chapter 2 and 5s

Question 1

a plan that integrates an organization’s major goals, policies, and action sequences into a cohesive whole

Answer 1

strategy

Question 2

the process of determining long-term goals, policies, and plans for an organization

Answer 2

strategic planning

Question 3

plans for achieving organizational goals

Answer 3

strategies

Question 4

where the organization is headed and what it intends to be

Answer 4

vision

Question 5

the reason for existence for an organization

Answer 5

mission statement

Question 6

– defines the culture an organization wants to create.

Answer 6

goals

Question 7

provide detail and scope of mission

Answer 7

goals

Question 8

: methods and actions taken to accomplish strategies

Answer 8

tactics

Question 9

: defines the businesses in which the corporation will participate and develops plans for the acquisition and allocation of resources among those businesses
Businesses are often called Strategic Business Units (SBUs)

Answer 9

corporate strategy

Question 10

defines the focus for the SBU and involves which markets to pursue and how best to compete in those markets

Answer 10

business strategy

Question 11

the set of decisions that each functional area develops to support its particular business strategy
Operations, marketing, finance, R&D, engineering, etc

Answer 11

functional strategy

Question 12

how an organization’s processes are designed and organized to produce the type of goods and services to support the business strategies

Answer 12

operations strategy

Question 13

are narrow and short-term by comparison and act under the operation constraints set out by the strategic and tactical management decisions

Answer 13

operations decisions

Question 14

primarily address how to efficiently manage capacity, inventory and schedules within the constraints of previously made strategic decisions

Answer 14

tactical decisions

Question 15

are long-term decisions and concern the determination of broad policies and plans for using the resources of a company to best support its long-term competitive strategy

Answer 15

strategic decisions

Question 16

a firm’s ability to achieve market and financial superiority over its competitors

Answer 16

competitive advantage

Question 17

: the strategic emphasis that a firm places on certain performance measures and operational capabilities

Answer 17

Competitive Priorities/Dimensions

Question 18

being able to make whatever goods and services the customer wants, at any volume, at any time for anybody, and for a global organization, from any place in the world

Answer 18

mass customization

Question 19

requirements that are expected in a good or service.

Answer 19

dissatisfiers

Question 20

requirements that customers say they want

Answer 20

satisfiers

Question 21

: new or innovative good/service features that customers do not expect

Answer 21

Exciters/delighters

Question 22

basic customer expectations (dissatisfiers and satisfiers) are generally considered the minimum performance level required to stay in business

Answer 22

order qualifiers

Question 23

– goods/service features and performance characteristics (satisfiers and exciters) that cause customers to choose those over of its competitors and to win the customer’s business
Can be considered to be a competitive advantages for the firm

Answer 23

order winners

Question 24

: quantifies the total revenue or profit each target market customer generates over the Buyers Life Cycle

Answer 24

Value of a Loyal Customer (VLC):

Question 25

: individuals or companies that legally own one or more shares of stock in the company

Answer 25

shareholders

Question 26

individuals or organizations who are influenced, either directly or indirectly, by the actions of the firm

Answer 26

stakeholders

Question 27

being able to meet current needs without compromising the ability of future generations to meet their own needs

Answer 27

sustainability

Question 28

managerial decision making that considers environmental, societal and financial impact

Answer 28

Corporate Social Responsibility (CSR):

Question 29

pertains to fair and beneficial business practices toward labor, the community, and the region in which a firm conducts is business

Answer 29

“People” (Social Responsibility)

Question 30

the firm’s impact on the environment

Answer 30

Planet” (Environmental Stewardship)

Question 31

the firm’s obligation to compensate shareholders who provide capital via competitive returns on investment

Answer 31

Profit” (Economic Prosperity):