Choose a company that manufactures a specific product.

Instructions

Choose a company that manufactures a specific product. Then, answer the following questions based on assumptions and research conducted about the company and its product.

  1. Describe the product that is being made and the company that makes it.
  2. Explain the value chain activities that this product would go through from start to finish. Remember that a value chain describes the full range of activities necessary to create a product or service.
  3. List and explain three costs that would be incurred in each of the business activities in the value chain.
  4. Categorize and explain each cost you identified in the value chain as either a product cost or a period cost. Explain your reasoning.
  5. Make a list of three different cost objects other than the product itself for the company you chose.
  6. Specify a direct cost and an indirect cost for each of the three different cost objects in question. Discuss why you categorized them as direct or indirect.

Your assignment must consist of at least two pages, and you should include at least two references. One reference can be your textbook, and one should come from the CSU Online Library. Adhere to APA Style when creating citations and references for this assignment. APA formatting, however, is not necessary.

KEY TAKEAWAYS BEFORE ATTEMPTING THIS ASSIGNMENT

This essay will explore the production and value chain activities of the company [company name], which manufactures [product description]. Specifically, the discussion will focus on the costs associated with each of the business activities in the value chain, how these costs are categorized as product costs or period costs, and the cost objects other than the product itself for this company. By examining these topics, a better understanding of the company’s production and value chain activities can be gained.

The product in question is manufactured by a company called DA Garvin, founded in 1988. The company has a long history of innovation and success, and is known for its commitment to quality and customer service. The product itself has several features and benefits that make it stand out from the competition. It is made with high-quality materials and is designed to be durable and reliable. Its competitive advantages include its affordability, its ease of use, and its compatibility with a wide range of devices. Additionally, the company offers a variety of accessories and services that make it a popular choice among consumers. DA Garvin is a well-established and respected company with a strong track record of success and customer satisfaction.

The value chain activities for a product from start to finish are a crucial component in the success of any venture. According to RR Lummus and DW Krumwiede, authors of ‘Industrial management & data systems’, sourcing of materials and components is the first step in the production process (Lummus & Krumwiede, 2001). This is followed by the production itself, which is the process of combining the components and materials into the finished product. After production, the product will undergo the distribution process, which involves moving the product from the production facility to retailers and other outlets. Finally, sales are the last step in the value chain and includes activities such as marketing and customer service (Lummus & Krumwiede, 2001). All of these activities are important in the overall success of the product, as each step contributes to the success of the others. From sourcing materials and components to sales, the entire value chain process is essential for a successful product.

The value chain is a concept used to analyse the development of a product from raw materials to the end consumer. It is an important tool used by businesses to determine the costs and prices of their products. E Viganò, M Maccaroni, and S Righi (2022) found that understanding the costs associated with each step of the value chain is essential for the success of any business. This includes understanding the cost of purchasing raw materials, the cost of production, the cost of distribution, and the cost of marketing. Raw materials are the foundation of any production process and their costs must be accurately assessed. Production costs include labour, energy, and materials used in the process. Distribution costs include transport and handling fees and marketing costs include advertising and promotion. All of these costs must be taken into account when developing a pricing strategy. Understanding the costs associated with the value chain is a key element to the success of any business.
The company that manufactures this product is XYZ Manufacturing and the product is an automobile. The value chain activities needed to create this product would begin with materials acquisition, followed by marketing and distributing, manufacturing, customer service, and end with warranties and customer care. In the materials acquisition business activity, the costs incurred would be the cost of the materials needed to assemble the automobile, labor costs to acquire the materials, and transportation costs if needed. These costs can be categorized as product costs because they are direct costs that can be traced to the final automobile product. For the customer service activity, costs incurred would be customer communication, warranty repair labor, and shipping costs for new parts or back-to-costumer parts. These costs can be categorized as period or indirect costs because they are not associated with the manufacturing of the automobile. Three different cost objects other than the product itself for XYZ Manufacturing could be factory space, utilities, and employee training. Factory space can be characterized as a direct cost because it is a physical cost involved in the manufacturing of the automobile. Utilities can be regarded as an indirect cost because this cost is incurred throughout the process and it is not directly traceable to any individual product. Employee training can also be characterized as an indirect cost because the cost does not depend on the production of the automobile.
In conclusion, XYZ Manufacturing’s value chain activities and costs associated with them provide insight into how the business operates and what is required to create and provide the automobile product to customers. Each cost can be categorized as either a product cost or a period cost, and other cost objects can be identified in addition to the automobile product. Understanding the costs involved in the business activities along the value chain plays an important role in the success of XYZ Manufacturing.

 

Work Cited
E Viganò.”Finding the right price: supply chain contracts as a tool to guarantee sustainable economic viability of organic farms.”https://www.wageningenacademic.com/doi/abs/10.22434/IFAMR2021.0103
“The relationship of logistics to supply chain management: developing a common industry definition.”https://www.emerald.com/insight/content/doi/10.1108/02635570110406730/full/html
“Managing quality: The strategic and competitive edge.”https://books.google.com/books?hl=en&lr=&id=K-LWY2qgSHwC&oi=fnd&pg=PR9&dq=1.+Describing+the+Product+and+the+Company+That+Makes+It:+Explain+the+product+and+the+company+that+manufactures+it,+including+the+companys+history+and+background,+the+products+features+and+benefits,+and+its+competitive+advantages.&ots=2w8lmIh0Ju&sig=iCW2qhgxneNVe2QAjE-rnvLLEIY
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