Ncor corporation- producing quality steel by stressing

Assignment Help Marketing Management
Reference no: EM13347067

Nucor Corporation- Producing Quality Steel by Stressing Sound Management Practices

Nucor Corporation, headquartered in Charlotte, North Carolina, is the largest manufacturer of steel and steel products in the United States. The company received a great deal of attention because of its impressive performance in an industry plagued by a multiple of problems, especially in recent years. Si8nce the 1970's, Nucor pioneered the minimill concept, which is a method of making steel by melting scrap metal in electric arc furnaces at a fraction of the cost of conventional steelmaking. Nucor is admired for its quality products, its state-of-the-art manufacturing processes, and its industry- leading productivity ratio.

Although the company has recently made key acquisitions, and has modern facilities and equipment, competitors that have the same level of technology do not fare as well. What Nucor does have that is unique is a set of sound management principles and a somewhat novel approach to employee relations. Although Nocur is a $4.8-billion-per-year company, there are only four management layers between the CEO and frontline employees, and the general mangers on the plant floor make the day-to-day decisions. Rank-and-file employees are involved in devising methods to improve operations. The company has a very egalitarian culture. There are no company cars, company planes, assigned parking spaces, hunting lodges, and or other indication of status. All the employees wear the same color hard hat (with the exception of maintenance workers and visitors, who must be easily recognizable in case of an emergency), have the same group insurance program, have the same holidays, and have the same vacation plan.

There are other areas in which Nucor is distinct. The company has a well-developed employee incentive plan that aligns the interests of the employees with the interest of the firm. The typical mill worker at Nucor receives a base pay that is slightly below the industry standard, but the firm's bonus plan is very generous when the company is doing well. Two distinctive features of Nucor's bonus system are that it is all written down and is totally objective based on firm performance criteria. There is no subjectivity involved. If the firm reaches certain performance level, a bonus will be paid, period. With bonus figured in, Nucor employees typically lead the steel industry in terms of average pay. Yet the company's total cost per ton of steel produced is lower than that of other integrated producers.

Question based on Case Study

1. Analyze the key reasons why Nucor is well-known for its production of quality steels.

2. Comment on how Nucor's management practices affect its ability to produce high-quality products.

3. Justify how Nucor's human resource practices affect product quality.

Report Outline:

1. Introduction

1.1 Introduction to quality and management and production strategies that affects quality
1.2 Introduction to Nucor Corporation

2. Content

2.1 How Nucor's management practices affect its ability to produce high-quality products
2.2 How Nucor's human resource practices affect product quality
2.3 How has the success of Nucor's policies and structure affected the thinking and behavior of other organizations and what are the general lessons that can be more widely applied.

3. Conclusion

Reference no: EM13347067

Questions Cloud

The british airways storythe story of british airways is : the british airways storythe story of british airways is one of the most widely used inspirational accounts of changing
Part 11how can internet technologies be involved in : part 11.how can internet technologies be involved in improving a process in one of the functions of business? choose
Q1 explain both resource base view rbv theory versus : q1 explain both resource base view rbv theory versus positioning theory and differences between both by providing
Q1 filter function form is y myfilterxba where x is : q1 filter function form is y myfilterxba where x is input y is output and a and b are the iir and fir
Ncor corporation- producing quality steel by stressing : nucor corporation- producing quality steel by stressing sound management practicesnucor corporation headquartered in
Case study a new campus for the university of rummidge a : case study a new campus for the university of rummidge a chance meeting between the leader of the town council of
Introductiona cyclic group is a special kind of group that : introductiona cyclic group is a special kind of group that has many similarities with modular arithmetic.taska. prove
Scm for profitable growthproblem statementthe comments by : scm for profitable growthproblem statementthe comments by greg hicks coo in the first paragraph really sums it up the
The director of market research at a large department store : the director of market research at a large department store chain wanted to prepare a survey throughout a metropolitan

Reviews

Write a Review

Marketing Management Questions & Answers

  Integrated marketing communication

Developing an IMC plan of Amazon that aims to create awareness and knowledge amongst Singaporean  consumers of the ethics involved in buying clothing made from Bangladeshi factories  .

  Multiple choice questions on e-commerce

The assignment in Computer Science or Information Technology is about multiple choice questions, particularly in e-commerce. Questions such as types of e-commerce websites, commercial websites, disintermediation, Platform for Piracy, the data that ca..

  Balanced scorecard for red lobster

The assignment in marketing is about Red Lobster, which is one US and Canada's most loved seafood restaurant. It has hundreds of outlets in US and Canada and it now wants to expand further. The approach adopted by Red Lobster has been discussed in fu..

  Marketing plan - marketing audit, swot and smart report

The assignment in marketing is about preparing a marketing plan. As part of marketing plan, the SWOT analysis, assessing the competitive position, identifying critical competitive issues, marketing objectives, strategy and actions have been suggested..

  Marketing plan

Marketing deals with preparing a marketing plan for either an existing product or a new product. Various aspects about launching a new product into the market are discussed ranging from the industry the product belongs to, goals and vision of the com..

  Yamato corporation analysis - harvard case study

Please refer to the PDF for the Case Study and questions.The case study from Harvard Business School is about Yamato Corporation, a parcel delivery company which provides door to door delivery in Japan.

  Marketing plan - create a new product

The assignment in marketing is about competitive analysis for a new product namely "heated insoles". These heated insoles can be put in shoes and they can protect the wearer's feet by keeping them warm during cold winters.

  Report on digital marketing strategy for a website

Promotion strategies of  the one's own developed website

  Integrated marketing campaign of mccafe

Integrated marketing campaign for McDonald's McCafe. McCafe has been launched in Canada. This is a case study which involves the use of digital marketing and social media marketing apart from regular marketing such as TV and radio. All these more are..

  New product development at adidas

In this paper, the researcher also determines the different kind of practices used by Adidas to manufacture shoes for its customers.

  Managing services in competitive environment

Services can be defined as separately identifiable, intangible activities which provide want-satisfaction when marketed to household consumers and/or industrial users.

  Prepare a marketing plan

A marketing plan is an essential tool for any marketer, providing direction for a brand, product or organization. A marketing plan describes the marketing environment, marketing objectives and marketing strategies.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd