim warranties, any damage, bad quality products, and shortages. It may start from end customer to the manufacturer or from retailer to Tier-II supplier.

To study further about Supply Chain Network, please visit below:

https://businessquora.com/describe-the-supply-chain-network/

Scope of Production Planning and Control

Scope of Production Planning and Control, It is the nerve of any organization in which all the requirements come from sales and marketing received in the planning department to fulfill and execute the orders of clients with coordination of all production teams and other related departments. The requirement comes from the sales side on daily, weekly, and monthly basis are executed by the planning department.

The main functions of production planning are mention below:

• To process the orders and requirements generated from sales and marketing.
• Follow up with production teams
• Ensure material availability to all plants
• Raw material planning related to procurement
• Packaging material planning
• Generate and circulate production plans
• Plant maintenance planning (routine and ad-hoc)
• Monitoring inventory levels

Steps of Production Planning

Detailed Steps of Production planning from customer requirement until the delivery of goods to the customer is well explaining in our article "https://businessquora.com/scope-of-production-planning-and-control/".

Controlling

Controlling refers to the planning to save the cost of an organization through efficient planning along with material availability for sales timely. The main objective of Production planning and controlling is to take initiatives, firstly to available the right product at the right time and then for cost-saving through performing analysis from time to time.

To study further about Production Planning & Control, please visit below:

https://businessquora.com/scope-of-production-planning-and-control/

Defining the Scrap Sales Process

Defining the Scrap Sales Process is the secondary function of the organization in which the wastage produced from all plants during manufacturing/production, all the scrap is collected and sorted in the scrap yard for sales and updated in the inventory as well. 

The stakeholders and the documentation involved in the scrap sales process mentioned below: 

• Company  
• Finance department  
• Scrap contracts 
• Delivery order 
• Contract/agreement 
• Sales order 
• Weighment slips  
• Scrap disposal note 

Step by Step Process of Scrap Sales 

• Sorting of scrap
• Updation of inventory 
• Tender to scrap offers
• Offers for sale of scrap
• Comparison
• Negotiation
• Contract/Agreement
• Payment 
• Scrap lifting

To study further about the process of Scrap Sales in detail, please visit below:

https://businessquora.com/defining-the-scrap-sales-process/

What do you Mean by the Term Warehousing

What do you Mean by the Term Warehousing: To store raw material, Finished products, and scrap companies use warehousing also to store including damaged goods returned by customers. Manufacturers, traders, vendors, and other downstream supply chain partners own and operate warehouses.

Types of Warehousing

Using warehousing to store various types of material and commodities to fulfill the demand of different types, there are three different kinds of warehousing which are:

• Private Warehouses
• Government Warehouses
• Co-operative Warehouses

Warehouse Layout

The below points must be considered while designing a layout:

• Area of dispatch required
• Collecting/shipping area
• Area of reception
• Loading/Unloading areas
• Inventory storage area

Factors of Layout

We need to be thinking about your pick path and that tie obviously into real estate but more specifically if you have a few stages in your manufacturing process; or even in your distribution process, you need to understand what path is the most efficient and getting your goods getting back to work. Now in the first run of the state making a product shaving off a couple of minutes may not seem like a big deal, but remember we’re doing this process continues all the time, all year round hopefully so if we can save time by getting directly to the products that we need to get right back to work and get our products finished sooner.

To study further about Warehousing, please visit below:

https://businessquora.com/what-do-you-mean-by-the-term-warehousing/

The Important Role of Inventory Management in Supply Chain

Role of Inventory Management in Supply Chain is something like we manage items required for our kitchen. In every organization, we need to monitor all the required material at each plant and yards. The manager ensures that the required material is available in all areas including raw material, work in process, finished goods, packaging material, etc. To keep a record of the transactions, the generation of reports and compare with sales, production, and the forecast is included in the Role of Inventory Management in Supply Chain. For this, we must require software such as ERP to monitor and track each SKU and its related transactions from raw material to sales.

Key Terms of Inventory Management 

1. Economic Order Quantity
2. Minimum Order Quantity
3. FIFO and LIFO Method
4. ABC examination
5. Just-In-Time inventory
6. Safety Stock
7. Re-Order Point
8. Six Sigma
9. Demand Forecasting 

Tips for Effective Inventory Management

• Organize your inventory 
• Tracking of items data
• Review Inventory
• 80/20 Inventory Rule
• FIFO

To study further about the Role Of Inventory Management, please visit below:

https://businessquora.com/the-important-role-of-inventory-management-in-supply-chain/

Importance of Inbound Logistics in Supply Chain

Importance of inbound logistics in Supply Chain, it is defined as the transportation of goods which we purchase from the vendors this means the upstream supply chain network. Inbound logistics is used for the transportation of locally purchased goods and transportation of imported goods.

For Local Purchased and Movement

For locally purchased goods mostly raw material, consumables, stores & spares, and assets required for the manufacturer. It also includes the logistics of the following movements:

• Movement of finished goods from one warehouse to another warehouse
• Packaging material movement
• Movement of stores and spares
• Plant and machinery movement
• Arrange transportation for the finished goods produced by sub-contractors
• Logistics for other required indirect materials

For Imported Goods

For the transportation of imported goods, we require the following logistics partners to complete the transportation from supplier’s premises either charged on seller or buyer:

• Freight forwarder
• Shipping companies (By air)
• Courier companies
• Clearing agent
• Port of destination
• And local transporters

Freight Insurance

Transportation insurance of goods is a mandatory part of logistics for the goods to have high value, insurance companies take responsibility for insurance. The party has to inform us about the total value of the transported goods for insurance. In case of any damage, theft, or accident the insurance company recovers the value of goods which are in transit.

