Is the following statement true? "A firm that operates in a perfectly competitive market will earn long run economic profit by process innovation". Do represent graphically for both individual firm and the market.
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Is the following statement true? "A firm that operates in a
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- Explains the role of innovation in the value chain. Defines what a competitive advantage is and describes how it can be obtained throughout the value chain.Conclusion: Choose an example from a real-life business. Apply the concept of the value chain to the business you chose. Describes how each of the components of the value chain is manifested in the selected business. Then, answer the following question: which of the activities in the value chain presented is the most important for the operations of that type of business and why?1. based on the attached article McKinsey’s analysis has found companies that invest in innovation during a crisis outperform the competition on market capitalization by 10 percent; investing in innovation after a crisis gives them a 30 percent advantage. Considering this statement, and using relevant frameworks, examine the role of operations managers in product development and provide recommendations for strategies that can be implemented to enhance innovation in the consumer goods industry. 2. Shigeo Shingo and Taiichi Ohno are credited as the quality gurus behind the Toyota Production System (TPS) a widely recognised production system. Examine the relevance of the JIT approach in product development within the consumer goods sector. Make use of relevant examples.1)Hatil furniture sells wooden furniture to its customers, If it wants to maintain its product quality, what costs should it incur? Explain with proper examples. 2)What would be your suggestions to improve their product quality continuously?
- Which statement below is True, and which one is False? For the False ones explain why they are incorrect (or what is the correct statement) 3.4) Job shop is a process architecture that allows producing large volumes of standard products 3.5) Operational frontier refers to the position of the best companies in each market in terms of their product attributes 3.6) 5S is a technique for root-cause analysisThe basic objective of every business is to provide value to its a. stakeholders b. competitors. a. process c. delivery The supply chain of a manufacturing company is a crucial value chain involved in all of the following EXCEPT: a. receiving and warehousing b. accounting and finance c. advertising and sales d. interacting with customers Fifth, the belief that businesses may improve their procedures and the worth of their wares. a. process redesign b. reengineering c. revolutionary shift d. Continuous improvement is a kind of incremental innovation that always looks for new methods to better the product or service being offered.1. What are the core principles of TQM? 2. Compare pull approach vs. push approach 3. Balance scorecard and its primary objectives 4. Reasons why balance scorecard includes both financial and measures. How well internal businesses are doing?
- Core competencies describes the activities that take place in a business and relates them to an analysis of the competitive strength of the business. * True False Part of the role of effective governance and oversight is to review performance * True False Strategy are a series of initiatives, often illustrated in reporting by case studies. * True False SWOT analysis is an important tool for auditing the overall strategic position of a business and its environment. * True False Developing a sustainability strategy is an ideal opportunity to engage internal stakeholders and colleagues across the business * True False A vision, mission and values provide the building blocks on which to reflect corporate…How can businesses align their KPIs with their strategic goals to ensure effective performance measurement?Explain the concepts of Quality, Innovation and Competitiveness and if you believe that there is (or is not) a correlation between them, explain why.
- In which method of benchmarking there is comparison of a business process with a similar process within the organization? a. Sustainable benchmarking b. Financial benchmarking c. Cost based benchmarking d. Internal benchmarking(a). Product strategies change at each point of a product life cycle. Describe how each strategy differs between introduction, growth, maturity, and decline. (b). Describe, with examples, why it is beneficial for operations managers to anticipate changes to products (demand, opportunities, products, volumes, mix, etc.)? (c). Pick an organization currently in operations. Explain what type of process focus you view they adopt, and why you think they use that focus. (d). Explain the use of a flowchart in operational design.Gray Electric is a company with a long tradition of innovation. In 1973, they invented the world's first cellular phone and spent many years trying to understand how this new technology would impact their existing business. Gray Electric was in a position to become the first company in the world to develop and market a cell phone, but the upper management of Gray Electric had become complacent with making corded phones and could not imagine a world without landline phones. Because they had been the industry leader for decades and had faced very little competition along the way, the culture of Gray Electric had become rule-oriented and placed a high value on stability. Upper management decided that producing cell phones would only hurt their landline phone sales and quickly abandoned their cell phone endeavour. In 1987, they realized what a bad mistake they had made. Sales of their landline phones were decreasing drastically every year, and Gray Electric was losing money and cutting…