Question
A chemical engineering group designed a new polymer compound last year for use in producing textiles. Sales of the compound has been below expectations. Feedback from customers indicate that they are able to buy polymers with similar properties at lower prices from competitors. Which of these can the group do to refine their invention?
A. increase their marketing budget to find new customers
B. Test new manufacturing processes that use cheaper inputs
C. Reduce spending on other projects so they can sell the polymer below costs
D. Design a new polymer that is similar to competitor compounds
A. increase their marketing budget to find new customers
B. Test new manufacturing processes that use cheaper inputs
C. Reduce spending on other projects so they can sell the polymer below costs
D. Design a new polymer that is similar to competitor compounds
Answers
GPT-4o mini
The best option for the chemical engineering group to refine their invention, given the feedback from customers about the availability of similar products at lower prices, is:
**B. Test new manufacturing processes that use cheaper inputs.**
By exploring new manufacturing processes that can reduce production costs, the group can potentially lower the price of their polymer compound, making it more competitive in the market without sacrificing profitability. This would directly address the feedback about price competitiveness.
Option A (increasing marketing) may help find new customers, but it doesn't solve the core issue of pricing. Option C (reducing spending to sell below cost) is not sustainable in the long term. Option D (designing a new polymer) could be beneficial, but it involves additional research and development time and resources, which may not be the most immediate solution to the current pricing issue.
**B. Test new manufacturing processes that use cheaper inputs.**
By exploring new manufacturing processes that can reduce production costs, the group can potentially lower the price of their polymer compound, making it more competitive in the market without sacrificing profitability. This would directly address the feedback about price competitiveness.
Option A (increasing marketing) may help find new customers, but it doesn't solve the core issue of pricing. Option C (reducing spending to sell below cost) is not sustainable in the long term. Option D (designing a new polymer) could be beneficial, but it involves additional research and development time and resources, which may not be the most immediate solution to the current pricing issue.