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3 years ago

Review the Globe to determine Baldwin's current strategy. How will they seek a competitive advantage

Business

1 answer:

Anestetic [448]3 years ago

5 0

This question is incomplete, the complete question is;

Review the Inquirer to determine Baldwin's current strategy. How will they seek a competitive advantage?

From the following list, select the top five sources of competitive advantage that Baldwin would be most likely to pursue. Select: 5 Save Answer Add additional products Offer attractive credit terms Accept lower plant utilization and higher capacities to insure sufficient capacity is available to meet demand Reduce cost of goods through TQM initiatives Seek high plant utilization, even if it risks occasional small stock outs Increase demand through TQM initiatives Seek excellent product designs, high awareness, and high accessibility Seek high automation levels Seek the lowest price in their target market while maintaining a competitive contribution margin Reduce labor costs through training and recruitment.

Answer:

1) Reduce labor costs through training and recruitment

2) Seek the lowest price in their target market while maintaining a competitive contribution margin

3) Reduce cost of goods through TQM initiatives

4) Seek excellent product designs, high awareness, and high accessibility

5) Seek high plant utilization, even if it risks occasional small stock outs

Explanations

The top resources that will help Baldwin to attain competitive advantage are shown below

Reduce labor costs through training and recruitment- Lower labor costs would help Baldwin maintain higher profit levels, giving Baldwin an edge over its competitors. This would be an example of a Cost Leadership strategy.

Seek the lowest price in their target market while maintaining a competitive contribution margin- Baldwin can focus on target markets and offer its products/ services at the lowest prices with competitive. This would help Baldwin get a very good reach and hold on the target markets, and would get ahead of its customers in the process. This would be an example of a Focus strategy.

Reduce cost of goods through TQM initiatives- Lower cost of goods would mean higher profits for Baldwin, giving it a competitive edge. This would be an example of a Cost Leadership strategy.

Seek excellent product designs, high awareness, and high accessibility- With excellent product designs, high awareness and accessibility, Baldwin would be able to make its products stand out from its competitors' products. When customers see a product which is different from others, which offers good benefits and which is easily available, they definitely get interested in that product and may even pay a little more to buy the product. This is an example of a Differential strategy.

Seek high plant utilization, even if it risks occasional small stock outs- With high plant utilization, Baldwin can optimize its fixed costs, thereby lowering total costs which shall give it a competitive edge. This again would be an example of a Cost Leadership strategy. Losses due to occasional small stock outs would be compensated by high plant utilization.

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Complete Question:

Prepare journal entries to close the balances in temporary revenue and expense accounts. Remember to consider the entry for shrinkage from QS 5-9. (The solution from QS 5-9 is required to complete this question.) Record the entry to close the income statement accounts with credit balances. Prepare the entry to record any inventory shrinkage.

Nix'it Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances. (Nix'it uses the perpetual inventory system.) A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $35,900.

Merchandise inventory $37,800

T.Nix, Capital $115,300

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Sales Discounts $4,700

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Answer:

Nix'it Company

Journal entries to close temporary accounts:

General Journal

Date: Description: Debit Credit

July 31:

Income Summary $165,900

Sales Discounts $4,700

Sales Returns and allowances $6,500

Cost of goods sold $105,000

Inventory Shrinkage $1,900

Depreciation expense $10,300

Salaries expense $32,500

Miscellaneous expense $5,000

To close debit balances to the income summary.

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Income Summary $160,200

To close credit balance to the income summary.

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Income Summary 5,700

To close the net loss to the Retained Earnings.

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Inventory 1,900

To record the inventory shrinkage.

Explanation:

Inventory shrinkage occurs when the value of physical inventory count is less than the system-generated inventory value. This may be due to errors, pilferage, damage, or shortage from the supplier.

To record inventory shrinkage, an inventory shrinkage account is debited while the inventory account is credit. This reduces the closing inventory by the shrinkage and increases the cost of goods sold equally.

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Answer:

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