Create new variety of products for global competition Additional product lines or new products are a tough decision for a company. It is a risk for a company to release a new product especially if it does not satisfies the need of the target market or the target market is hesitant to try the new product. Pros: Having new varieties of products enables a company to reach new market segments. Having more kinds of products makes a company known. If iTeam, Inc. really wants to keep their competition globally, they should create new products that would be able to make their company competitive. Having products that have added value in relation to competitors will help the firm survive in a global market. Cons: Creation of new products or additional product lines is not going to be an easy and fast-pacing action. The firm may have to undergo a lot of processes if they would be creating new product varieties. Additional costs should be …show more content…
If there is a failure upon the production of the good or service, customers will be dismayed and may shift to another brand. In order to avoid this kind of problem, a company should find the right manufacturing and supply chain. Pros: Having an efficient manufacturing and supply chain will ensure that the products they are creating is of good quality. The right suppliers or manufacturers will not cause any damage to the firm. China’s manufacturing costs are low however, there is not guarantee that the products will be durable or of good quality. An efficient supply chain will cut costs but will not make the quality of the products produced suffer. Cons: There are possible changes in the practice of the firm if they have to acquire new manufacturers. They also needed good personal relations in negotiating between manufacturers or suppliers. Establish long term relationships with