There have been many concepts learned in this class that can be applied to making and keeping a business competitive. In this short essay, I will discuss many of these concepts and how they can be used in today's business marketplace. .
One of the main ideas that can be applied to businesses is "to make the most with the least at highest quality in minimum possible time while delivering maximum value to the customers in a socially and ethically responsible manner." In my opinion, that phrase is exactly what a company needs to do to succeed. To break it down, making the most with the least is one of the key statements. There is no way a business will be successful if there is a lot of waste. A lot of waste turns into lost time, lost revenues, and lost productivity, which are all also very crucial to a company's existence. Their products must also be made at the highest possible quality. Low quality products also equal losses in many departments. The products must be made in the least amount of time while delivering maximum value to the customers. The customers are the main reason why a company does business. If it weren't for customers, businesses would not exist. This is why high customer satisfaction is so very important. Last, but not least, the business must do all of this in a socially and ethically responsible manner. In the last few years, this part of the company has been put under the microscope with all of the companies being shut down because of unethical practices. That is why this is so important when a company does its business.
Another important concept is process analysis. If a company adheres to these simple steps, they should be competitive. The first step is to minimize waste. As I said before this is very crucial to the success of the company. Excessive waste is a very big problem to companies. The next step is to identify every activity in the business.