The manufacturing process is likely to become more efficient, increasing levels of output as well as increasing the relative quality of the product. This is likely to give the competitive edge to the particular product within its market, assuming that the products’ quality surpasses that of its direct competitors as the volume of sales would be expected to increase and as result market share is likely to follow suit. Funds which would be freed up from the rationalisation of the manufacturing process will be available to invest into certain departments of the company in order to increase competitiveness, such as marketing and product innovation. With more funds being invested in development it is reasonable to expect that the products will gain unique selling points and set them aside from competitors within the market, it is then likely to see a reciprocal increase in sales, again increasing competiveness. With the centralisation of the finance, I.T.
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.
These manufacturing methods can be replicated by other businesses in the countries and improve their ability to manufacture goods. This improved ability to manufacture within the country and should lead to an increase in the GDP of the country. This will improve the trade and relations between the country and many others. Also in some cases these MNC's will invest in the infrastructure of the country. This will improve the trading process for not only the company, but also the rest of the country.
Such policies aim to increase the capacity of the economy to produce more goods and services by increasing the quantity or quality of the factors of production. A supply-side improvement can be depicted as a positive rightwards shift of the LRAS curve (LRAS to LRAS1). Price level Real Output Y1 Y LRAS LRAS1 Price level Real Output Y1 Y LRAS LRAS1 AN1 AN1 AP1 AP1 AN1 AN1 AN1 AN1 AN1 AN1 AP1 AP1 AN1 AN1 One fiscal policy that might be used to bring about the supply-side improvement of a larger workforce is a reduction in income tax. A fall in the marginal rate of tax, for example a reduction in the additional rate of income tax from 50% to 45% for income earned above £150,000 or an increase in the Personal Allowance threshold from £10,000 to £10,500, will increase households disposable income (post-tax take home). The resultant decrease in households’ replacement ratio (disposable income out of work ÷ disposable income in work) will encourage more people to actively seek work and thus increase the participation rate (the proportion of all those of working age that comprise the labour force and in the UK this figure is 75%) and thus increase the size of the labour force.
An education will directly impact the production possibilities curve because an educated person will be able to use their skills to aid the overall economic growth. Learning at the college level allows individuals to perform specialized tasks such as engineering. It might also result in new ideas to facilitate production and design. Therefore, as we have learned, when you increase land, labor, capital, and entrepreneurial activity, the production possibilities curve expands to indicate growth. 2.
A flexible workforce such as telecommuting will allow for flexible work schedules therefore providing the company with better coverage. Plus, it will increase morale by allowing employees to set their own schedules to meet the demands of their personal needs. Hire or Retain My professional Recommendation: I think it is best for Tanglewood to focus more on retaining talent. When employers retain higher levels of staff they experience lower cost-per-hire, higher morale, increased productivity, and improved succession planning. National or Global My professional Recommendation: I think it is best for Tanglewood to focus on Global or offshoring because it will increase their productivity with the implementation of more diversity.
• Implementing information technology in order to increase efficiency in operations and marketing aids. • Point-of-sale systems that helps increase inventory turnover and sales and lead to better targeted customer marketing. • Brand identity. • The use of informational complexity to promote and educate consumers regarding their products. Q4 What are the key elements of Oliver’s strategy?
Effect of Systems on Business By Phil Newmark CIS/207 Mar 02, 2015 Bob Juszynski Effect of Systems on Business With the growth of the consumer market place and the demand for faster delivery of products and services it is the roll of Information Systems to streamline everyday transactions both for the consumer and for the organizations they do business with. Properly identifying those IS systems and learning how they can be used to improve productivity can be best analyzed by looking at current technology, determining the improvements they have made and looking ahead to what the future holds for companies using these systems. By understanding our past technologies we can improve them to better serve the goals of an organization and the people who interact with it. Office Automation Systems Creating documents, communication and other tasks you would see done in an office environment everyday have been simplified and incorporated into systems we now use every day. Word processing and spreadsheets replace typewriters and accounting ledgers and information storage allows workers and managers instant access to critical information about sales, client or employees.
The HR vice president stated, “[that the way to] unlock the potential for excellence [was] by providing the tools, resources and opportunities [for employees] to succeed. Allstate’s competitive advantage from the development of the Diversity Index The United States Census Data shows that our communities are becoming more ethnically and culturally diverse (factfinder.com). Allstate has used that information to their advantage. Diversity is critical to meeting the needs of the communities and customers that they serve. In fact, “inclusive diversity is one
Second, a high-wage economy can induce a regime of rapid technical change, and firms faced with high wages are forced to employ more advanced equipment and eliminate inefficiency or leave the industry, which results in a more productive society because companies are forced to embrace new technologies and processes. In the end, these new processes are disseminated throughout the economy. Third, the minimum wage is one among a number of factors that has the capacity to equalize bargaining power in labor markets, and enables people to 'earn a living,' which is an elementary component of human dignity and social justice.” Since the initial passage of the Fair Labor Standards Act of 1938, economists have generally been opposed to the minimum wage, and today, this consensus is the same as most introductory textbooks will indicate (Prasch). Prasch notes that over the last half century, “it has become an article of faith that any floor or ceiling placed upon a supposedly autonomous and self-ordering 'free market' will lead to a substantial misallocation of resources' (Prasch). Regarding the minimum wage, market intervention is thought to