This advantage is most especially important in the technologies sector, in which a definitive product of specific design or purpose sets the standards for which other organizations can find most difficult to match. Though designs may be similiar in style, the cause of entering into an untapped “arena” may provide unparalled precedence in the industry. Additionally, being a first mover provides the organization the ability to set pricing at whichever value suffices its tactical goals (primary goals), as well as an enhanced demand for a rather new and innovative product. However, the problem with being a first mover is actually based upon the contrary to what is mentioned above. Without prior market penetration of an organization’s competetitors, the usefulness and effectiveness of properly marketing a new product or service can be quite burdensome.
Without a solid business case, a project will not stand up to scrutiny. This is particularly important if later on revisions have to be done. It’s best to save time and energy by creating a good business case Planning is crucial for a project to be successful. Strategic planning sets the direction or strategy for the organization.
Just as physical products are open to innovation and change, so are new services. An example of this type of innovation is Frederick Smith who is the American entrepreneur responsible for the multi-million dollar international company, Federal Express. He created a new and better way of moving packages between people. New services, like physical products can also have positive movement due to branding. It is beneficial for entrepreneurs to think more along the lines of all product and service aspects instead of in silos and just thinking about producing “products” alone or “services.” That concept is imperative for entrepreneurs to understand as customer service can be added as an additional component as well to a physical product.
To maximize profitability among competitors, an organization might need to realign its business lines by centralization or outsourcing. Wherever there is change, there is resistance. Resistance to change stems from human characteristics such as perceptions, personalities and needs. Change can be frustrating if it is perceived as disruption to routines or status quos. This is threatening because it creates a fear of the unknown future as well as failures.
However, both of these options entail a huge loss in future profits. Other ways to avoid project failure mistakes involves accuracy and clarity. The objectives and goals of the organization should be illustrated through its chosen information technology. Additionally, tactics should include addressing any complexities, remaining flexible, offering incentives, and enforcing effective
This could probably be accomplished in time, but the speed at which it would have to be done raises concerns about impurities in the process. (B) Approve using the old component in place of the new one. The product would still function well, and it would be unlikely that Procter and Gamble would ever detect the difference. Although Procter and Gamble would not be getting exactly what it ordered, the product would meet minimal safety and durability standards. (C) Discuss the problem with the design engineer and see what he suggests.
Question 1: Please describe and assess the environment in which Beyschlag decided to develop the MELF. What innovation strategy did Beyschlag pursue in this competitive environment? Beyschlag’s managers were convinced at an early stage that the reduction in placement costs for resistors on circuit boards will be a major future trend. It was predicted that the placement costs are very much likely to exceed the component’s price. To solve this, the SMT placement technology was introduced, which required new resistors called SMD.
The main problem with the evaluation tools and techniques when encountering the company issues was hard to determine. The group found many options could have been more urgent than others; it was necessary to really prioritize and stay focus on our main goal. When there is a short-term and long-term goal in mind, people can organize all options and determine which ones will get to the goal faster and easier. The stimulation was amazing because it allowed us to see how a decision could affect the company and what would be the best decision for the future. The review by Linda, the CEO was the final decision and though it wasn’t real, our decisions mattered and stimulated real company business in the management
It requires that we test and verify that which we already believe, but just as importantly it helps us understand the other side of an issue and literally give us a better appreciation of the true complexity of an issue. I think this is one of the biggest things I’ll take away from the course. The question for this paper was how this course has made me a better business leader. Quite simply it has taught me to challenge what I believe until I can verify it and to realize that someone disagreeing with my point of view may be one of the better “gifts” I could receive. I am a business expert in my field and yet after researching my topic, I found that there were several perspectives and applications that I had yet to consider.
Why is the idea of a 'line of fit' such a useful concept in explaining how an operations strategy can be implemented successfully? Changing customer demands puts pressure on companies to develop exceptional strategies that allows the company to remain competitive. Developing an exceptional strategy is just the first step in the process. Implementing the strategy comes with its own difficulty and if not managed properly can derail a company’s operations. Without effective implementation, no operations strategy can succeed.