The following are the five reasons managers should be concerned with speed: 1. T

ID: 373545 • Letter: T

Question

The following are the five reasons managers should be concerned with speed:

1. Timely delivery of the product and services in the market.

2. The product and services could increase demand in the market through its innovation and technology.

3. The uniqueness could be provided as where the product and services will not be same like competitors, so speed is important.

4. The speed increase on the growth and profit of the organization.

5. Increases the brand image and competition in the market through speed delivering.

The following are the disadvantages of being too fast:

1. Confusion and conflicts might arise during the work.

2. If there is no sales or demand on the product and service that increases the wastages.

3. Financial risks would arise through being fast as where lot of investment needs to be done for technology and innovation.

4. Quality might vary of being too fast on delivering the product and services.

Hypercompetition and the speed of change in turnaround are both related to quickness in the management of technology and innovation.

Discuss the five most important reasons managers should be concerned with speed. In addition, what are the disadvantages of being too fast?

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