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Question 1

A _____, also known as a global company, is coined from the base term ‘global’, which means all around the world.

Answer 1

global corporation

Question 2

is a tough strategy for small businesses to implement, because it requires a long-term commitment to selling your products and services at a cheap price

Answer 2

Cost Leadership

Question 3

Identifying an attribute or characteristic that makes your product or service unique is the driving factor in ______

Answer 3

Differentiation Strategy

Question 4

A _____ is similar to a cost leadership strategy, but the major difference is that in a _______ your business targets a very specific segment of the market and offers that market the lowest prices available.

Answer 4

cost focus strategy

Question 5

Like the cost focus strategy, the _________targets a very specific segment of a market, but rather than offering the lowest prices to the buyers in that market, a business offers something unique that competitors aren’t offering.

Answer 5

differentiation focus strategy

Question 6

Managers have to select the best source for their inputs, decide on the most effective means of obtaining them, and determine the right timing in acquiring them.

Answer 6

Procurement Issues

Question 7

Timing of shipment and receipt of supplies are also important considerations. This essentially an inventory and stock issue, companies can choose to maintain varying quantities of needed inputs.

Answer 7

Timing Issues

Question 8

involves the location, type and coordination of facilities, as well as total quality management and coordinating facilities.

Answer 8

Production Issues