Explain how each of the following is a basis for competitiv
Solution
B – Quality - The quality of the products is one of most important things which should be taken into consideration while manufacturing goods. Products and goods being sold by the company should be reliable and durable.
C – Time - A Company should always try to reduce the manual effort which goes into manufacturing products. Automating the processes can help the Company in speeding the manufacturing process thereby reducing the cost of the product and increasing sales.
D – Agility - Company should understand the needs of the customer and respond accordingly. Any Company which fails to do so cannot withstand the competition in the market and hence will drown soon. Agility, thus is an important factor to be considered for competitive advantage.
2. Lean Production is a manufacturing technique to increase efficiency and profitability. The primary focus of Lean Production is speed of output by waste elimination.
3. Craft Production is manufacturing technique where products and goods are manufactured by hands or without the help of any tools.
4. Henry Ford revolutionized the assembly line by reducing the car making time from 12hours to 90minutes. Ford developed the mass-produced Model-T car, which sold at an affordable price.
