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Question : Case Study: XYZ Manufacturing Company

XYZ Manufacturing Company is a well-established firm that produces consumer electronics. They have been facing increased competition and declining sales in recent years. The management is looking for ways to revamp their production processes and regain market share.

What is the first step XYZ Manufacturing Company should take in the planning process to improve their production processes?

Option 1: Setting objectives and goals
  

Option 2: Identifying potential risks
  

Option 3: Allocating resources

 

Option 4: Evaluating alternatives


Team Careers360 22nd Jan, 2024
Answer (1)
Team Careers360 24th Jan, 2024

Correct Answer: Setting objectives and goals


Solution : The correct answer is (a) Setting objectives and goals

Setting objectives and goals is typically the initial phase in the planning process. This step involves clearly defining what the company aims to achieve and outlining the desired outcomes. By establishing specific objectives, XYZ Manufacturing Company can provide direction for the subsequent planning steps, such as identifying potential risks, allocating resources, and evaluating alternatives. Clear goals will help guide the development of strategies and action plans to revamp their production processes and regain market share.

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