Does your preparation matter that much?
Today’s post is from our SafeSourcing Archives
Does your preparation matter that much? Will your discovery work lead to the best decisions you can make?
In Part I of this post How Much Legwork Do You Do To Prepare we discussed knowing/understanding your market around the particulars of the Market Trends, Pricing Trends, Hurdles and Product Content. In today’s Part II of this three part post we will discuss knowing your product and knowing your suppliers in more detail.
KNOWING YOUR PRODUCT
- Specification – This is a detailed description or assessment of requirements, dimensions, materials, etc. This is a very important step in the process as this alone can determine the long term impacts to consumers and end users of the item. Being absolute on what specifically is needed is imperative to the success of the project.
- Substitutes and Alternatives – These are similar products/items that can be used in place of the original. This is mostly acceptable on a short term basis. Once specifications have been determined, it is imperative that the vendor adheres to the specification for a multitude of reasons, mainly integrity of the product and costs. At times, there may be a need to substitute due to product shortage. In this case, there must be a clear plan and expectations as to what those acceptable substitutions can be. Leaving it up to the vendor may have negative downstream impacts in consumer image and financial costs.
KNOWING THE SUPPLIERS
- Location – This is the specific area where the supplier would be found. This is important to the customer for purposes of logistics as well as doing business with local accredited companies. Any freight and mileage charges will add to your cost.
- Product Line – This is the offering of items in which a customer is interested. The larger the product line, the more likely the service level will be consistent. This is not always the case, but paying close attention to the expansion or compression of a product line on an ongoing basis can head off any possible impact to business.
- Environmentally Responsible – (also eco-friendly, nature-friendly, and “green”) These are ambiguous terms used to refer to services claimed to inflict reduced, minimal, or no harm at all upon ecosystems or the environment. Companies sometimes use these terms to make environmental marketing claims when promoting goods and services. This is important as more and more consumers care about products and companies that are “Green”.
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