Question

Appropriate and effective use of learning curves may provide a company with a competitive advantage in the market. How does intelligent use of a learning curve provide a firm with a competitive advantage? Answer with at least 250 words.

Answer 1

Appropriate and effective use of learning curve provides a company with competitive advantages in the market because of the following reasons:

1. Better learned individuals

Learning curve produces a better-learned individual. It helps to learn from the various perspective and help in peer to peer learning of the individual.

2. Individual learning on the job

There is negligible training cost for the individual since they learn on the job, and these learning many times bring innovative outcomes for the company.

3. Adaptable to adverse situations

The employees become adaptable to the adverse situation. They learn how to manipulate a client in times of crisis and how to keep the deal on. They learn from their mistakes and learn the core nitty-gritty of the business.

4. Exposed to all work department

Since the employees are exposed to multiple tasks in the organization they become a pro at it. They tend to understand the true value creation the job is doing for the organization leading to less employee attrition rate.

5. Better future managers, holistic growth

Since they have hands-on experience in multiple projects, they can be a ready pool of prospective managers. They require less training and are a pool of talent in the hand of the organization.