week 9 discussiongood morning class B u s i n e s s F i n a n c e
Location and Quality Control” Please respond to the following:
- Identify three (3) factors you would recommend be used to select a location for a business in order to provide it with a competitive advantage. Next, select a location, and state the reasons that support your site selection. (If you envision this business being online only, then identify a temporary, pop-up site that will help this business enter a new market.)
- You want to adopt a program to improve quality and efficiency within a company. Analyze four (4) quality control tools (Lean Principles, 5S Principles, Six Sigma, and Total Quality Management). Next, discuss which tool you would select to implement into a business. Justify your response.
Lastly, respond to at least one (1) post of your peers.
Below is a peers discussion post in which I’ll have to provide a response too.
RE: Week 9 Discussion
Good Morning Class and Professor,
Three (3) factors used to select a location for a business
- Proximity to the Market
The closer you are to your customers, the greater the chance that they will buy from you again. One should learn about the customers likes and also where they are located. Also look if there are other similar business around.
One should understand the rent budget he/she has so that he can get a shop or building that will fit the business and at the same time able to pay rent.
3.Analyse the Demographics
One of the most significant factors to consider when choosing a business location. It’s important to to be near your target customer group for the business you are starting to get known and progress.
4.Infrastructure and Accessibility
Good infrastructure is essential. Power and water supply, good road connections should be highly considered. Like getting a place with good roads , will make it easy for customers to come, and also your raw materials can reach you easily. A good location for business,is usually not in a busy city area because nobody wants their employees to spend hours getting to work.
select a location, and state the reasons that support your site selection
A location with high traffic or high foot- its ideal for setting up a restaurant.
- Easily accessible by everyone even new people.
- easy to advertise the business because it will be seen by everyone who passes by.
- Don’t require a large space because like car owners will buy through the window take away and go.
- its not costly as no parking will be required.
Analyze four (4) quality control tools.
- Lean principles-means creating more value for customers with fewer resources. A lean organization understands customer value and focuses to increase it.. The goal is to provide efficient value to all customers through a perfect value creation process.
- 5S principles-The goal of a 5S program is used get products closer to operations and workers, organized and labeled to eliminate wasted time and materials. The 5S philosophy helps to eliminate unused time, unused space and wasted inventory.
- Six Sigma- is a method that helps improve the organizations capability of their business processes. This increases performance and decreases process variation which help defect reduction and improvement in profits, employee morale, and quality of products or services.
- Total Quality Management- is the continual process of analyzing and eliminating errors in manufacturing, procurement , improving the customer experience and ensuring that employees training.
Total Quality management
Because; – it emphasizes on customer satisfaction which leads to increased market share and revenue growth.
- Benefits a business by providing lower costs which saves flow to the bottom line and create high profit margins.
- Well redefined cultural values that develop and nurture the values of employees in the organization.