RSM100Y1 Lecture Notes - Iso 9000, Business Process Reengineering, Iso 14000
Document Summary
Productivity and quality are watchwords in today"s business. Productivity: a measure of economic performance that measures how much is produced relative to the resources used to produce it: the greater the productivity, the more economy, businesses and workers benefit. Productivity considers both the quantity and quality of what is produced. Quality: a product"s fitness for use in terms of offering the features that consumers want. When one country is more productive than another, it will accumulate more wealth. Since quality must be defined in terms of value to the customer, companies must design their marketing efforts to cultivate a more customer-oriented focus. 4 factors that are involved in the process of quality improvement are: customers, quality, productivity, profits. Firms that compete internationally are generally more productive as they have more incentive to stay competitive. Productivity among nations can differ as a result of difference in technologies, human skills, economic policies, natural resources and traditions.
