Chapter 1 lecture Flashcards
specifies how the organization matches its own capabilities with the opportunities in the marketplace
or
describes the integrated set of choices an organization makes to create vlaue for its customers while idstinguishing itself from its competitors
strategy
- Research and development (R&D)
- Design of products and processes
- Production
- Marketing
- Distribution
- Customer service
6 primary business functions
generating and experimenting with ideas related to new products, services or processes
Which of the 6 business function is this?
research and development
detailed planning, engineering and testing of products and processes
Which of the 6 business function is this?
design of products and processes
procuring, transporting and storing, coordinating and assembling resources to produce a product or deliver a service
Which of the 6 business function is this?
production
promoting and selling products or services
Which of the 6 business function is this?
marketing
processing orders and shipping products or services to customers
Which of the 6 business function is this?
distribution
providing after-sales service to customers
Which of the 6 business function is this?
customer service
describes the flow of goods services, and information from the initial sources of materials and services to the delivery of products to consumers, regardless of whether those activities occur in one organization or in multiple organizations
supply chain
- cost and efficiency
- quality
- time
- innovation
- sustainability
key success factors
- identify the problem and uncertainties
- obtain information
- make predictions about the future
- make decisions by choosing among alternatives
- implement the decision, evaluate performance and learn
five step decision making process
