MANGT 421 Lecture 2: Chapter 2 Review

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Reasons to Globalize:
o Improves the supply chain
o Reduces costs
o Improves operations
o Understand markets
o Improve products
o Attract and retain global talent
How to Improve the Supply Chain:
o Locate facilities closer to unique resources
How to Reduce Costs:
o Foreign locations have lower wage rates and can lower direct and indirect costs
o Trade agreements can lower tariffs
International operations can improve response time and customer service
Cultural and Ethical Issues
o Cultures and attitudes can vary depending on what country you’re in
Mission Statement Tells where an organization is going
o The organizations purpose for being
o Provides boundaries and focus
Strategy Tells how the organization is going to get there
o Action plan to achieve the mission
o Strategies exploit opportunities and strengths, neutralize threats, and avoid
Strategies for Competitive Advantage
o Differentiation better, different, etc
o Cost leadership cheaper
o Response more responsive
Competing on Cost
o Providing the maximum value as perceived by the customer.
Competing on Response:
o Flexibility matching market changes in design innovation and volumes
o Reliability meeting schedules
o Timeliness quickness in design, production, and delivery
Product Life Cycle
o Introduction:
best period to increase market share
High production costs
Attention to quality
Frequent product and process design changes
o Growth:
practical to change price or quality image
forecasting critical
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