Key Concepts in Business Strategy: Factors, Competitiveness, Operations, Pricing, Productivity, and 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 does competitiveness refer to in an organization?

Accepted Answer

How effectively an organization meets the wants and needs of customers relative to others

Question 3

What is an operations strategy?

Accepted Answer

A plan for the design and management of operations functions

Question 4

What is a price or cost strategy used for?

Accepted Answer

Selling products at a very low price when products are homogeneous

Question 5

What are order qualifiers?

Accepted Answer

Characteristics that customers perceive as minimum standards of acceptability

Question 6

What is productivity growth?

Accepted Answer

Current Period Productivity – Previous Period Productivity divided by Previous Period Productivity

Question 7

What type of strategy is used when a company makes necessary changes in its production plans?

Accepted Answer

Flexible response strategy

Question 8

What are the characteristics of order winners?

Accepted Answer

Characteristics of an organization’s goods or services that cause it to be perceived as better than the competition

Question 9

What is the ratio used to calculate productivity?

Accepted Answer

Outputs divided by Inputs

Question 10

What is the focus of time-based strategies?

Accepted Answer

Reduction of time needed to accomplish tasks