Review the Inquirer to determine Baldwin\'s current strategy. How will they seek
ID: 450530 • Letter: R
Question
Review the Inquirer to determine Baldwin's current strategy. How will they seek a competitive advantage? From the following list, select the top five sources of competitive advantage that Baldwin would be most likely to pursue. Select: 5 Reduce cost of goods through TQM initiatives Accept lower plant utilization and higher capacities to insure sufficient capacity is available to meet demand Offer attractive credit terms Add additional products Seek the lowest price in their target market while maintaining a competitive contribution margin Reduce labor costs through training and recruitment Seek excellent product designs, high awareness, and high accessibility Increase demand through TQM initiatives Seek high automation levels Seek high plant utilization, even if it risks occasional small stockouts Review the Inquirer to determine Baldwin's current strategy. How will they seek a competitive advantage? From the following list, select the top five sources of competitive advantage that Baldwin would be most likely to pursue. Select: 5 Reduce cost of goods through TQM initiatives Accept lower plant utilization and higher capacities to insure sufficient capacity is available to meet demand Offer attractive credit terms Add additional products Seek the lowest price in their target market while maintaining a competitive contribution margin Reduce labor costs through training and recruitment Seek excellent product designs, high awareness, and high accessibility Increase demand through TQM initiatives Seek high automation levels Seek high plant utilization, even if it risks occasional small stockoutsExplanation / Answer
Competitive advantage is a benefit which is enjoyed by a company in the market against its competitors. Competitive advantage can be achieved by adapting certain strategies which gives an edge to the business.
The practices which help a business to attain competitive advantage are mentioned below:
Adopt TQM to reduce production cost: Total quality management is a technique of production in which the organization seeks to provide the optimum level of quality to its customers. Offering the best quality in the market would automatically attract the customers. Hence providing a competitive edge over its competitors.
Provide training to labor to reduce the overall cost: A trained staff would spend less time over learning the processes. This would automatically increase the productivity time of the labor. Thus, a trained staff would reduce the learning time and would increase the core utilization.
Improve product designs, create awareness and accessibility: Working on the roots of the product i.e. the design and structure can help the company to attain innovation. This helps to reduce the material cost over the product. Not only making changes to the product is enough. It should be well marketed and should be made available to the consumers.
Offer products at low price in target market: It is not easy for a new entrant to enter the market with low prices as the existing players in the market know well how to speculate the product’s price. The business should know where to target and when. Offering the products at low prices can let a business to enjoy competitive advantage.
Adopt automation: Automation is a branch of science in which the activities are carried out by the robots or machines. The greatest advantage of using automation is it decreases the chances of mistakes and improves the finishing. A machine produced product would provide better results than a handmade product.
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