What is productivity? Why is increasing productivity important? In the context of a specific job, preferably from your own experience, discuss at least three ways that managers can improve productivity.
What will be an ideal response?
Productivity is the ratio of outputs to inputs, or (goods + services)/(labor + capital + materials + energy). It is important to companies because it determines their profitability and survival. It is important to the nation because the higher productivity is, the more available goods and services are to us, and the higher our standard of living. Based on the definition, managers can raise productivity by making substitutions or increasing the efficiency of any resource.
Managers can also do the following:
Establish base points, set goals, and measure results.
Use new technology.
Improve the match between employees and jobs.
Encourage employee involvement and innovation.
Encourage employee diversity.
Redesign the work process.
Students should also give an example of three of the six actions.
You might also like to view...
Conducting research that matches the product to the media and the target market is the primary task of the:
A) creative B) media planner C) media buyer D) client company
Not permitting the computer programmer to enter the computer room is an example of _______________________________
Fill in the blank(s) with correct word
Which of the following would be classified as an opportunity in a SWOT analysis of Fun-Spot?
A) A rival amusement park announces plans to open three new rides next season. B) A new luxury hotel is being constructed in the area, with the aim of attracting more high-spending families on vacation. C) Ron and Gail have paid off the mortgage on Fun-Spot, significantly reducing their monthly expenses. D) Fun-Spot employees tend to be enthusiastic and young, projecting an image of fun and vitality. E) Fun-Spot plans to further diversify its offerings by beginning a two-week summer camp for elementary school students.
Does a firm in SR Corp’s position need to focus its marketing activities? What criteria might be used to prioritize these three market niches?
What will be an ideal response?