Exam 8: Strategy Formulation: Functional Strategy and Strategic Choice

What is outsourcing? What are the seven major outsourcing errors that should be avoided?

When Colgate-Palmolive and Unilever take a successful product that they marketed in one part of the world and market it elsewhere, they are following a market development strategy.

A product development strategy deals with pricing, selling, and distributing a product.

The concept of ________ was taken one step further in JIT II, in which vendor sales representatives usually have desks next to the purchasing company's factory floor, attend production status meetings, visit the R&D lab, and analyze the purchasing company's sales forecasts.

Continuous improvement is an operations concept developed by Deming and perfected by firms in

Distinguish between a market development and a product development strategy.

An important consideration in the selection of a strategy is the ability of each alternative to satisfy agreed-upon objectives with the least resources and the fewest negatives. The competitive advantages developed earlier using ________ is an excellent place to start.

Multi-national corporations use sophisticated intranets to allow employees to practice follow-the-sun management, in which project team members living in one country can pass their work to team members in another country in which the workday is just beginning.

The pricing, selling, and distributing of a product is referred to as a(n) ________ strategy.

The orientation of the functional strategy is dictated by its parent business unit's strategy.

Which of the following is not true of risk?

"The customer is always right" is an example of a policy in Nordstrom's.

The top factors in a successful ________ seemed to be a spirit of partnership, a well-designed agreement, joint governance, and consistent communication.

When a company exchanges 200 shares of stock worth $20 each for 100 shares worth $40 each, they are using

A popular financial strategy in which a company is acquired in a transaction financed largely by debt and eventually paid with money generated from the acquired company's operations or by sale of its assets is

Each business unit has its own set of departments, each with its own functional strategy.

W. Edwards Deming, a well-known management consultant, strongly recommended sole sourcing as the only manageable way to obtain high supplier quality.

A company that pioneers an innovation is called a

A company that imitates the products of competitors is referred to as a

The key to outsourcing is to purchase from outside only those activities that are not key to the company's distinctive competencies.