EBK PRODUCTION AND OPERATIONS ANALYSIS
7th Edition
ISBN: 8220102480681
Author: Olsen
Publisher: WAVELAND
expand_more
expand_more
format_list_bulleted
Question
Chapter 1.7, Problem 15P
Summary Introduction
To determine: The concept of time based competition and its examples.
Introduction: The introduction into a market for the first time of a product with different characteristics and innovative design ahead of its counterparts is called the time based competition. To become a time-based competitor, some modifications are needed in the organization of some of the procedures. By adopting new techniques, the total time needed to produce a product or service is decreased.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
How do rapid changes in market demand impact the budgeting and cost estimation of software products?
. What does “time-based competition” mean? Give an example of a product thatyou purchased that was introduced to the marketplace ahead of its competitors
My product is called "The Perfect Cup." It is a reusable coffee cup that helps people save money and reduce waste.
Conduct a SWOT analysis for your product.
Strengths: What are the positive internal factors for your product? Examples could be a new, innovative product or service; location of the company; quality processes and procedures; or any other aspect that adds value to your product or service.
Weaknesses: What are the negative internal factors for your product? Examples could be undifferentiated products in relation to your competitors; location of the company; poor-quality goods or services; or a damaged reputation.
Opportunities: What are the positive external factors that could influence your product? Examples could be mergers; joint ventures or strategic alliances; new market segments; international markets; or a market vacated by an ineffective competitor.
Threats: What are the negative external factors that could influence your product? Examples could be new competitor in…
Chapter 1 Solutions
EBK PRODUCTION AND OPERATIONS ANALYSIS
Ch. 1.3 - Prob. 1PCh. 1.3 - Prob. 2PCh. 1.3 - Prob. 3PCh. 1.3 - Prob. 4PCh. 1.3 - Prob. 5PCh. 1.3 - Prob. 6PCh. 1.3 - Prob. 7PCh. 1.3 - Prob. 8PCh. 1.3 - Prob. 9PCh. 1.3 - Prob. 10P
Ch. 1.3 - Prob. 11PCh. 1.3 - Prob. 12PCh. 1.7 - Prob. 13PCh. 1.7 - Prob. 14PCh. 1.7 - Prob. 15PCh. 1.7 - Prob. 16PCh. 1.7 - Prob. 17PCh. 1.7 - Prob. 18PCh. 1.7 - Prob. 19PCh. 1.7 - Prob. 20PCh. 1.7 - Prob. 21PCh. 1.8 - Prob. 22PCh. 1.8 - Prob. 23PCh. 1.8 - Prob. 24PCh. 1.9 - Prob. 25PCh. 1.9 - Prob. 26PCh. 1.9 - Prob. 27PCh. 1.9 - Prob. 28PCh. 1.10 - Prob. 29PCh. 1.10 - Prob. 30PCh. 1.10 - Prob. 31PCh. 1.10 - Prob. 32PCh. 1.10 - Prob. 33PCh. 1.10 - Prob. 34PCh. 1.10 - Prob. 35PCh. 1.10 - Prob. 36PCh. 1.10 - Prob. 37PCh. 1.11 - Prob. 38PCh. 1.11 - Prob. 39PCh. 1.11 - Prob. 40PCh. 1.11 - Prob. 41PCh. 1.11 - Prob. 42PCh. 1 - Prob. 43APCh. 1 - Prob. 44APCh. 1 - Prob. 45APCh. 1 - Prob. 46APCh. 1 - Prob. 47APCh. 1 - Prob. 48APCh. 1 - Prob. 49APCh. 1 - Prob. 50AP
Knowledge Booster
Similar questions
- Many organizations have differentiated themselves in the marketplace by their "low cost" value proposition to customers (i.e. Spirit Airlines, Dollar Tree, Walmart, and Aldi). To achieve this, the organization fine-tunes their business model to remove as many overhead costs and unnecessary costs so it may pass those savings on to its customers. Select a domestic or international business that has a "low cost" value proposition to its customers and consider the following questions: How does it market itself? How does a low-cost operating structure make them stand out and succeed in the market? Is "low cost" a sustainable model for this company? Evaluate this strategy from an ethical perspective.arrow_forwardIt is said that competition is not valued for its own sake but because it produces efficient market outcomes. However, conduct is tested against its impact on competition rather than its impact on efficiency. Carefully explain this apparent inconsistency. Use examples to illustrate your response.arrow_forwardI need the answer as soon as possiblearrow_forward
- To plan to compete against other firms, a firm needs to understand what physical, financial, and human resources it has, what it is good at, and how it is organized. TRUE OR FALSEarrow_forwardMake a case for changing a company's highly customized computer system to a commercial off-the-shelf system. What are the potential problems? What are the potential benefits?arrow_forwardWhat are the possible threats to the real estate company? This is external to the real estate organization.What possible surprises that the real estate company may have as competition that currently doesn’t exist?arrow_forward
