Question

Consider important aspects of a successful business model. In particular, we begin consideration of the essential components of objectives and the strategies to achieve those objectives. After considering the material found in Bygrave, W. D., & Zacharakis, A. (2014). Entrepreneurship (3rd ed.), chapters 4, 5, and 6:

2) How would you build an effective team to implement an appropriate high-volume, low-cost strategy?

Answer 1

To make a competent team that implements an appropriately high volume, low-cost strategy. A team required which is most efficient in the work and has experimented in the working zone to make a team-first fix a goal to produce high volume products using minimum sources. Sources are directly proportional to the manufacturing cost, as source requirement increases cost also increased. Define roles for every member of the team because it helps to batter management system in the company. The team should homogenize the company's offering. Giving the training to team members helps keep the organization's network organized form and better outsourcing the marketing strategy because it helps to save time and cost and focus on the company's best plan.

Make the working environment comfortable and motivate them with some extra benefits because it helps gain team members' full potential and efficiency.

Use the technology and trained them for using technological tools because it helps to save the time of production of the product. The initial cost is higher, but running cost and maintenance costs are negligible, helping to minimize the damage and maximize the volume of products.