To study further about the Importance of Inbound Logistics, please visit below:

https://businessquora.com/importance-of-inbound-logistics-in-supply-chain/

What is the Function of a Bonded Warehouse?

What is the Function of a Bonded Warehouse? The bonded warehouse is the space which is in the custody of Customs but space is acquired by the manufacturer and it is locked by customs and the material is kept in bonded warehouse which has been imported by the manufacturer and of which duties are not paid at the time of arrival of shipment are taken out in the bonded warehouse. Duties and taxes are paid at the time of clearance of goods from Bonded Warehouse. 

The stakeholders involved in the bonded warehouse operations are mentioned below:

• Customs
• Ports
• Shipping Companies
• Banks
• Clearing Company 

Benefits of Bonded Warehouse

1. The manufacturer has the option to optimize their cash flow by not paying duties and taxes
2. The material can be stored for a long term thus it can also save your stock holding cost
3. The manufacturer can store the goods which are restricted in the country until the government allows it to import and further process
4. Most of the bonded warehouse good quality equipment to keep the quality of goods in sound condition.
5. There is no chance of theft of goods, as it is customs responsibility for goods stored in a bonded warehouse.
6. The location of the warehouse is set out by the agreement of the manufacturer as per their convenience.

To study further about Bonded Warehouse, please visit below:

https://businessquora.com/what-is-the-function-of-a-bonded-warehouse/

The Importance of Outbound Logistics

Importance of outbound logistics, it is the arrangement and management of the transportation of finished goods sold to the customer from the manufacturer’s premises to the customer. The process of storing, transporting, and distributing goods to clients is called outbound logistics

Process of Outbound Logistics

1. The first step is of a customer order, the order is placed by the customer to the sales team for further process
2. Sales operations team receives the order and put in the system for order transmission after checking stock availability
3. Then the sales team sends the order to logistics for along with required details and documents (exports)
4. Logistics team pick the order from the warehouse if ready stock available otherwise send the requirement to planning for production
5. After checking stock logistics team generates delivery order to arrange its transportation for dispatch from warehouse
6. After dispatching of order, logistics follow up for its delivery to the customer and its official receiving.

Downstream Supply Chain

The downstream supply chain network consists of the following supply chain partners which are involved in the entire outbound logistics process and play their roles respectively:

• Manufacturer
• Distributor
• Whole seller
• Retailer
• Customer

To Study further about the Outbound Logistics, please visit below:

https://businessquora.com/the-importance-of-outbound-logistics/

Imports in the Supply Chain | Supply Chain step by step process

Imports in the Supply Chain field are part of the procurement which states purchasing any goods or services outside the country.

It involves stakeholders which are buyers, sellers, Banks, agents of sellers, freight forwarders, customs, clearing companies, shipping lines, transporters, etc.

Imports Process Flow

1. The first process of purchase requirement comes from an end-user or production planning
2. Raising inquiry to concern foreign vendor
3. After confirmation of order and review all terms and conditions issue Purchase order
4. Request for Proforma Invoice by sending the Purchase order
5. After receiving a request for a marine cover note for the insurance of Goods from any insurance company
6. Acknowledgment on proforma invoice to the supplier
7. Opening of Letter of Credit (LC) by filling up the LC form
8. Send all the relevant documents to the bank along with PI, Marine cover note, LC form, Terms, and conditions and Purchase order (if required)
9. After the opening of LC, the bank will send the transmitted swift copy of LC to buyer
10. Send a swift copy to the vendor and request for the ETD (Estimated Dispatch time) and ETA (Estimated Time of arrival) of goods
11. Engage clearing company and finance department after receiving non-negotiable documents and for the estimated duties
12. At the time of shipment arrival at Port, arrange for the retirement of the document through bank
13. Handing over the original documents to clearing company for clearance of goods from customs and pay all the required duties by Port, customs and shipping companies
14. Arrange transportation of goods to the destination
15. Receiving of goods and inspect as per packing list
16. Reconcile invoices of clearing and shipping companies
17. Arrange payment to a clearing company and an insurance company.

Incoterms

• Exworks 
• FOB  
• CIF 
• CPT 
• CFR 
• DDP 
• FCA

To study further about imports, its process and incoterms please visit

https://businessquora.com/imports-in-the-supply-chain/

Functions of the Supply Chain Management

Functions of the Supply Chain management are based on the several functions which will be defined in detail in this blog. Supply chain functions are the pillars of the supply chain field.

Below are the major Functions of Supply Chain Management:

• Local Purchasing
• Imports
• Warehousing
• Inventory Management
• Inbound Logistics
• Outbound Logistics
• Scrap Sales & Bonded Warehouse
• Production Planning

Procurement

Procurement is the process of purchasing goods/services through a systematic process and standards made by the government and organizational policies.

Local Purchasing

Local purchasing refers to the acquiring of goods/services domestically which are available locally either manufactured or imported and we purchase them from local suppliers/vendors.

Below is the sequence wise steps of local purchasing of goods/services:

• Purchase Requisition
• Request for Quotation (RFQ)
• Quotation
• Negotiation
• Purchase order
• Contract 
• Goods Receiving
• Invoice & Payment

To Study further about the functions of Supply Chain, please visit below:

https://businessquora.com/functions-of-the-supply-chain-management/