Question : Case Study: XYZ Manufacturing Company
XYZ Manufacturing Company is a well-established firm that produces consumer electronics. The management is planning to launch a new line of smart home appliances. Question:
What should XYZ Manufacturing Company do after setting objectives and goals in the planning process for the new line of smart home appliances?
Option 1: Identifying potential risks
Option 2: Allocating resources
Option 3: Developing premises
Option 4: Evaluating alternatives
Correct Answer: Allocating resources
Solution : The correct answer is ( b). Allocating resources
Once the goals are established, XYZ Manufacturing Company needs to allocate resources such as finances, manpower, technology, and time to support the initiatives outlined in the plan. Proper resource allocation is crucial for implementing the strategies and ensuring the successful introduction of the smart home appliances.
In summary, while all the options mentioned are important aspects of the planning process, allocating resources is the immediate and practical step that follows setting objectives and goals. It ensures that the necessary means are available to implement the plan effectively.
What is the first step XYZ Manufacturing Company should take in planning the new line of smart home appliances?
Option 1: Setting objectives and goals
Option 2: Identifying potential risks
Option 3: Allocating resources
XYZ Manufacturing Company is a well-established firm that produces consumer electronics. The management is planning to launch a new line of smart home appliances. Question: The type of plan that XYZ Manufacturing Company should develop to introduce the new line of smart home appliances is:
Option 1: Tactical plan
Option 2: Strategic plan
Option 3: Contingency plan
Option 4: Operational plan
XYZ Manufacturing Company is a well-established firm that produces consumer electronics. They have been facing increased competition and declining sales in recent years. The management is looking for ways to revamp their production processes and regain market share.
Question:
What is the first step XYZ Manufacturing Company should take in the planning process to improve their production processes?
Question: One of the characteristics of effective planning that XYZ Manufacturing Company should focus on is:
Option 1: Lack of flexibility
Option 2: Ambiguous objectives
Option 3: Measurable and specific goals
Option 4: Ignoring external opportunities
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