Handout 2 Flashcards
the measure of how effective an organization meets the wants and needs of the customers relative to other organizations that offer similar goods or services
Competitiveness
a basic input in an organization’s decision-making process, and central to competitiveness
Identifying consumer wants and/or needs
the key factors in consumer buying decisions
Price and quality
are ways organizations can attract buyers and inform potential customers about the features of their products or services
Advertising and promotion
The Relationship Between Quality and Competitiveness
companies must elevate the quality of their products if they wish to survive and become competitive on a higher level of market
it would disappear if systems, processes, and products were improved
Cost of Poor Quality
Cost of Poor Quality
wastes, rejects, testing, reworks, customer returns, inspections, and recalls.
a key factor in consumer buying decisions. consumers would criticize the product based on innovative presentation and timeliness of service delivery
Product and Service Design
affect pricing decisions and profits
Cost of an Organization’s Output
It is important in terms of cost and convenience for customers
Location
refers to materials, workmanship, design, and service
Quality
the ability of the organization to quickly deliver existing products and services to a customer after they are ordered, and being able to quickly handle customer complaints
Quick Response
the ability to respond to changes
Flexibility
It is a competitive advantage by effectively matching supplies of goods with demand
Inventory Management
involves coordinating internal and external operations (buyers and suppliers) to achieve timely and cost-effective delivery of goods throughout the system
Supply Chain Management
involves after-sale activities which customers perceive as value-added such as delivery, setup, warranty work, and technical support
Service
They are the people at the heart and soul of an organization
Managers and Workers
refers to the rise in prices relative to available money
Relative Inflation
It is a measure of output per input
Productivity
refers to the value of one country’s currency in relation to another currency
Exchange Rate
refers to the percentage at which an individual or corporation is being taxed
Tax Rates
refers to the expenses that a potential investor will incur for setting up a business
Cost of Doing Business
refers to the physical structures like building and roads that connect distance between regions and integrates market to nearby locations
Infrastructure
companies in Asia began to form Quality Control Circles (QCC) to establish better interaction among employees and encourage people involvement as a way to gain input for continually improving processes and products
1980s
