Key Elements of Business Strategy and Operations: Competitiveness, Productivity, Quality, and Flexibility.

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 competitiveness in business?

Accepted Answer

How well a company meets customer needs compared to competitors

Question 3

What is the focus of operations strategy?

Accepted Answer

Specific capabilities for competitive advantage

Question 4

Which strategy focuses on selling products at a low price?

Accepted Answer

Price or cost strategy

Question 5

What are order qualifiers in operations strategy?

Accepted Answer

Minimum standards of acceptability for customers

Question 6

What is productivity in business?

Accepted Answer

Ratio between outputs and inputs

Question 7

What is the formula for productivity growth?

Accepted Answer

Current Period Productivity – Previous Period Productivity / Previous Period Productivity

Question 8

What does a quality-based strategy focus on?

Accepted Answer

Maintaining or improving product quality

Question 9

When is a flexible response strategy used?

Accepted Answer

To make necessary changes in production plans

Question 10

What are partial measures of productivity?

Accepted Answer

Output / (single input)