Question CA1-7: Some argue that having various organizations establish accounting principles is wasteful and inefficient. Rather than mandating accounting rules, each company could voluntarily disclose the type of information it considered important. In addition, if an investor wants additional information, the investor could contact the company and pay to receive the additional information desired. Comment on the appropriateness of this viewpoint. I do not believe that this viewpoint is a good idea.
Innovation impacts the cost of production as well. Even the innovation helps in lowering the cost of production and making economies more efficient – producing more outputs with the same number of inputs. Technology affects market structure. In today’s market world, technology advances more rapidly because individuals gain incentives, in the form of profits, to discover new and cheaper ways of doing things. Even the dynamic efficiency refers to a market’s ability to promote cost-reducing or product-enhancing technological change.
Company G has prided itself on cultivating relationships with it's suppliers built on honesty, confidence, and allegiance in order to facilitate profits for both parties. However, as popularity may grow for the product so too may the market and suppliers might consider increasing costs, in which case a fixed contract would be discussed. Threat from Substitutes – If the Little Wonder does prosper their may be threats from substitutes from larger companies that are able to produce a similar product on an increased scale thereby reducing it's price and making it difficult for Company G to compete. SWOT Analysis A SWOT analysis has been done for Company G and the outcome is clearly positive. The details of that evaluation: STRENGTHS Dedication from management, employees, and suppliers 1.
If the employees are performing their job better, they will deliver better quality products, in a timelier manner, thus raising the customer satisfaction. The more satisfied a customer is, the more likely they are to keep purchasing your products and recommending your products to others, thus raising your financial level. Once again this shows the cause and effect that was discussed earlier in this report. Each of the four areas ties into one another, but they all are used to achieve the same thing; and increase bottom line for the
UNIT 3 P1 ALDI Business Objective Aldi believes that customers want something of good quality from their money instead of misleading quality. Aldi’s business objectives are to provide their customers with high quality products which are the same but cheaper than other brands products also they make sure that these products are kept at a reasonable price so that they do not lose customers. Aldi can achieve their objective if their prices are kept at a minimum instead of being average or high. Aldi control their prices by buying a lot of quantities from a small range. By cutting costs and being effective they can gain profits back and meet their business objectives.
Both strategies failed, therefore it is necessary to analyze what were their mistakes. • Core Competencies: Trexel has the know-how to development of different product better than its competitors (lower production cost), so it is necessary to consider the cost savings of the different alternatives. • Competitive Advantage: Because of Trexel has the know-how to produce high-quality products at low production cost, they are better positioned that its competitors. Also Trexel have protected their intellectual property through patents, which allow maintaining a sustainable competitive advantage in the time. For these reasons, it is necessary to analyze the competitive advantage of the different options presented.
White in Why the Gasoline Engine isn’t going away anytime soon; argue in a perspective that these issues are viewed at by society wrong. Although society presents energy independence as a must, Bryce explains how it is not desirable to become energy independent nor is it even possible. White explains that the gasoline engine is far from its last day. These two experts argue that the ignorance of society is keeping the reality of these issues absent. Bryce and White also touch on how the cost of these issues will keep them from succeeding anytime soon.
Kaizen effectively leads to better customer focus, improvement in the quality of goods/services, higher productivity and fewer defects among many other benefits making it a pivotal focus in the long-term competitive strategy of any organization. Those who cannot keep up with the improvements of their competitors and therefore the expectation of their customer base will fall behind in today's fast paced business world. This report aims to outline exactly what continuous improvement is, why and how it should be applied and how it is possible to manage continuous improvement systems to substantially benefit the organization as a whole. 2. Implementing continuous improvement processes in the organisation In order for organisations to be in a state of continuous improvement, the areas that require improvment most urgently need to be identified using rigorous self-assessment and evaluation.
Knowledge questions – unit 202 1.1 Explain the purpose and benefits of continuously improving own performance in a business environment. This improves the quality of my work which in turn proves that I am capable of further responsibility such as managing the budget. More experience and responsibility could be useful in gaining future job roles. 1.2 Explain the purpose and value of encouraging and accepting feedback from others. The purpose of feedback is to let me know what I am doing is correct or indeed incorrect as the case may be sometimes.
Understanding the Field of Project Management A project is a temporary endeavor undertaken to create a unique product, service, or result (Larson & Gray, 2014, p.7). Project management, then, is the application of knowledge, skills and techniques to execute projects effectively and efficiently. It’s a strategic competency for organizations, enabling them to tie project results to business goals and thus, better compete in their markets. Many organizations across the globe have embraced project management so they can control spending and improve project results. Companies have discovered that adhering to project management methods and strategies reduced risks, saved money and improved success rates.