Outline the characteristic of a world-class company

Answer 1

1 . World-class companies must maintain strategic agility and be able to turn on a dime. Top management must be intimately aware of customer needs and not become rigid and resistant paradigm change.
2 . World-class companies motivate and treat employees like appreciating assets. To activate the talents of everyone, decisions are pushed to the lowest level in the organization. The result is a flat and responsive organizational structure.
3 . A world-class company profitably meets the needs of its customers. Its goal is not simply to satisfy customers, but to positively delight them. This is not something that can be done once and then forgotten. With competitors aggressively seeking new ways to increase market share, a world class firm must continue to delight its customers.
4 . The philosophy of customer satisfaction permeates the world-class firm. All of its activities, from the acquisition of raw materials to selling the finished product, form a "chain of customers.". Each activity is dedicated to serving its customer, which is the next activity in the process. The final paying customer is the last in the chain.
5 . Finally, manufacturing firms that achieve world-class status, do so by following a philosophy of lean manufacturing. This involves doing more with less, eliminating waste, and reducing production cycle time.