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Operations Management > Chap 2: Competitiveness, Strategy and Productivity > Flashcards

Chap 2: Competitiveness, Strategy and Productivity Flashcards

1
Q

The effectiveness of an organization in the marketplace relative to other organizations that offer similar products and services.

A

Competitiveness

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2
Q

The plans that determine how an organization pursues its
goals.

A

Strategy

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3
Q

The effective use of resources, and it has a direct impact on competitiveness.

A

Productivity

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4
Q

An important factor in determining whether a company prospers, barely gets by or fails.

A

Competitiveness

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5
Q

Marketing influences competitiveness in several ways, including

A
  • identifying consumer
    wants and needs
  • pricing
  • advertising and promotion
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6
Q

the ideal is to achieve a perfect match between those wants and needs, and the organization’s goods and or services

A

identifying consumer
wants and needs

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7
Q

key factor in consumer buying decisions

A

pricing

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8
Q

ways to inform potential customers about features of their products or services, and attract buyers

A

advertising and promotion

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9
Q

Operations has a major influence on competitiveness through

A

-product and service
design
-cost
-location
-quality
-response time
-flexibility
-inventory management
-supply chain
management
-service
-managers and workers

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10
Q

should reflect joint efforts of many areas of the firm to achieve a match among financial resources, operations capabilities, supply chain capabilities, and consumer needs and wants.

A

product and service
design

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11
Q

key variable that affects pricing decisions and profits.

A

cost

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12
Q

can be important in terms of cost and convenience for
customers

A

location

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13
Q

refers to materials, workmanship, design and service

A

quality

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14
Q

It quickly bringing new or improved products or services to the market. Another is being able to quickly deliver existing products and services to a customer after they ordered, and still another is quickly handling customer complaints.

A

Quick Response

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15
Q

The ability to respond to changes. Changes might relate to alterations in design features of a product or service, or to the volume demanded by customers, or the mix of products or services offered by an organization.

A

flexibility

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16
Q

It can be a competitive advantage by effectively matching supplies of goods with demand

A

inventory management

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17
Q

Involves coordinating internal and
external operations (buyers and suppliers) to achieve timely and cost-effective delivery of goods throughout the system

A

supply chain
management

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18
Q

It might involve after sale activities customers perceive as value adding such as delivery, setup, warranty work, and technical support.

A

service

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19
Q

The people at the heart and soul of an organization, and if they are competent and motivated, they can provide a distinct competitive edge by their skills and the ideas they create.

A

managers and workers

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20
Q

Plans for achieving organizational goals.

A

Strategies

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21
Q

the reason for organization’s existence

A

mission

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22
Q

serves as the basis for organizational goals, which provide more detail and describe the scope of the mission

A

mission statement

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23
Q

relate to how an organization wants to be perceived by the general public, and by its employees, suppliers and customers

A

mission and goals

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24
Q

serve as foundation for the development of organizational strategies

A

Goals

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25
Q

provide the basis for strategies and tactics of the functional units of the organization

A

Goals

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26
Q

methods and actions used to strategies

A

Tactics

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27
Q

EXAMPLES OF STRATEGIES

A
  1. Low Cost
  2. Scale-based Strategies
  3. Specialization
  4. Flexible Questions
  5. High Quality
  6. Service
  7. Sustainability
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28
Q

Outsource operations to third-world countries that have low labor
costs.

A

Low Cost

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29
Q

Use capital-intensive methods to achieve high output volume and low unit costs.

A

Scale-based Strategies

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30
Q

Focus on narrow product lines or limited service to achieve
higher quality.

A

Specialization

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31
Q

Focus on quick response and/or customization.

A

Flexible Operations

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32
Q

Focus on achieving higher quality than competitors

A

High Quality

33
Q

Focus on various aspects of service

A

Service

34
Q

Focus on environmental-friendly and energy-efficient
operations.

A

Sustainability

35
Q

To formulate the strategy, a firm must assess its own characteristics with regards to the following:

A
  1. Primary purpose of the firm.
  2. Mission Statement.
  3. Distinctive Competencies
36
Q

A business firm must decide and assess the kind of business it wants to be in, identify its customers, set its goals for survival, growth and profitability.

A

Primary purpose of the firm

37
Q

The reason for a firm’s existence, states the purpose of the organization.

A

Mission Statement

38
Q

Signify the competitive advantages of a firm over its rivals in terms of technology, automated production units, skilled and professional production and marketing workforce, coupled with firm’s ability to bring out innovative products to the market.

A

Distinctive Competencies

39
Q

It is the considering of events and trends that present either threats or opportunities for the organizations.

A

ENVIRONMENTAL SCANNNING

40
Q

ENVIRONMENTAL SCANNNING INCLUDES:

A

-competitor’s activities
-changing customer needs
-legal issues
-economic issues
-political issues
-environmental issues
-potential for new markets

41
Q

done by a firm to assess the opportunities which a firm can exploit, and threats it must
counter and/or buffer against

A

external environment analysis

42
Q

Important Key External Factors

A

Economic Conditions
Political Conditions
Legal Environment
Technology
Competition
Markets

43
Q

These include the general health and direction of the economy, inflation and deflation, interest rates, tax laws, and tariffs.

