Key Concepts in Business Strategy: Competitiveness, Operations, Productivity, and Eco-Friendly Products.

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

What is 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

When customers cannot distinguish between products

Question 5

What are order qualifiers?

Accepted Answer

Characteristics that customers perceive as minimum standards of acceptability

Question 6

What is productivity?

Accepted Answer

Ratio between outputs and inputs

Question 7

What is productivity growth?

Accepted Answer

Current Period Productivity - Previous Period Productivity / Previous Period Productivity

Question 8

What are the types of production strategies?

Accepted Answer

Business strategies, competition priorities, competition advantages

Question 9

What are some characteristics of eco-friendly products?

Accepted Answer

Reduce pollution, recycle materials

Question 10

What does a quality-based strategy focus on?

Accepted Answer

Maintaining or improving the quality of products or services