5D management strategies to respond to kpi part 3

Question 1

all management strategies to respond to kpi p3

Answer 1

• innovation
• global sourcing of inputs as business opportunity
• overseas manufacturer as business opportunity
• global outsourcing as business opportunity

Question 2

1. innovation

Answer 2

practical implementation of ideas resulting new/improved g/s therefore fulfill market need, respond to KPIS e.g. increase sale / market share therefore new product with competitive edge.

Question 3

strengths of innovation

Answer 3

1. Create new market / product to expand sale
2. Extend product life cycle

Question 4

weaknesses of innoavtion

Answer 4

1. Need constant innovation to stay in front of next idea
2. Often require heavy marketing to get idea out to consumers.

Question 5

2. Global sourcing of inputs as a business opportunity

Answer 5

involves acquiring raw materials / resources form overseas suppliers therefore could be business opportunity if raw material required to produce g/s is cheaper overseas / high quality than locally

Question 6

3. overseas manufacturing as business opportunity

Answer 6

produce g/s in location outside of business hq. Allows business to take advantage of new bus opportunities / respond kpi using cheaper labour / more skilled overseas reduce costs / improve quantity.

Question 7

4. Global outsourcing as business opportunities

Answer 7

: transferring specific business activities to external business in overseas country therefore reduce operational costs / reduce price for customers / improve quality of g/s both of which increase profit / sales or potentially reduce customer complaint.

e.g., customer support, it, tech support, human resource management