Question: What are the major priorities associated with operations and supply chain strategy? For each major priority, describe the unique characteristics of the market niche with which it is most compatible.

Operations effectiveness is defined as carrying out operations in a way that best executes strategic aims while spending the least amount of money.

Cost, quality, delivery, and flexibility are some of the top priorities in operations and supply chain strategy.

1.Cost or Price: To compete in the market, a company must understand the cost of the product it plans to create as well as the cost of the service it intends to give. There is a part of the population that purchases goods solely for low prices. This is a commodity-based market in which purchasers find it difficult to identify one company's goods from that of others.

2.Quality: Quality is concerned with the demands of the consumer. The manufacturer determines the tastes and wishes of the customers and produces productsaccordingly. Such products' demand should neither be overpriced nor overdesigned nor should they be underpriced and under-designed. Customers want products that are reliable and free of faults.

3.Delivery: Every customer wants organizations to provide services as soon as possible. A company that offers services quickly has a leading position in the market. It is also important to deliver on schedule. Delays may affect the company's reputation and limit its capability to do business.

4.Flexibility: The capability of an organization to stay competitive in the market is important. It should aim to provide a varied choice of products to its customers. Customers purchase new and different products regularly, and as demand rises and falls, the organization must respond to the needs of the market.