Posted on by Judy

Since economic efficiency is typically a business oriented concept, let’s have an example of a business model. When it comes to variables that could create efficiency in the market, it is better to focus on sources that can help manage competitive advantage for the continual existence of an organization. These are: service, innovation, quality, speed, and cost. Identifying the type of service delivery mechanism that is preferred by the customer is very important. Then, whatever goods and services produced with a new innovative addition can stimulate the tests of customers. This can create additional value to create the desired quality. The speed of the delivery of goods and services can also matter, particularly upon the distribution of perishable items. Then comes cost competitiveness, which involves the prices of similar items set by different firms. If a firm/facility/agency/ business whatever name you may give to the organization, if it meets its objectives with less wastage of resources to produce/distribute the goods and services with adequate return, then economic efficiency can be maintained. What can a public manager learn from this scenario? What do you think?

Economic efficiency means efficient allocation of resources and a public manager can learn different aspects of business management in the environment. The first learning is the estimation of demand, trends and preferences among the target audience. It sets the beginning of economic efficiency and consumers are served the goods & services what they demand. The second learning is the quality of goods & services is of paramount importance. It creates higher value proposition among the consumers due to the conformance to quality. The third learning is the effective pricing that suits to the pocket of target audience using the different methods of pricing. Finally, it is the allocation of lean sigma and six sigma to bring efficiency and eliminate the different types of waste. It is not only about waste elimination of materials, but also about the waste elimination of human resource, process and inventory among the others. It makes a lean organization that achieves as well as contributes towards the economic efficiency.
I think that the economic efficiency is achieved when the whole value chain works to achieve the efficiency and those goods and services are produced that are in demand and can be produced with efficiency. Besides, the promotion of innovation, freedom of work and suitable monetary and non-monetary reward system motivates the employees to work in one direction that is set by strategy and the vision statement of the organization. Hence, different players of the business environment also participate to achieve the economic efficiency.
 
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