Overall Strategy: Learning
We learned that change is necessary. Unfortunately we were resistant to making big changes. Adapting to industry trends is important especially since competitors can change what consumers value. In our case, we had a steady growth, however we continued to make safe decisions. We did not release any Vodite products or new Sonite products until the very last period. This was important, since all the other competitors were changing their tactics which lead to a fast growth. We, on the other hand, started to grow at a slower rate because we were not reacting to the industry changes.
We also learned the importance of keeping low inventory to reduce holding costs. We were successful in managing our inventory as we constantly sold all products except in the last two periods. Since we had leftover inventory in period seven and eight, we incurred potential lost sales. We learned that having an accurate amount of inventory was crucial in the game. By looking at production report each period, we were able to control our inventory efficiently. If we had leftover inventory from the previous period, we would keep the production units the same to ensure that we sell all those inventory first.
