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Operations Mangement (Five Questions) - Coursework Example

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In modern hyper-competitive world, a company’s operations, finance, and marketing must be much at all levels from central operations to final execution. In functional departments like operation and finance, functions of marketing look alike. In general, these three entities…
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Operations Mangement Coursework (Five Questions)
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Download file to see previous pages An organization uses operating performance to attract and retain customers and also serve them in a profitable manner (Hsu, Tan, Kannan &Keong Leong 2009, p. 835). Operations vary in different industries, but in general, they include things like on-time delivery, customer acquisition, running efficiently, and developing new products and services.
According to Barney (1991, p. 56), the internal organization of resources in a firm is the determinant of the firm’s performance and strategy. Barney further defines resources as capabilities, assets, attributes, knowledge and information, and all things that are under control of the firm to enable it implement strategies that aid in improving effectiveness and efficiency. Porter (1996), on the other hand, asserts that the most essential resources are the ones that are hard to imitate, superior in use, more valuable, and difficult to substitute. According to the two authors, a firm’s competitive advantage resides on inherent heterogeneity of strategic resources that are controlled by the firm (Barney 1991, Porter, 1996).
Therefore, failure to strategically integrate operations, finance, and marketing results in a weak and inconsistent company’s strategy, and its execution will be inefficient and flawed. In today’s world operation activities have become the dominant element in planning and management of production capacity (Stevens 2009, p. 5). Whether you are running a manufacturing firm or a service company, the organization deals with issues of what and the amount of production, and means of measuring performance. In many firms, operations are viewed as an identical partner with finance and marketing.
The operations staff of an organization concerns with the planning and management of production capacity, accompanied by production facilities and equipment. Operations gives an ...Download file to see next pagesRead More
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