The production department responsibilities consisted of developing products that met our customer criteria, within our budget and competive against our competitor. The Marketing department responsibilities consisted of pricing Chester products, Cake and Candy. In addition, Marketing managed sale and promotion budgets to create awareness of production. Furthermore, Marketing was responsible for presenting a sale forecast that reflected a “worst case scenario” of possible sales. The Production department was in charge of estimating a best case scenario of sale forecast to produce considering inventory stored. In addition, production was in charge of acquiring the appropriate capacity and automation to meet our product demands and reducing profit margins. The Finance department was responsible for observing overall operations and providing the financial resources to support. Finance balanced this obligation through short term loans, issuing stock and long term debt. Furthermore, finance was in charge of keeping our stakeholders pleased with a competitive stock price and responsible balancing to avoid emergency loans.
During our initial conference call, Team Chester decided our strategy would be the broad cost leader, “Low-priced products for the industry: Our brands offer solid value. Our primary stakeholders [were] bondholders, customer...
... middle of paper ...
...s, we learned so much about running a company. We learned that it was not enough for each representative to enter information independenty. This process required us to learn about other departments in order to make the most efficient decisions. We learned that great communication was required to build a product that would be competitive in the market but that was sellable. We learned that we had to invest money to make money as far as sales and promotions. We learned that we had to plab ahead to prepare for the production of our products. While keeping in mind that forecasting inventory was an essential part of profits. Finally we learned that without finance keeping a watchful eye over the other depertments and inputing advie on what was possible through our resources we could not keep our operations running or our investors satisfied in investing into our company.
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