Chapter 2 - Strategy and Sustainability Flashcards
are those individuals or companies that legally own one or more shares of stock in the company.
Shareholder
are those individuals or organizations that are influenced, either directly or indirectly, by the actions of the firm.
Stakeholders
pertains to fair and beneficial business practices toward labor,
the community, and the region in which a firm conducts its business.
No child labour, safe work environment, contributing through healthcare.
Social Responsibility
means the firm is obligated to compensate shareholders who provide capi tal through stock purchases and other financial instruments via a competitive return on invest ment.
Economic Prosperity
refers to the firm’s impact on the environment.
Environmental Stewardship
The setting of broad
policies and plans
that will guide the
use of the resources
needed by the firm
to implement its
corporate strategy.
Operations and
supply chain
strategy
Performing activities
in a manner that best
implements strategic
priorities at minimum
cost.
Operations
effectiveness
a company’s ability to respond to increases and decreases in demand
Agility
A supplier may be expected to provide technical assistance for product development, particularly during the early stages of design and manufacturing.
Technical liaison and support
A firm may be required to coordinate with other
firms on a complex project…Coordinating work between firms and
having them work simultaneously on a project will reduce the total time required to
complete the project.
Ability to meet a launch date
An important competitive dimension may be the
ability of a firm to support its product after the sale. This involves the availability
of replacement parts and, possibly, the modification of older, existing products,
bringing them up to new performance levels.
Supplier after-sales support
A dimension related to criteria such as carbon dioxide
emissions, the use of nonrenewable resources, and other factors that relate to
sustainability.
Environmental Impact
These typically include such factors as the colors available,
size, weight, location of the fabrication site, the customization available, and product
mix options.v
Other Dimensions
When a firm seeks
to match what a
competitor is doing
by adding new
features, services,
or technologies to
existing activities.
This often creates
problems if certain
trade-offs need to be
made.
Straddling
One or more specific
marketing-oriented
dimensions that
clearly differentiate
a product from
competing products.
Order winners
