3

Question 1

is the ability and performance of a firm to sell and supply goods and services in a given market, in relation to
the ability and performance of other firms.

Answer 1

Competitiveness

Question 2

It is how will one firm win over customers in order to become
the product or service of choice

Answer 2

Competitiveness

Question 3

is the leverage a business has over its
competitors. This can be gained by offering clients better and
greater value

Answer 3

Competitive advantage

Question 4

are the resources and capabilities that comprise the strategic advantages of a
business.

Answer 4

Core competencies

Question 5

are the defining characteristics that make a business or an individual stand out
from the competition.

Answer 5

Core competencies

Question 6

is an action that managers take to attain one or more of the organization’s
goals.

Answer 6

STRATEGY

Question 7

can also be defined as “A general direction set for the company and its
various components to achieve a desired state in the future.

Answer 7

Strategy

Question 8

is all about integrating organizational activities and utilizing and
allocating the scarce resources within the organizational environment so as to meet
the present objectives.

Answer 8

Strategy

Question 9

is a well defined roadmap of an organization. It defines the overall mission,
vision and direction of an organization.

Answer 9

Strategy

Question 10

in short, bridges the gap between “where we are” and “where we want to be”.

Answer 10

Strategy

Question 11

refers to the overarching strategy of the diversified firm.

Answer 11

Corporate Strategy

Question 12

answers the questions of “in which businesses should we compete?” and “how does being in these
businesses create synergy and/or add to the competitive advantage of the corporation as a whole?”

Answer 12

Corporate strategy

Question 13

refers to the aggregated strategies of a single business firm or a strategic business unit
(SBU) in a diversified corporation.

Answer 13

Business strategy

Question 14

include marketing strategies, new product development strategies, human resource
strategies, financial strategies, legal strategies, supply-chain strategies, and information technology
management strategies. The emphasis is on short- and medium-term plans and is limited to the domain of
each department’s functional responsibility.

Answer 14

functional strategy

Question 15

are commonly used when companies wish to elevate their
reputation in the marketplace.

Answer 15

Quality based strategy

Question 16

Improving on their product design and the reduction of
errors are the backbone of these initiatives.

Answer 16

Quality based strategy

Question 17

are used to reduce lead time, which is the amount of time
elapsed from the receipt of the customer’s order until the products are shipped. Firms
that can produce faster will often have lower costs.

Answer 17

Time based strategy

Question 18

are those characteristics that are “the nonnegotiable
requirements” of the customer. Unless these characteristics are part of the product
or service package, the customer will look elsewhere.

Answer 18

Order qualifiers

Question 19

is the characteristic that wins the order. Often it may be a new
technical feature that is desirable. It could be a great warranty package or service
agreement, or a better price.

Answer 19

Order winner

Question 20

is referred to as
a relative measure. It has
little meaning in isolation but
does tell a story when it is
compared to the previous
period, or to a similar
department or organization.

Answer 20

Productivity

Question 21

is always a reflection of how much the firm was able to produce.

Answer 21

Output

Question 22

peso spent are typically used as the measure. Several exceptions might be labour hours,
gallons of water, or kilowatts of electricity. Firms will typically measure the productivity for the
things which represent significant expenditures.

Answer 22

Inputs