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2 years ago

Define Total Quality Management. Explain how important of TQM in a coffee store chain and provide examples.

Business

1 answer:

Effectus [21]2 years ago

8 0

Answer:

Total quality management (TQM) is an ongoing process for manufacturing errors to be detected and minimized or eliminated, the management of the supply chain is simplified, customer experience improved and training for employees is up to date.

Explanation:

The overall quality management aims to ensure the overall quality of the final product or service is accountable to all the parties involved in the production process.

Comprehensive quality management is a continuous detection and eradication process. Total quality management (TQM).

It is used for streamlining supply chain management, improving customer service, and providing training for employees.

The goal is to improve the quality of the products and services of an organization by continuously improving internal practices.

Total quality management is intended to make all involved parties responsible for the overall quality of the final product or service in the manufacturing process.

TQM approach requires small companies to understand (and are) their existing customers, to recognize and keep these expectations at the forefront of their strategy and processes. TQM approach This principle should also apply to internal customers who treat employees like customers and meet their demands.

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Some industries’ competition is much more intense than others. Retail grocery stores such as Kroger, Safeway, and Albertson’s in

Lemur [1.5K]

Answer:

rivalry among existing competitors

Explanation:

The Porters' 5 forces is used to analyse the competitiveness among firms in an industry.

Porter's 5 forces include :

Competition in the industry : the higher the number of companies in the industry, the lower the power an individual firm possesses. For example, if an industry increases it price, a consumer can easily shift to the consumption of substitutes
Potential of new entrants into the industry : If there are low barriers to entry in an industry, firms in the industry experience greater competition
Power of suppliers : the higher the number of suppliers in the industry, the higher the bargaining power of firms in the industry and the greater the power they possess
Power of customers : the larger the number of customers, the greater the power firms possess
Threat of substitute product : if there are little or no substitutes for the goods produced by companies, the greater the power the firms possess

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3 years ago

A company produces and sells 6,400 recliners each year. Each production run has a fixed cost of $400 and an additional cost of $

Taya2010 [7]

Answer:

800 Recliners

Explanation:

Calculation for the optimal number of recliners the company should make during each production run

Using this formula

Economic Order Quantity (EOQ) =√ [(2 D x S) / C]

Where,

Annual Demand (D) = 6,400 Recliners

Fixed Ordering Cost (S) = $400

Carrying cost per recliner (C) = $8

Let plug in the formula

Economic Order Quantity (EOQ)= √[(2 x 6,400 x $400) / $8]

Economic Order Quantity (EOQ)=√$5,120,000/$8

Economic Order Quantity (EOQ)=√$640,000

Economic Order Quantity (EOQ)= 800 Recliners

Therefore the optimal number of recliners the company should make during each production run will be 800 Recliners

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3 years ago

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3 years ago

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