Human resource forecasting has been in need to have quality employees in the organization. The planning has its purpose that includes matching the demand and supply for human resources. The company’s objectives determine the demand that will help execute its functions. Human resources should adequately be provided to have effective forecasting, for instance, economic growth. The search for economic growth concerning Proteco Oils’ quality products involves internal economic developments. Shrinkage can show that the future is not reliable if economic shrinkage can happen now. Another human resource forecasting factor includes the new developments in business (Erasmus et al., 2019). The company is the best in Australia but must do a lot to keep itself on top.
The aim to process oil on large scale calls to have technological changes, establishing new branches and physical extensions. In addition, the labor market is vital to regard for human resource forecasting. Proteco Oils’ search for a sufficient market, with its target audience of all women and men of different ages, has to think of the labor market. It has to plan the level of unemployment and opportunities available in the labor market if they are adequate. Moreover, the scope and nature of labor turnover, availability of employees, and kind of skilled employees are factors to forecast under human resources (Erasmus et al., 2019). Consequently, all the plans affect staff leading to the need for qualified and technically skilled staff. The employees have to be well-versed with the advancement of technology because its prevalence demands are becoming technical for employees. The forecasting will help determine any shortage or surplus for human resources after the prediction.
In the presence of other competing items, the product has to be differentiated to make it conspicuous or distinguished from others. Marketing management has to consider the way to do product differentiation for a target market. In the context of Pressed Purity, there are many flavors in the market from food preparation companies. Therefore, to make its flavored salad dressing oils to sell, its management must seek that distinctive edge. Marketing management can include psychological or physical differentiation (Erasmus et al., 2019). The product might be different in color, quality, taste, or packaging. Other features like distribution and price are part of the differentiation from competing products. Furthermore, using its wide range of products in the market can help reach a bigger market range. Pressed Purity boasts 100% natural ingredients, and chemicals free and genuinely Australian. The use of unique selling points makes the product avoid competition and capture customers’ attention.
Proteco Oils should utilize the work measurement method as its work-study method. It should apply various techniques to see the performance of all sectors from production to the market. Remarkably, having worked in the process helps put in all the work including raw materials and other components to get the final products. In the market, all the chosen segments should focus on satisfying the customers’ needs. Notably, there should be a few uncertainties for the Proteco Oils refinery. For example, there should be a minimal interruption in the manufacturing process. The refinery should also utilize economic-ordering quantity. Based on the needs in the market, particular finished products and raw materials should be controlled to avoid loss of inventory. Proteco Oils refinery can apply material-requirement planning.
Outstandingly, with the range of ideas for pressed oils, the firm can be wise to control the manufacturing to deal with any shortcomings in the market. All the production levels should maintain costs at all levels (Erasmus et al., 2019). For the refinery to maintain a continuous flow of goods to supermarkets, the wide range of variants should never run out. As a renowned manufacturer in Australia, it can use the just-in-time (JIT) system. The JIT has a philosophy that manufacturing does not have to incur hefty losses (Erasmus et al., 2019). The firm can supply based on demand in the target market and make products stay available and meet it. The arrival of raw components and materials in a just-in-time approach enables to streamline of the manufacturing process. In addition, quality control can be used by managers and intertwined with other methods to achieve excellent items. Remarkably, with many products being produced for consumers, the level of quality has to remain intact. Therefore, the quality control method is a viable approach by the management. This is because it helps improve competitiveness in the international markets.
Proteco Oils used the single-segment approach as its marketing segmentation strategy. The management selected a particular target market and aimed to offer its products paying attention to the specific markets. The company targeted 25 – 60+ years females for they seek natural, health conscious, and chemical-free options for family and themselves. Thus, the product made will be classified and the marketing can involve advertising targeting females. Moreover, Proteco Oils targeted men and women of all ages and directed a product designed and labeled for them. The strategy ensures capturing of a wider market and some that may not be directly selected as a target. The approach entails dividing the market into smaller and similar groups. The attempt aims to satisfy the needs of many groups by serving them with a basic product.
The group for females within the age bracket and with cooking attitudes is identifiable and measurable. Notably, the firm knows the group’s needs like ages, sex, and gender and is ready to make the product available. In addition, the segments are sustainable and substantial. This means that they are great enough for the exploitation of profits and can be relied on for a period of time. Proteco Oils made market segments that are reachable. Whether through a communication or making the product reach them, Proteco Oils is responsive to make the prices the same and avoid using a separate approach.
Proteco Oils used a viable supply network with a mixture of operational processes to succeed in the market. For instance, the volume and variety of output matter in the operational process. The different target market has to be served and benefit from procedures and tasks. The cost per unit of production is a big factor in producing volume-outcome (Erasmus et al., 2019). It can be achieved through standardization of process and repeating of necessary procedures and tasks in manufacturing. Since Proteco Oils deals with a variety of oils, the operation over a certain period for different items should be considered. For instance, one operation can make different types of products. Great flexibility is encouraged to provide standardized services and products. Services should match the product through delivery and manufacture (Erasmus et al., 2019). Furthermore, the exact needs of clients or consumers should be matched. Outstandingly, variation of output matters and is determined by the pattern demand for the operation’s yield. However, it may be unpredictable or highly irregular. Therefore, any seasonal variations have to be considered to serve the demand for certain seasons.
Erasmus, B., Rudansky-Kloppers, S., and Strydom, J. (2019). Introduction to business management. Oxford.