Question : Case Study: XYZ Manufacturing Company
XYZ Manufacturing Company is a well-established firm that produces consumer electronics. The management is planning to launch a new line of smart home appliances.
Question:
What is the first step XYZ Manufacturing Company should take in planning the new line of smart home appliances?
Option 1: Setting objectives and goals
Option 2: Identifying potential risks
Option 3: Allocating resources
Option 4: Evaluating alternatives
Correct Answer: Evaluating alternatives
Solution : The correct answer is (d) Evaluating alternatives
Before setting objectives and goals, identifying potential risks, or allocating resources, it's essential for XYZ Manufacturing Company to assess and evaluate different alternatives or options for the new line of smart home appliances. This involves considering various factors such as product features, market demand, competitive landscape, and potential challenges and opportunities associated with each alternative. Once the company has a clear understanding of the available options, it can then proceed to set objectives, identify risks, and allocate resources based on the chosen alternative.
