Mizzou ACCTCY 2037 - Chapter 17 Outlines (6 pages)

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Chapter 17 Outlines



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Chapter 17 Outlines

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Pages:
6
School:
University of Missouri
Course:
Acctcy 2037 - Accounting II

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Chapter 17 Modern Developments in Managing Operations Worldwide competition To make themselves more competitive many companies have adopted the Japanese philosophy called kaizen or continuous improvement o Constantly strive for higher quality products and services more efficient operations and lower costs Effects of Modern Developments on Competition Global competition has forced companies to reassess everything This competition has accelerated the rate of technological advances Global competition has not only contributed to the rate of change in the business environment but is a part of the change Now instead of just trying to maintain the share of customers or to gain customers by successfully competing against companies in their own countries companies must also defend or increase their share of customers by competing with companies from other countries A company can use numerous strategies to make itself more competitive including the following o Selling a better product than that offered by any of its competitors o Responding to customer wants and needs and providing superior customer service o Reproducing the amount of time between receiving a customer s order and delivery the product o Selling a product equal in quality to that of its competitors but at a lower price The Balanced Scorecard Accounting system provides financial measures that help internal users manage company s activities These measures report on the company s past activity In a more balanced approach the company s accounting system retains the financial measures of the company s past performance but it also supplements them with both leading indicators of the activities that will drive the company s future financial performance and by lagging measures of the success of these activities in moving the company toward its goals This approach is referred to as the balanced scorecard Links competitive strategies with specific measures of the success of the strategies Focuses on cause and effect



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