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

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The first step in a TQM control system is to:

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Through brand positioning and advertising,the __________ function can increase The value that customers perceive to be contained in a company's product.

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The term "value chain" refers to the idea that a company is a chain of functional activities that transforms inputs into an output of goods or services that customers value.

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

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It follows that if setup times for complex production equipment can be ______,so can setup costs,and efficiency will ______;that is,the time that plant and employees spend in actually producing something will ______.

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Great cost savings can result from ______ inventory turnover and ______ inventory holding costs.

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Differentiate between the two principle kinds of innovation.

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__________ means producing goods and services with superior design,features,reliability,and after-sales support.

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Process reengineering involves the radical redesign the value chain to achieve dramatic improvements in critical measures of performance such as cost,quality,service,and speed.

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Each functional activity along the chain adds value to the product by increasing costs that increase the price a company can charge for it.

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A strategy based on the use of IT to reduce the costs associated with the way services are delivered to customers is known as:

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Product development is the management of the value chain activities involved in bringing new or improved goods and services to the market.

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According to TQM philosophy,the ________,not the ________,define what quality is.

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Managers must work with suppliers to get them to adopt a Total Quality Management system as well as __________ system.

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The first step in a successful TQM program is to focus on the customer.

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Describe the ways in which the marketing and sales functions of a company can help to create value.

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Define process reengineering and how it affects efficiency.

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______________ aims at reducing the time required to set up production equipment.

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The goal of Six Sigma is to improve a company's quality to only six defects per million.

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The gradual improvements and refinements of existing products over time as existing technologies are perfected is known as:

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