AD HOC ANALYSIS IS AN ONGOING PROCESS THAT ASSISTS MANAGEMENT IN ENSURING THAT ALL ASPECTS OF THE OPERATION ARE IMPROVING, AND THAT THE REPORTED FINANCIAL INFORMATION FULLY REPRESENTS THE KEY BUSINESS DRIVERS AND THE FINANCIAL POSITION OF THE COMPANY.
New Product Development
To keep demand for the company’s products and services, Management should always look for innovative ways to meet customer needs. These opportunities need to be vetted so the most viable and profitable new products are pursued. Understanding the market, the cost of production and distribution needs to determine to rank order the most promising innovations. New Products need to determine investment levels and contribution to existing operations.
Marketing Strategies
Marketing Strategies are imperative to alert potential customers that your Company has a particular product/service and why your solution to the customer’s need is the preferred choice. Marketing Strategies can include many actions or a combination of actions such as advertising, call or mail campaigns, or online marketing actions. Whatever the strategy it will compete for the Company’s limited resources so the cost and return of the campaign should be transparent to Management so that rational resource allocations can be made.
Pricing
Responsible Pricing focused on three major elements. Those elements are the Competitive Frontier (prices for products that are in the same industry or market), Cost of Production (including distribution), and the Company’s determined Profit Margin.
Cost Efficiencies
In today’s marketplace, the low-cost producer has and always will have an inherent advantage. Continuous Improvement is an essential calling card for successful Business Managers, especially in today’s environment when technology is always advancing. Identifying cost efficiencies and realizing the cost savings are paramount to competitiveness and allocating the resources to these projects are essential.