Final answer:
A firm in a responsive supply chain will likely meet its financial and market share objectives by having a short lead time for product development and delivery, a focus on low prices and quality in supplier selection, and leveraging economies of scale.
Step-by-step explanation:
The financial and market share objectives of a firm in a responsive supply chain are likely to be realized if the firm possesses a series of key characteristics. Among them, having a short lead time for new product development and delivery is crucial, as this increases the flexibility and responsiveness of the supply chain, enabling the firm to meet changing market demands quickly. Furthermore, a supplier selection process that places an emphasis on low prices and consistent quality helps ensure cost-effectiveness while maintaining the product standards necessary to compete in the market. Finally, the adoption of a production model similar to that of successful retailers, where economies of scale play a pivotal role, is critical to lowering costs per unit and thus improving market competitiveness.
Advancements in technology, transportation methods, and policies that support supply chain integrity, especially during national emergencies, are critical to a firm's ability to maintain a responsive supply chain. Integration of improved labor policies that ensure rights are protected is also essential to sustaining the supply chain over the long term.