Woolworths’ vision is TO BE ONE OF THE WORLD’S MOST RESPONSIBLE RETAILERS reflects our passionate commitment to doing good business, for our customers, our people and our planet In 2020, Woolworths turned over one million 500ml PET bottles into clothes as part of its winter 2020 fashion range. While Woolworths has used recycled polyester in items such as denim jeans, the company says it has been hard at work repurposing the bottles into "recycled polyester". This will now form part of its puffer jackets and gilets, as well as some polar fleece items across men's, ladies' and kids wear. 1 - There are different types of new products. Explain how Woolworths could use repositioned products, as well as improved products, as two possible options to introduce a new product. 2 - Briefly discuss the first seven steps in the new product development process and apply the process to Woolworths bringing the clothing made from recycled material to market (reasonable assumptions may apply). 3 - The nature of the product influences the speed with which it gains acceptance in the marketplace. Discuss the five characteristics that effect the adoption rate of new products and apply to the Woolworths range of clothing made from recycled material.
Critical Path Method
The critical path is the longest succession of tasks that has to be successfully completed to conclude a project entirely. The tasks involved in the sequence are called critical activities, as any task getting delayed will result in the whole project getting delayed. To determine the time duration of a project, the critical path has to be identified. The critical path method or CPM is used by project managers to evaluate the least amount of time required to finish each task with the least amount of delay.
Cost Analysis
The entire idea of cost of production or definition of production cost is applied corresponding or we can say that it is related to investment or money cost. Money cost or investment refers to any money expenditure which the firm or supplier or producer undertakes in purchasing or hiring factor of production or factor services.
Inventory Management
Inventory management is the process or system of handling all the goods that an organization owns. In simpler terms, inventory management deals with how a company orders, stores, and uses its goods.
Project Management
Project Management is all about management and optimum utilization of the resources in the best possible manner to develop the software as per the requirement of the client. Here the Project refers to the development of software to meet the end objective of the client by providing the required product or service within a specified Period of time and ensuring high quality. This can be done by managing all the available resources. In short, it can be defined as an application of knowledge, skills, tools, and techniques to meet the objective of the Project. It is the duty of a Project Manager to achieve the objective of the Project as per the specifications given by the client.
Woolworths
The first Woolworths store opened its doors to the public in Cape Town, South Africa, in 1931. Its founder, Max Sonnenberg, captured the public’s imagination with dynamic store policies that set Woolworths apart from its competitors. Woolworths has consistently built its reputation for superior quality, exciting innovation and excellent value. They have a wide offering consisting of groceries, clothing, household items and eatery (Woolworths Café).
Woolworths’ vision is
TO BE ONE OF THE WORLD’S MOST RESPONSIBLE RETAILERS
reflects our passionate commitment to doing good business, for our customers, our people and our planet
In 2020, Woolworths turned over one million 500ml PET bottles into clothes as part of its winter 2020 fashion range. While Woolworths has used recycled polyester in items such as denim jeans, the company says it has been hard at work repurposing the bottles into "recycled polyester". This will now form part of its puffer jackets and gilets, as well as some polar fleece items across men's, ladies' and kids wear.
1 - There are different types of new products. Explain how Woolworths could use repositioned products, as well as improved products, as two possible options to introduce a new product.
2 - Briefly discuss the first seven steps in the new product development process and apply the process to Woolworths bringing the clothing made from recycled material to market (reasonable assumptions may apply).
3 - The nature of the product influences the speed with which it gains acceptance in the marketplace. Discuss the five characteristics that effect the adoption rate of new products and apply to the Woolworths range of clothing made from recycled material.
Step by step
Solved in 4 steps
