Time based management (A level BS)
From WikiTextbook
Time based management is the production technique whereby a firm looks to out compete rivals by releasing products earlier into the market and using time as a competitive weapon.Time based management is the way that businesses try to deliver a product more rapidly to their customers, as more sales may result.Time based production allows business to take a foot hold in the market, so when the competitors arrive, their sales continue at the same rate as before.
Electronically powered products are the main products that can benefit from time based management, as they are trying to be the first company to release a product into the new market. E.g. the LG Viewty has a 5 mega pixel camera which no other phone on the British market has.
Advantages include; customers are now ‘eager’ products to be on the shelves straight away. The faster a business gets a product onto the shelf the more potential that the product has to create a higher revenue the business. Also that you beat your competitors to the potential customers as they have no alternative products to buy. Disadvantages are; products could be rushed and could be detrimental for the business. Electrical products could have faults in the circuits etc. for example when the Xbox was released, there was faults in a very large amount supplied.
The Xbox 360 was released almost a year before the Playstation 3 and the Nintendo Wii and established a name for itself as the best next generation gaming console, purely because it was the only one available for the first year of the market because Microsoft released the product earlier than its competitors, the were allowed to create hype for the product, which made more people want one. Due to the large period when it was the only available product in the market, Xbox was able to cement itself in the position as the market leader, which it still maintains today.
