BADM 310 Unit 3 Chapter 8

high-quality products possess the following attributes

- after-sales support - reliability - superior design

a complete product development plan includes

- an analysis of the product's market potential - a list of desired product features - a list of technological requirements - strategic and financial objectives

the principal corporate-level strategies that managers use to help a company grow and keep competitive include:

- concentration - diversification - international expansion - vertical integration

overall goals behind achieving superior quality in which customers perceive a company's product to be superior to that of a competitors

- creating a brand name - creating perceived product value

steps in the planning process

- determining the firm's mission and goals - formulating strategies to achieve the goals - implementing organizational strategy

principal corporate-level strategies include

- diversification - vertical integration - international expansion - concentration on a single industry

organizations can improve efficiency by paying close attention to many elements including

- facilities layout - just-in-time inventory system - flexible manufacturing

the product development plan should include a list of

- financial requirements - human resource requirements

the CRM system is used to identify which of the following: - information about changing customer needs - the company's best service and support practices - top reasons for customer complaints - a comprehensive profit-loss analysis of the company

- information about changing customer needs - the company's best service and support practices - top reasons for customer complaints

the term hypercompetition applies to industries that are characterized by ____ competition

- intense - permanent - ongoing

what are two main concerns for facility managers when designing facility layout

- location of workers and machines - cost of setting up equipment

how can managers increase responsiveness to customers

- provide improved products in the future - provide excellent after-sales service

two principal kinds of innovation

- quantum product - incremental product

general qualities or attributes that define what customers want

- quick service - low price - customized to their needs - high quality

types of standing plans include:

- rules - standard operating procedures (SOPs) - policies

at gate 2 projects can be

- sent back for revision - allowed to pass through to stage 3 - rejected

rolling plan

a business-level plan that extends over several years, then is amended and updated annually based on external conditions

strategy

a cluster of decisions about what goals to pursue, what actions to take, and how to use resources to achieve goals

wholly owned foreign subsidiary

a manger of medical durable equipment company to establish an operation in a foreign company country independent of any local direct involvement

multidomestic strategy

a strategy that is customized and marketed to accommodate particular national conditions

stage-gate development funnel

a strategy to evaluate product development proposals and decide which to support or reject

licensing

allowing foreign organization to take change of manufacturing and distributing a product in its country or world region in return for a negotiated fee

flexibility

alter or change plans when necessary

process reengineering

attempting to reduce overhead costs by rethinking and redesigning the company's business processes

expanding a company's operations into an industry that produces inputs for its products is ____ vertical integration

backward

continuity

build and refine previous plans on an ongoing basis

top managers at an expanding digital provider outlines a method for how adding popular programming with top stars to their streaming video programming will help them outperform their competitors. these managers are working on a ____-level strategy

business

accuracy

collect and use all available information

achieving superior quality means that customers perceive a company's product to be superior to a ____ product

competitor's

JIT inventory keeps costs down by only supplying the ____ needed at the time of production

components

marketing departments can make quick adjustments to respond to customer desires with information from a ____ system

customer relationship management

when managers ask: 1.) "who are our customers?" 2.) "what customer needs do we satisfy?" and 3.) "how do we satisfy customer needs?" the manager is ____

defining the business

when a company expands its business operations into a new industry in order to produce new kinds of goods or services, this is referred to as ____

diversification

a time horizon is the intended ____ of a plan

duration

when fewer inputs are required to produce the same output, this is achieving superior ____

efficiency

backward vertical integration

entering into a new industry that produces raw materials for the company's products

forward vertical integration

entering into a new industry that uses, distributes, and sells company products

lack of a plan will result in ____

false steps and hesitations

product layout arranges machines needed to manufacture a product in a ____ sequence

fixed

the strategy of expanding into a new industry that uses, distributes, or sells the company's products is ____ vertical integration

forward

to improve how an organization provides task-specific activities to help an organization achieve its goals of producing competitive goods and services, a manager needs to develop a ____-level strategy

functional

unity

have only one guiding plan

the five forces model identifies the factors as major threats because they affect ____

how much profit competitors within the same industry can expect to earn

incremental

innovation processes are gradual improvements and refinements of existing products over time

when managers make the decision to price their products below that of their competitors, they are using a ____ stategy

low-cost

product layout

machines are organized so that each operation needed to manufacture a product or process a patient is performed at workstations arranged in a fixed sequence

the five forces model

model that helps managers focus on the most important competitive forces in the external environment

examples of a single-use plan include ____

projects and programs

the generation of multiple forecasts of future conditions followed by an analysis of how to respond effectively to each of those conditions is ____

scenario planning

gate 2 in the stage-gate funnel functions as the second review point when the product development plan is reviewed by ____

senior management

to achieve organizational goals, managers use ____ to launch courses of action that will move them towards their goals

strategies

CRM

system used to identify both positive and negative customer reactions

value chain

the coordinated sequence of functional activities necessary to transform inputs into the finished goods or services

step two of the TQM process requires managers to focus on ____

the customer

total quality management

the management technique that focuses on improving the quality of an organization's products and services

managers pursuing a focused differentiation strategy aim to make their company:

the most diversified company serving its market segment

fixed-position layout

the product stays in a fixed position. Its component parts are produced in remote workstations and brought to the production area for final assembly

company's value chain

the sequence of activities that transform inputs into finished goods or services

in large organizations, planning usually takes place at ____ levels of management

three

fayol stated that effective plans should have four essential qualities

unity, continuity, accuracy, and flexibility

six sigma

used to improve quality by using statistical methods to measure quality improvements across the value chain

there are two important goals of a mission statement; they are to describe their products for employees by pointing out ____ and ____

what is unique or important about it; what differentiate its products

diversification

when a company expands its business operations into a new industry in order to produce new kinds of goods or services

franchising

when a corporation sells the rights to use its name and expertise to a foreign company in exchange for a lump sum of money

process layout

workstations are not organized in a fixed sequence. Rather, each workstation is relatively self-contained, and a product goes to whichever workstation is needed to perform the next operation to complete the product