Trynx Inc., a bicycle manufacturing company, is set to launch a new bicycle with gears. Ryan, the CEO of Trynx, asks the sales manager to come up with an alternative plan in case the new product fails in the market. He also asks the production manager to come with an alternative plan in case the new product's demand increases beyond the production capacity. Ryan has asked the managers to engage in __________.
A) scenario planning
B) financial planning
C) resource planning
D) contingency planning

Question

Quizplus · Accepted Answer

Ryan has asked the managers to engage in contingency planning, which involves preparing alternative plans in case a particular scenario occurs. The sales manager is asked to come up with an alternative plan in case the new product fails in the market, while the production manager is asked to have an alternative plan in case the new product's demand increases beyond the production capacity. This type of planning ensures that the company is prepared for unexpected situations that may arise.

Trynx Inc, a Bicycle Manufacturing Company, Is Set to Launch a a New