A. Submit your company’s final cumulative balanced scorecard, income statement, and balance sheet.
B. Discuss the generic competitive strategy that you selected for your company. Include the following in your discussion:
The generic competitive strategy that I selected for my company, Kix Footwear, was the Best-Cost Provider Strategy. I wanted to provide consumers with more value for their money by offering a wide variety of attractive, high-quality products at an affordable price through the use of better materials and enhanced styling, improved production efficiency and quality of workmanship, and taking a conservative approach to financing operations in order to keep …show more content…
Secondly, the financial strategy of reducing production costs and taking a conservative approach to financing operations was based on improving profit margins and managing risks. Therefore, my strategy to reduce production costs and improve profit margins was to invest in best practices training and offer higher base wages and incentive pay to employees in order to increase the number of pairs produced per employee and reduce the number of rejected pairs, thereby reducing the production costs per pair. With lower production costs per pair, the company would be able to retain more of the revenue generated from sales resulting in an increased profit margin. My strategy to manage risks was to reduce the company's debt obligations by repaying loans early and not incurring any further debt unless absolutely necessary. To avoid further debt, the strategy was to maintain a cash flow sufficient to pay expenses as they came due without having to obtain short-term financing