Product price is most effective in influencing demand in the introduction phase of the product life cycle. The product life cycle is a concept that describes the stages that a product goes through from its development to its decline. The introduction phase is the first stage, when the product is launched into the market and consumers are made aware of its existence and benefits. In this phase, product price can have a significant impact on the demand for the product, depending on the following factors:

The degree of product innovation: If the product is highly innovative and offers a unique value proposition to customers, it may have a high price elasticity of demand, meaning that customers are willing to pay a high price for it regardless of the availability of substitutes or competitors1.This is often the case for products that create a new market or category, such as the iPhone or the Kindle2.On the other hand, if the product is not very innovative and offers a similar value proposition to existing products, it may have a low price elasticity of demand, meaning that customers are sensitive to price changes and will switch to cheaper alternatives or competitors if the price is too high1.This is often the case for products that enter an existing market or category, such as generic drugs or copycat products3.

The degree of market competition: If the product faces little or no competition in the market, it may have more pricing power and flexibility, meaning that it can charge a high price and still generate high demand4.This is often the case for products that have a strong brand image, a loyal customer base, or a patent protection5.On the other hand, if the product faces high competition in the market, it may have less pricing power and flexibility, meaning that it has to charge a low price or offer discounts and promotions to attract and retain customers4. This is often the case for products that have a weak brand image, a low customer loyalty, or a short product life cycle.

Therefore, product price can be an effective tool to influence demand in the introduction phase of the product life cycle, depending on how innovative and competitive the product is. A high price can signal quality, exclusivity, and differentiation, while a low price can signal affordability, accessibility, and penetration.

A bill of resources is a tool that is used to evaluate the impact that a production plan has on capacity.A bill of resources is a document that lists the required resources, such as machines, labor, materials, and space, for each product or service in the production plan1.A bill of resources can help estimate the total capacity requirements for the production plan, as well as the capacity utilization and availability for each resource2.A bill of resources can also help identify potential capacity gaps, bottlenecks, or excesses, and evaluate alternative production plans or resource allocations3.

A bill of resources can be created by using the following steps4:

Step 1: Identify the products or services in the production plan and their quantities and timings.

Step 2: Identify the resources needed for each product or service and their quantities and timings. This can be done by using tools such as product routings, process maps, or work breakdown structures.

Step 3: Aggregate the resource requirements for each product or service and for the entire production plan. This can be done by using tools such as spreadsheets, tables, or charts.

Step 4: Compare the resource requirements with the resource capacities and availability. This can be done by using tools such as capacity planning matrices, load profiles, or resource histograms.

Step 5: Analyze the results and make adjustments or recommendations. This can be done by using tools such as what-if analysis, simulation, or optimization.

Therefore, a bill of resources is a tool that is used to evaluate the impact that a production plan has on capacity.

Sales and operations planning (S&OP) is a process that aligns the sales plan, the production plan, the inventory plan, and the financial plan to achieve the business objectives. S&OP helps to balance supply and demand, optimize resources, reduce inventory costs, and improve customer service. S&OP is done on an aggregate or family level, and covers a sufficient span of time to make sure that the necessary resources will be available. S&OP also involves regular reviews and updates of the plans based on the changes in the market and the company's performance.

Business planning is a process that defines the long-term vision, mission, goals, and strategies of the organization. Business planning provides the direction and framework for the operational plans, but does not address the specific issues of inventory management and financial performance.

Detailed material planning is a process that determines the quantity and timing of material requirements for each item or component in the production plan. Detailed material planning is based on the master schedule, which is derived from the S&OP. Detailed material planning does not address the alignment of sales and operations at an aggregate level.

Master scheduling is a process that translates the S&OP into a detailed plan for each product or service in a specific time period. Master scheduling specifies the quantity and timing of finished goods to be produced or delivered to meet the demand. Master scheduling is dependent on the S&OP, and does not address the coordination of sales and operations at an aggregate level.

APICS Exam Handbook, page 12

CPIM Part 1 Study Guide, page 19

CPIM Part 2 Study Guide, page 17

Sales and Operations Planning (S&OP) 101| Smartsheet

Sales, Inventory & Operations Planning - What It Is and How to Operate

Finite loading is a capacity planning approach that considers adjustments to plans based on planned capacity utilization. It does not allow overloading of resources and schedules operations only when there is enough capacity available. Finite loading creates a more realistic schedule for the production processes than other approaches, such as infinite loading, that ignore the capacity constraints and assume that the due dates of orders are absolute. Finite loading is not highly dependent on advanced computer software, although it can benefit from it. It is not only managed by shop floor supervisors, but also by planners and schedulers. It can use historical information, but it is not the only approach that can do so. Therefore, the fundamental difference between finite loading and other capacity planning approaches is that it considers adjustments to plans based on planned capacity utilization.Reference:= CPIM Part 2 Exam Content Manual, Domain 6: Plan, Manage, and Execute Detailed Schedules, Section B: Schedule Production Activities, Subsection 1: Develop a detailed production schedule (p. 28)

To successfully empower individuals to drive change, an organization should ensure everyone can clearly articulate the business's vision and strategy. According to various sources, such asForbes,Mercuri Urval, andLSA Global, one of the key factors for effective change leadership is to communicate a powerful and compelling change vision that inspires and motivates employees to support the change.A change vision is a statement that describes the desired future state of the organization after the change is implemented, and how it aligns with the overall business vision and strategy1.A clear and consistent change vision can help employees understand the purpose and benefits of the change, as well as their roles and responsibilities in the change process2.A change vision can also help create a sense of urgency, direction, and alignment among employees, as well as foster a culture of empowerment and participation3.

The other options are not sufficient or necessary to successfully empower individuals to drive change. Conducting thorough training programs for all levels of employees is important, but not enough to empower them to drive change.Training can help employees acquire the skills and knowledge needed to perform their tasks in the new situation, but it does not necessarily influence their attitudes, beliefs, or behaviors toward the change1. Aligning performance appraisals with the business's vision is also helpful, but not essential to empower individuals to drive change.Performance appraisals can provide feedback, recognition, and incentives for employees who demonstrate the desired behaviors and outcomes related to the change, but they do not address the underlying motivations, emotions, or barriers that may affect employees' willingness or ability to change4. Establishing and tracking broad change metrics on a quarterly basis is also useful, but not critical to empower individuals to drive change.Change metrics can help measure the progress and impact of the change initiatives, but they do not necessarily engage or involve employees in the change process or give them a sense of ownership or autonomy over the change5.