A

Economic Conditions

44
Q

These include favorable or unfavorable attitudes toward
business, political stability or instability, and wars.

A

Political Conditions

45
Q

This includes antitrust laws, government regulations,
trade restrictions, minimum wages, product liability laws and recent court experience, labor laws, and patents.

A

Legal Environment

46
Q

This can include the rate at which product innovations are occurring, current and future process technology (equipment, materials
handling) and design technology.

A

Technology

47
Q

This includes the number and strength of competitors, the basis
of competition (price, quality, special features) and the ease of market entry.

A

Competition

48
Q

This include the size, location, brand loyalties, ease of entry, potential for growth, long-term stability, and demographics.

A

Markets

49
Q

An organization’s resources are represented by its assets, which include

A

financial, physical, human and intangible assets that are
used by the firm develop, manufacture and deliver products or services to customers

50
Q

represented by the skills and abilities of its human capital in
performing different activities in all functional areas, including operations function to support the firm’s business goals.

A

capabilities

51
Q

Important Key Internal Factors

A

Human Resources
Facilities and equipment
Financial Resources
Customers
Products and Services
Technology
Suppliers
Other factors

52
Q

These include the skills and abilities of managers and
workers; special talents (creativity, designing, problem solving); loyalty to the organizations; expertise; dedication; and experience.

A

Human Resources

53
Q

Capacities, location age, and cost to maintain or replace can have a significant impact on operations.

A

Facilities and equipment

54
Q

Cash flow, access to additional funding; existing debt
burden, and cost of capital are important considerations.

A

Financial Resources

55
Q

Loyalty, existing relationship, and understanding of wants and
needs are important.

A

Customers

56
Q

These include existing products and services, and the potential for new products and services.

A

Products and Services

57
Q

Technology

A

This includes existing technology, the ability to integrate new
technology, and the probable impact of technology on current and future operations.

58
Q

Supplier relationships, dependability of suppliers, quality, flexibility, and service are typical considerations.

A

Suppliers

59
Q

Patents, labor relations, company or product image, distribution
channels, relationships with distributors, maintenance of facilities and equipment, access to resources, and access to markets.

A

Other factors

60
Q

major value creating capabilities and skills of the organization

A

core-competencies

61
Q

Unique resources and strengths of the organization that
are taken into account while formulating the strategy.

A

Core competencies

62
Q

the characteristics or features of a product or service that
qualify it to be considered for purchase by a customer

A

Order Qualifiers

63
Q

the characteristics of a product or service that wins orders
from customers

A

Order Winner

64
Q

designed according to customer specifications and orders result in different varieties of products, which can be produced in small
batches.

A

Customized products

65
Q

the important requirements for customized products

A

flexibility and on-time delivery

66
Q

The selection of ____________________for manufacturing results in availability of few limited varieties/types/models of products that can be produced in large batches; some products can be produced even continuously.

A

standard products

67
Q

best suited to producing unique
products, usually in low volumes

A

Processed focused production system

68
Q

can be regulated to meet customer requirements

A

Product volumes

69
Q

Quality-based strategies

A
  1. Focused on maintaining or improving the quality of an organization’s products
    or services.
  2. They may reflect an effort to overcome an image of poor quality, a desire to catch up with the competition, a desire to maintain an existing image of high
    quality, or some combination of these and other factors.
  3. Can be part of another strategy such as cost reduction, increased productivity, or time, all of which benefit from higher quality
70
Q

Time-Based Strategies

A
  1. Focused on reducing the time required to accomplish various activities (e.g. develop new products or services and market them, respond to a change in customer demand, or deliver a product or perform a service).
  2. Also focus on reducing the time needed to conduct the various activities in a process. The rationale is that by reducing time, costs are generally less,
    productivity is higher, quality tends to be higher, product innovations appear on the market sooner, and customer service is improved.
71
Q

An index that measures output (goods and services) relative to
the input (labor, materials, energy and other resources) used to produce them.

A

Productivity

72
Q

can be computed for a single operation, a department, an organization or an entire country

A

productivity ratio

73
Q

used for planning workforce requirements, scheduling equipment, financial analysis,
and other important tasks

A

productivity ratios

74
Q

higher productivity means

A

lower costs

75
Q

the increase in productivity from one period to the next relative
to the productivity in the preceding period

A

Productivity growth

76
Q

Product Variables percentage of contribute to the annual increase

A
  • Labor (10%)
  • Capital (38%)
  • Management (52%)
77
Q

improvement in the contribution of labor to productivity is the result of a healthier, better-educated, and better-nourished labor force

A

Labor

78
Q

Inflation and taxes increase the cost of

A

Capital

79
Q

a factor of production and an economic resource.

A

Management

Operations Management (5 decks)

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