Week 5 Assessed Questions
June 23, 2008
Individual Assignment: Create a Problem Statement
How can Kudler Fine Foods reach more markets and produce the quality food that they are known for so they can open more stores of its kind to make more money? Many factors go into opening a new location and a main goal before actually opening the store entails details about the production. The production process tells us that there are many things that go into making goods before you can actually sell them. Some inputs include land, labor, capital, and knowledge. Production control on the other hand is about planning, routing, and scheduling. From our text Understanding Business, Andrew S. Grove, chairman of computer chip manufacturer Intel, tells us that, “To understand the principles of production, imagine that you’re a chef and that your task is to serve a breakfast consisting of a three-minute soft-boiled egg, buttered toast and coffee. Your job is to prepare and deliver the three items simultaneously, each of them fresh and hot.” It was coincidence that the analogy given by Mr. Grove actually relates to Kudler Fine Foods. In other words, if the problem of expanding the market and opening more locations for Kudler Fine Foods is an issue, then they need to look at the foundation of the company and build from the ground up with production. The way they need to do this is have management realize the opportunity for growth in the right markets for Kudler Fine Foods. Of course there are many other things that go into opening a business, but for this particular issue I think the best course of action would be to have management start where there is demand. After everything is done behind the scenes with efficient production, after they strategically plan the production phase, they can aim for their main objective, which is selling their product, or output.
Assessed Discussion Question: Tutorials-Economics, Accounting, Finance, and...
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