Key Elements of Business and Operations Strategy: Competitiveness, Productivity, and Time-Based Strategies.

Question 1

What are the three critical factors in developing a business strategy?

Accepted Answer

Business goal, understanding the market, company strengths

Question 2

What is competitiveness defined as?

Accepted Answer

How effectively an organization meets customer wants and needs compared to others

Question 3

When is an operations strategy developed?

Accepted Answer

After the business strategy

Question 4

What is the focus of an operations strategy?

Accepted Answer

Maintaining or improving the quality of products or services

Question 5

What is a price or cost strategy used for?

Accepted Answer

When customers cannot distinguish the company's product from competitors

Question 6

What is an eco-friendly products strategy used for?

Accepted Answer

To reduce pollution and waste

Question 7

What are order qualifiers?

Accepted Answer

Characteristics customers see as minimum standards for potential purchase

Question 8

What is productivity growth calculated as?

Accepted Answer

Current Period Productivity - Previous Period Productivity

Question 9

What is the ratio used to calculate productivity?

Accepted Answer

Outputs/Inputs

Question 10

What does time-based strategies focus on?

Accepted Answer

Reduction of time needed to accomplish tasks