- A profitable company will make it a point to determine how its competitors are doing business and try to do it better themselves. Benchmarking is one of the most effective tools available to an organization to ensure that these goals are being met. Many organizations use benchmarking as a way to measure organizational performance. What are the pros and cons of this approach? Has this approach always been used as a competitive tool? Provide at least two examples of companies using this type of tool to help them remain competitive within their market.arrow_forwardAn industry's key success factors A) can be determined from studying the "winning" strategies of the industry leaders and ruling out as potential key success factors the strategy elements of those firms considered to have "losing" strategies. B) depend on the relative competitive strengths of the industry leaders and how vulnerable they are to competitive attack. C) are a function of market share, entry barriers, economies of scale, degree of vertical integration, and industry profitability. D) can be determined through identifying an industry's dominant economic characteristics, assessing the five competitive forces, and considering the impacts of the driving forces. E) vary according to whether an industry has high or low long-term attractiveness.arrow_forwardOnce a new idea for a product or service has been identified, three different phases in planning begin. What are those three phases? Where do new products and services come from? Quality control is the process of? Though American manufacturing has fallen in its impact on the world (America is #2 in the world behind China), what are the two reasons why manufacturing is still an important part of the U.S. economy? What are the four questions that banking officials and investors are interested in when reviewing your business plan? What are the four advantages that a Matrix Structure offers organizations?arrow_forward
- There are some corporate strategists who have suggested that firms focus on maximizing market share rather than market prices. When might this strategy work, and when might it fail?arrow_forwardYou are an entrepreneur and you want to start a new venture by offering luxury items such as expensive leather bags for female customers. Your customers will be an essential part of the process and you will take their inputs before designing products. You believe this strategy will help you to stand out in the market as ‘you aim to produce what your customers desire’. Now as the business owner if you are asked to choose a process for manufacturing the products, which process would you choose and why?arrow_forwardBackground: The product life cycle shows us that markets and competition are dynamic. Over time old products are replaced with new ones. And as markets mature, firms usually face increasing price competition and erosion of their profit margins. To succeed in spite of these pressures, firms must constantly look for new market opportunities-and that often means identifying and developing new product ideas and effective strategies to go with them. While the new product development process is crucial to the survival and success of most firms, it is also a challenge. Even the best run companies sometimes miss opportunities that-after the fact-seem obvious. And too often companies go ahead and introduce new products that turn out to be costly failures. Marketing managers can increase the odds of success in this area by really understanding the steps of the new product development process-and what it takes to generate and screen new product ideas, This exercise is intended to help develop…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Practical Management ScienceOperations ManagementISBN:9781337406659Author:WINSTON, Wayne L.Publisher:Cengage,Operations ManagementOperations ManagementISBN:9781259667473Author:William J StevensonPublisher:McGraw-Hill EducationOperations and Supply Chain Management (Mcgraw-hi...Operations ManagementISBN:9781259666100Author:F. Robert Jacobs, Richard B ChasePublisher:McGraw-Hill Education
- Purchasing and Supply Chain ManagementOperations ManagementISBN:9781285869681Author:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. PattersonPublisher:Cengage LearningProduction and Operations Analysis, Seventh Editi...Operations ManagementISBN:9781478623069Author:Steven Nahmias, Tava Lennon OlsenPublisher:Waveland Press, Inc.
Practical Management Science
Operations Management
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:Cengage,
Operations Management
Operations Management
ISBN:9781259667473
Author:William J Stevenson
Publisher:McGraw-Hill Education
Operations and Supply Chain Management (Mcgraw-hi...
Operations Management
ISBN:9781259666100
Author:F. Robert Jacobs, Richard B Chase
Publisher:McGraw-Hill Education
Purchasing and Supply Chain Management
Operations Management
ISBN:9781285869681
Author:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson
Publisher:Cengage Learning
Production and Operations Analysis, Seventh Editi...
Operations Management
ISBN:9781478623069
Author:Steven Nahmias, Tava Lennon Olsen
Publisher:Waveland Press, Inc.