Question

How a company can compete on cost, quality, time and flexibility

Answer 1

Competition among the companies could happen on the 4 main basics or the factors which determines which is the better company in the market. The four factors are:

1. Cost: The first factor which is used to compare the operational activities of the organisation is the Cost factor. Which organistaion could produce more profit, products, output and goodwill within the market using the least amount of resources and inputs or costs required.

2. Quality: Another factors which contributes towards the achievement of the organisation sucess is the quality. The quality provided from various countries determine how good is one organisation from another and compares the organisational profeciency of it.

3. Time: Third factors is the efficiency and time factor. How easily the organisation could understand the demand of the product, how fast they could analyse the demand and produce and complete the demand unattended, in short, how effective is the company in the terms of the productivity tells about the competititive factor.

4. Flexibility: At last, the flexibility factor talks about how easily a firm could determine the changing demand, environmental factors, external factors or internal factors of the organisation and could adjust itself with the changes happening around. How flexible is the organisation's activities are.