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We’ve all experience performance gaps that have tested our patience. Please describe a performance gap that...

We’ve all experience performance gaps that have tested our patience. Please describe a performance gap that has caused you to take your business to a competitor. What would this company have to do to regain your business?

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Answer #1

Usage of obsolete technology in the business makes a firm inefficient and leads to lower profits for the firm. This reduces the share price of the firm and might lead to take over of the entire company by the competitor. Lack of efficiency leads to fall in the production level of the firm and also increases average cost of production which reduces profits of the firm.

The firm needs to invest in introducing innovation and technological progress which can help in increasing the efficiency of the firm and thus reduces average cost of production and increase profits of the firm. This will help in regaining business from the competitor. Thus, investment in research and development to improve efficiency can help in regain of business.

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