Diversify supply chain to grow

New Ideas in MarketingEssential news for marketers, summarised by YouGov
March 12, 2021, 4:01 AM GMT+0

Creating a well-thought pricing strategy by understanding consumers and market dynamics can help businesses grow long-term.

If a business is performing well despite the pandemic, then these companies must take stock of their investments, maintenance, cash flow, supply chain and more to ensure continued growth. Creating a scalable infrastructure can help brands understand challenges around demand and operations to deliver quality performance while managing cash-flow effectively.

Creating a robust supply chain and building good relationships with vendors lets brands meet consumers’ demands. Diversifying vendor list, preventing supply chain disruptions and having dialogues with suppliers helps brands increase speed to market and have better control over production.

Implement automated inventory management software and assess stock-keeping unit to analyse sales patterns, lead times, and enhance forecasting to maintain growth. Investing in new technologies, creating new training programs, partnering up with new businesses ensures an upwards growth trajectory.

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