Hi,
I gave MGMAT today and got a 710 score. I am all set to give GMAT this thursday.
The last thing I want from this beautiful forum, which has boosted by score, is to evaluate my below Essay and any improvements that can be done.
ESSAY QUESTION:
"Since no business can be all things at once, companies that specialize in one product or service are more efficient than those that offer a diverse product mix."
From your perspective, how accurate is the above statement? Support your position with reasons and/or examples from your own experience, observations, or reading.
YOUR RESPONSE:
According to Author, Businesses that specialize in single product or service are more effecient than those that offer a a diverse products. The issue is similar to breadth v/s deapth business model. Though the author's point is quite controversial, I would like to agree with author and consider the the business that specialize on single product or service more efficient because of following reasons.
Firstly, every business should have a priority and a single priority wil lead to more efficiency that the multiple one. Focusing on one product will lead to more technological advances than diverting the focus on other products. In today's world, technological advances sets a standards for other competitor to follow and, hence, bring out more efficient business processes and results.
Secondly, focusing on different products might divert the attention or priorities to different stream and hence will not lead to master a particular product area. Its been widely known that time required for descision by managers is inversely propotional to number of variables involves. Focusing on one area of product or services will minimize those parameters and sets out a faster and effecient descision making and, eventually, have a effecient businesses processes.
You might say that every businesses processes is dependence on other sources such as raw material etc. and if a business has division in same area will lead to minimize of cost of raw material. However, the benefit to cost ratio would be too low in such scneario than in managing single business efficiently.
Thus I conclude that specializing in one product or services are more efficient than those business that offer a diverse product mix.
I gave MGMAT today and got a 710 score. I am all set to give GMAT this thursday.
The last thing I want from this beautiful forum, which has boosted by score, is to evaluate my below Essay and any improvements that can be done.
ESSAY QUESTION:
"Since no business can be all things at once, companies that specialize in one product or service are more efficient than those that offer a diverse product mix."
From your perspective, how accurate is the above statement? Support your position with reasons and/or examples from your own experience, observations, or reading.
YOUR RESPONSE:
According to Author, Businesses that specialize in single product or service are more effecient than those that offer a a diverse products. The issue is similar to breadth v/s deapth business model. Though the author's point is quite controversial, I would like to agree with author and consider the the business that specialize on single product or service more efficient because of following reasons.
Firstly, every business should have a priority and a single priority wil lead to more efficiency that the multiple one. Focusing on one product will lead to more technological advances than diverting the focus on other products. In today's world, technological advances sets a standards for other competitor to follow and, hence, bring out more efficient business processes and results.
Secondly, focusing on different products might divert the attention or priorities to different stream and hence will not lead to master a particular product area. Its been widely known that time required for descision by managers is inversely propotional to number of variables involves. Focusing on one area of product or services will minimize those parameters and sets out a faster and effecient descision making and, eventually, have a effecient businesses processes.
You might say that every businesses processes is dependence on other sources such as raw material etc. and if a business has division in same area will lead to minimize of cost of raw material. However, the benefit to cost ratio would be too low in such scneario than in managing single business efficiently.
Thus I conclude that specializing in one product or services are more efficient than those business that offer a diverse product mix.
Sonu
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When you want something desperately, the whole Universe conspires in helping to give it to you - The Alchemist
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When you want something desperately, the whole Universe conspires in helping to give it to you - The Alchemist
