Exam 9: Value Chain Management: Functional Strategies for Competitive Advantage

_____ is the fundamental rethinking and radical redesign of business procedures to achieve dramatic improvements in critical measures of performance such as cost, quality, service, and speed.

Which of the following is true of the impact of high-quality products?

A tire company's products are more expensive than those offered by its competitors, but are still sought after by customers since they are more durable and perform better under harsh conditions. The tire company, in this case, has achieved competitive advantage through _____.

The development of a set of functional-level strategies that support a company's business-level strategy and strengthen its competitive advantage is known as:

Which of the following functions can help increase customer perceptions of the utility of a company's product through brand positioning and advertising?

Customer relationship management is a technique that uses IT to develop an ongoing relationship with customers to maximize the value an organization can deliver to them over time.

An organization which increases its quality can improve its profits by _____ the prices of its products due to increased reliability and _____ its operating costs due to increased productivity.

Successful innovation gives an organization something unique about its products that can strengthen its competitive advantage.

Six Sigma shares with TQM its focus on improving value chain processes to increase _____.

High quality products are characterized by low prices.

What is customer relationship management? Describe the possible changes in the operation of a grocery store in a small town that recently implemented a customer relationship management system.

Which of the following is not a product attribute or quality that most customers prefer?

Total quality management is a technique that focuses on improving the quality of an organization's products and services.

A(n) _____ is a coordinated series or sequence of functional activities needed to transform inputs into finished goods or services.

The _____ the input resources required to produce a given volume of output, the _____ will be the efficiency of the operating system.

Which of the following must managers in product development avoid to promote innovation and speed up product development?

_____ is a technique that uses IT to develop an ongoing relationship with the purchasers or buyers of an organization's product to maximize the value an organization can deliver to them over time.

Illumin, a light bulb manufacturing company strives to improve the longevity and brightness of its bulbs by continuously changing designs and trying different combinations of materials and component parts while manufacturing them. This is an example of _____.

The _____ plan specifies all of the relevant information that managers need to decide whether to go ahead with a full-blown product development effort.

Managers try to develop functional strategies that allow the organization's value chain to deliver to customers less desired product attributes for the same price.