Our target market consists of those customers to whom we sell our product & services. This market is primarily includes that people who are good fits for our products/services. As well as target market assessment is an analysis that identifies how our product or service fits into the particular market and where it will gain the most traction with customers. It includes a variety of reports, processes, and studies as well as depends on our end goals. It helps our company to establish strategies for effective marketing & sales techniques. Target Market Assessment provides a significant level perspective of the overall business field and generally outlines opportunities & restraining factors for companies hoping to enter that market. The assessment also determines where and how our product fits into the real-life market. With this information, we can develop accurate buyer persons, evaluate the viability of a new product, determine which markets are most and least valuable to your business, find exciting new markets to explore, find gaps in the markets where your products might fit and build a tighter, more specific business strategy.
Industry Lead Time Reduction: Lead time is generally be characterized as the time period between the inception of a task and its completion. In terms of supply chain management, it is defined as the time from the order moment to ready for delivery. It is a basic tool for calculating safety stock inventory, and for applying a correct reorder point formula. Whereas, Industry Lead Time Reduction is a vital part of process improvement that determines how to remove unnecessary tasks, waste, and waiting time from various processes. The major benefits of reducing lead times are streamlined operations, reduced carrying costs and improved productivity. Additionally, some of other specific benefits of lead time reductions are
- Reduce the impact of cancelled orders.
- Reduce the requirement to make forecasts about future demand.
- Improve the quality management by reducing the prospect for work to be damaged and shortening the time between defect detection and manufacturer.
- Decrease the disruption of production process owing to engineering change orders
- Reduce in-process inventories
- Enable shorter frozen zones in the master production schedule, thus reducing the dependence on distant forecasting
Lead time reduction includes numerous techniques, which are followings:
- Takt Timing: Takt timing is a maximum amount of time in which a service needs to be produced in order for satisfying customer demand. This timing is the rate at which finished product needs to be accomplished in order to meet customer demand.
- Value Stream Mapping: It is a lean-management method to analyze the current state & designing of future state for the series of many events that take our products/services from its beginning time,
- FIFO: FIFO stands for “first in first out” that refers to the first items placed in inventory are sold first. It is suitable for massive materials with high unit prices. This method also helps to avoid deterioration and obsolescence.
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Ken Research
Ankur Gupta, Head Marketing & Communications
+91-9015378249