Developing a Business Strategy: Critical Factors, Competitiveness, and Operations Strategy. Understanding productivity growth, order qualifiers, and quality-based strategies.

Question 1

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

Accepted Answer

Business goal, market understanding, company strengths

Question 2

What is the concept of competitiveness in business?

Accepted Answer

Meeting customer wants and needs effectively compared to competitors

Question 3

What is the purpose of an operations strategy?

Accepted Answer

To design and manage operations functions

Question 4

When does the operations strategy usually get developed?

Accepted Answer

After the business strategy is developed

Question 5

What is an order qualifier in terms of operations strategy?

Accepted Answer

Minimum standards of acceptability perceived by customers

Question 6

What is the formula for productivity growth?

Accepted Answer

Current Period Productivity - Previous Period Productivity / Previous Period Productivity

Question 7

What type of strategy is used when a company sells its product at a very low price?

Accepted Answer

Price or cost strategy

Question 8

Which type of strategy focuses on reduction of time needed to accomplish tasks?

Accepted Answer

Time-based strategy

Question 9

What are the characteristics of order winners?

Accepted Answer

Characteristics that make the company better than the competition

Question 10

What is the purpose of a quality-based strategy?

Accepted Answer

To maintain or improve the quality of products or services