MaliHrvat1027
HELP REWRITING THIS PAPER TO SOUND MORE EDUCATED. For this…
HELP REWRITING THIS PAPER TO SOUND MORE EDUCATED.
For this assignment, I will be taking on the role of a business leader. I will be analyzing if the new product launched is meeting the expectations. Using the data provided, I will be reporting/ analyzing whether the company reached its profit goal of 25% of the cost of goods sold (COGS). It is essential to interpret this information because it allows the company to see if we should keep investing in the new product or if the company should cut its losses and drop the new product.
As I mentioned, data analysis is important because it can help leadership interpret the following steps to take with the new product. By using the data, the analyst can tell a story of how the new product launch went. Did the company reach the profit goal of 25% or not? If it did, what should the company do to see the product achieve maximum success? If the product didn’t reach the profit goal, the company can review the data to try and see where the new product failure is revocable or if they should just cut their losses.
Based on the data provided, the new product has become net positive in both revenue and profit; unfortunately, the product failed to meet the profit goal of 25%. The figure below (Figure 1-1) represents the total profit percentage achieved by the new product each month, including the annual profit percentage. The new product eventually generated profitability by month six (June) but ultimately failed in achieving the company’s profit goal. The data for the first year demonstrates that the new product launch was unsuccessful in meeting the profit goal, but the new product’s projected outcome looks promising. Cost of goods sold (COGS) is consistently on the fall while both revenues and profit remained on a steady rise. In the second half of the year, profits were 63% on average, which is more than half the desired goal. If the company can regulate COGS and profits remain stable, the upcoming year should be successful. The figure below (Figure 1-2) presents COGS change versus the change in profits over the past year. Various visualization charts provide the data for the new product progress. The reason is that each different chart offers a clear interpretation of the data rising over time. However, a summary shown in a pie or bar chart would have helped illustrate the same conclusion for the whole year. Historical data and changes in data are represented better, as I have provided below.
As I’ve mentioned previously, based on the product’s past performance data, I believe the outcome for the future of the product appears promising. The new product should meet the company’s goal of a profit of 25% or more of the Cost of goods sold within the next 1-2 years as long as the company continues to regulate the COGS and keep it at a continuous decline. Based on the line graph (figure 1-3) provided below, the product’s profit and COGS were parallel by the end of the first year, with profits steadily rising. I would recommend the company does another analysis at the end of the second year to compare sales and improvements made to streamline the product production process.
After reviewing both the data and the visualization charts I would say the launch produced profits but was unsuccessful in reaching the company’s target of 25% profit of the COGS. Throughout each visualization, the biggest trend illustrated is the change in COGS versus profit. In the beginning, the cost of goods heavily weighs any potential profit, which is expected for any new product. First, a company has to eat the cost of making products before making any revenue from it. But as the year went on the new product launch gained demand and profits continued to rise and COGS started to stabilize. Different target audiences can influence how information is translated or displayed. Depending on the receiver of the data or the visualization, the data should be tailored when being presented to meet the current audience’s needs. Ideally, the way that data is represented should be systematic and purpose-driven. Before the data and visuals are compiled and presented, there should be a clear purpose or message that is being provided. The audience and their expectations should also be considered in this analysis. Offering too much or too little information can detract from the data and the presentation. I hope my target audience has gained the knowledge that the launch was successful in many ways even if it didn’t meet the ultimate goal. As well as the new product has the potential to provide more profits in the future.
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