Textbook Notes (363,233)
Canada (158,276)
MGTA02H3 (361)
Chapter 2

Chapter 2- Increasing Productivity and Quality

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University of Toronto Scarborough
Management (MGT)
Bill Mc Conkey

Chapter 2- Increasing Productivity and Quality 1- Describe the connection between productivity and quality THE PRODUCTIVITY- QUALITY CONNECTION Productivity- a measure of efficiency that compares how much is produced with the resources used to produce it The more we produce the right things while using less resources, the higher productivity grows Quality- a products fitness for use in terms of offering the features that consumers want Responding to the Productivity Challenge Productivity more wealth Productivity standard of living falls Companies must design their marketing efforts to cultivate a more customer- oriented focus 4 factors interact in this process: o Customers o Quality o Productivity o Profits Measuring Productivity Labour productivity- partial productivity ratio calculated by dividing gross domestic product by total number of workers Labou r Pr odu ctivity= Gross Domestic Pr odu ct Total Number of Wor ker s It compares a countrys total annual output of goods and services with the resources used to produce that output Productivity among Global Competitors Productivity differ from nation to nation because of many factors: human skills, economic policies, natural resources, traditions Domestic Productivity Nations must be concerned about domestic productivity regardless of their global standing Workers: higher wages when productivity , lower wages when productivity Investors: higher profits when productivity , lower profits when productivity Customers: lower prices when productivity , higher prices when productivity 1 www.notesolution.com
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