Quiz over 1,2,3, & 4 Flashcards
Value Chain?
A network f facilities and processes that describes the flow of materials, finished goods, services, information, that create goods and services.
Supply Chain?
Primarily focus on the physical movement of goods
Value?
The perception of the benefits associated with a good or service and what customers are willing to pay
How to increase value?
Increased perceived benefits while holding price or cost constant
What is the formula for value?
Value=Perceived Value/Price to customer
Value proposition?
A competitively dominant customer experience. Adding digital content to cell phones to enhance value proposition
Operational Structure?
The configuration of resources, such as suppliers, factories, warehouses, distributors, technical support centers, engineering design, and sales,
Vertical Integration?
The process of acquiring and consolidating elements of a value chain to achieve more control
Backward Integration?
Acquiring capabilities toward suppliers
Forward Integration?
Acquiring capabilities toward distribution or even customers
Outsourcing?
Having suppliers provide goods and services that were previously provided internally
Value Chain Integration?
The process of managing information, physical goods, and services to ensure their availability at the right place, at the right time, at the right cost, at the right quantity, and with the highest attention to quality.
Offshoring?
Building, acquiring, or moving process capabilities from a domestic location to another country location while maintaining ownership and control
Measurement?
The act of quantifying the performance of an organization
Quality?
The degree to which customer expectations are met by the company
Goods Quality?
Relates to the physical performance and characteristics of a good
Customer-Satisfaction Measurement System?
Provides a company with customer ratings of specific goods and service features. Also indicates customers likely future buying behavior.
Service Quality?
Consistently meeting or exceed customer expectations
Errors in service creation and delivery?
Service upsets or service failures
Queue Time?
Fancy word for wait time
Flexibility?
The ability to adapt quickly and effectively to changing requirements
Volume Flexibility?
The ability to respond quickly to changes in the volume and type of demand
Learning?
Creating, acquiring, and tranferring knowledge, and modifying the behavior of employees in response to internal and external change
Productivity?
The ratio of output of a process to the input
Operational efficiency?
The ability to provide goods and services to customers with minimum waste and maximum utilization of resources.
The Triple Bottom Line?
The measurement of environmental, social, and economic sustainability.
Interlinking?
Tries to quantify the performance relationships between all parts of the value chain
Value of a Loyal Customer?
Quantifies the total revenue or profit each target market customer generates over the buyer’s life cycle
Actionable Measures?
Provide the basis for decisions at the level at which they are applied.
Four Parts of a Balanced Score Card?
Financial Perspective, Customer Perspective, Innovation and Learning Perspective, Internal Perspective
Value Chain?
Quality of Inputs, price, delivery reliability, and service measures such as rates of problem resolution.
Order Qualifiers?
Basic customer expectations are generally considered minimum performance level required to stay in business.
Order Winners?
Goods and services features and performance characteristics that differentiate one customer benefit package from another.
Search Attributes?
Are those that a customer can determine prior to purchasing the goods and or services
Experience attributes?
Those that can be discerned only after purchase or during consumption or use
Credence Attributes?
Are any aspects of a good or service that the customer must believe in, but cannot personally evaluate even after purchase and consumption.
Competitive Priorities?
Represent the strategic emphasis that a firm places on certain performance measures and operational capabilities within a value chain
Customer Benefit Package?
A clearly defined set of tangible and intangible features that the customer recognizes, pays for, uses, or experiences.
Primary Good or Service?
The “core” offering that attracts customers and responds to their basic needs
Peripheral goods or services?
Those that are not essential to the primary good or service, but enhance it.
Variant?
A CBP feature that departs from the standard CBP and is normally location or firm specific.
