QUESTION 3 It has been said th

QUESTION 3

It has been said that a firm’s decision-making processes centerupon technology,

entrepreneurship, innovation, employment relations, outsourcing,and

competition policy. Discuss this statement giving relevantexamples in real life.

Answer:

Real life example: smartphone

The decision making for theintroduction of “smart phone” is the market depends upon thefollowings.

Technology: this is a new technologyand it requires new technology in production, which is already inthe market. Therefore, if a company wants to produce smartphone, ithas to think whether the new technology is affordable or not.Without the affordability, the firm can’t take decision ofproduction.

Entrepreneurship: this is thecreativity and risk taking ability of the decision maker. If theseare favorable, means “yes” for both these elements, the decision ofproduction would be positive.

Innovation: all smartphones are notequal; there features are different. Such differentiation shouldalways be made for the sake of brand image and uniqueness. Thedecision maker must need this quality. Once there is surety ofinnovation, the decision of production could be made.

Employment relations: workers areneeded for production and the firm must have good relation inmarket – such as staff turnover is very low and the existing staffsin the firm are satisfied. This is required for getting employeeson the new production.

Outsourcing: few parts of smartphoneare made in Japan. The firm must need this facility of outsourcing.This should not be obstructed in political banner, which are seenusually.

Competition policy: the firm musthave such policy – like lowering the average cost for keeping theprice level down. Before making any decision of production, thefirm must setup plan how to cope up with competitors.    


 
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