The simulaion is attached
The two companies are Home Depot and RadioShack in the first step.
Lawrence Sports Generic Benchmarking
After reviewing the Lawrence Sports simulation, you will identify several issues that directly connect to the concepts in the mind maps for weeks 1 through 3. In addition to reading the assigned text materials to develop knowledge about the concepts, a thorough master's-level education requires the development of effective research skills. In this assignment, you will work collaboratively to create a rich source from which you will individually develop alternative solutions for Lawrence Sports.
Individually, identify and research two companies that have faced specific issues related to those you identified in the scenario and connected with the course concepts. For each company selected, discuss the following in a 350-word synopsis: (A) issue identified in the scenario that is also facing the company, (B) how the company responded to the issue, and (C) outcomes of the company's response to the issue. Thus, each team member should have two 350-word synopses, one for each company, which provides the information identified. To avoid duplication of efforts, each team member should identify, to the team, the companies he or she will be researching before doing this part of the assignment.
As a team, based upon the information gathered from the individual work done in Step 1, prepare a 1,050-word to 1,400-word analysis that synthesizes the key findings. As a team, using the companies researched: (A) identify the key course concepts and (B) compare and contrast the practices of each company related to those concepts. Appropriately cite all references used.
The team will submit a final composition which consists of a title page, the team's overall analysis, the individual company synopses (with the preparer of each synopsis identified), and an appropriate reference page. As a guideline, a team of five will submit roughly 13-14 pages of material as well as a title page and reference page.
Format the paper according to APA style.
The response addresses the queries posted in 2205 words with references.
//Before start working on this, you should analyze the simulation given with it. After this, follow the steps given as required. I am providing you some information on Home Depot and Radio Shack, which will guide you to complete your paper. This will help you to develop some solutions for Lawrence sports. //
Benchmarking for Lawrence Sports: Radio shack and Home Depot
//For this, the first step will be the identification and analysis of two Companies on the basis of given issues in simulation and other points. I am giving you an overview of it for developing your understanding. //
Home Depot is one of the major players in the field of retail stores. It deals with the construction products and all the products related to the home improvement. The main issues at the Home Depot were receivable management and inventory management. As the company deals with the daily use products, it faces various difficulties in managing the inventory for its retail stores. The cost of inbound logistics and the cost of maintenance were high for the company. This is not a good sign for the success and profitability of the company. The cost of transportation was not appropriate due to lower level of inventory.
Different methods to identify the actual problem behind the mismanagement of the inventory were used by Home Depot.
Different strategies were adopted by the company in order to standardize its inventory management process. The company focused on warehouses and distribution centers to enhance the profitability. Home Depot also focused on its logistic system to maintain the complete inventory in the retail stores. This helped the company to improve its inventory level and the availability of the products for the customers. The costs of transportation and the cost of inventory management were also reduced by following cost cutting strategies (Toomey, 2000).
Another issue for the company was that of the relationships with the suppliers. There was no central point from where communication could take place between Home Depot and its suppliers, which takes in roughly a number ranging from 10,000 to 12,000. A minimum of 14 individual touch points were there for the suppliers to conduct business with the retailer. The Company did not have any easy way to keep tabs on suppliers and evaluate their conformity with rules regarding the quality of the product, and the fulfillment and delivery of the order.
Primarily, the order of the day was made through fax and phone. Home Depot had to send several paper versions of its buying agreement to the suppliers and there was no good way for tracing that who actually received them. Due to this the company's valuable time was being wasted and the relationships with the suppliers also could not be maintained properly. This process was very time consuming and also required more resources (Bowman). However, after May 2005, when the online Supplier Center was launched, continuously updated information on how to do business with Home Depot (counting the corporate performance policy, news, latest updates, information on events and training, and scorecards) was readily available.
For example, last year, the information on hurricanes in the Southeast came from the supplier center. The suppliers were informed about rerouting their shipments so as to keep away from the areas that have been hit hardest. Through this change, the company was able to improve the relationships with the suppliers and also have been able to save on its costs and time that earlier it had to devote for its suppliers. Also, this ...
The response addresses the queries posted in 2091 Words, APA References.