ism 11

A SWOT analysis examimes which 3 of the following?

A firm's external threats. A firm's internal weaknesses. A firm's internal strengths.

In his book, The Machine That Changed the World, Dr. James Womack of M.I.T. specified the five tenets of Lean manufacturing. These include, specifying the value of each product with precision, identifying how each product acquires its value (the value stream), and which 3 other principles?

Allowing customers to pull increased value from the producer. Ensuring that the value flows to the product without interruption. Relentlessly pursuing perfection.

Which of the following is an example of an advantage that a modern inventory management system provides? More than one answer may be selected.

Automatic reordering occurs when inventory levels dip below a pre-established threshold. Production is scaled up or scaled down depending on the pace of orders received and the amount of inventory currently available. RFID tags that are part of a GIS system are included with manufactured goods once assembly is

Making use of the research and development conducted by the innovator, and then developing a competing product at a lower price is referred to as the ___ strategy.

Choice fast-follower

Data mining information from the Bureau of Labor Statistics can provide insight into regional employment figures. This illustrates how data analysis can be used to examine which factor of the PESTEL analysis?

Economic

Because employee education and training are so critical in ensuring that all employees can participate in Lean manufacturing processes, ___ systems play a key role in Lean implementation.

Human Resources Management

Requiring a modern communications system, a process that actively encourages all employees to halt the manufacturing process if safety risks are observed is the __ process.

Lean

Actively encouraging any employee to halt production if a manufacturing error or safety risk is observed is part of the training associated with ___ .

Lean manufacturing

Who published "How Competitive Forces Shape Strategy" in the Harvard Business Review in 1979?

Michael E. Porter

Managers use different methodologies and tools to evaluate external opportunities and threats. One popular process examines the political, economic, socio-cultural, technological, environmental, and legal issues facing an organization and is referred to as a_ analysis.

PESTEL

Select three characteristics of Just-in-time (JIT) manufactoring and inventory management.

Parts, and often even labor, are not purchased until the moment they are needed in the assembly process. JIT faces significant challenges during supply disruptions such as those that occur during natural disasters. JIT requires exceptionally smooth supply chains.

When conducting a SWOT analysis, managers examine factors that impact their organization's internal strengths and weaknesses. These factors are sometimes refered to as the 5 Ps. The 5 Ps include which 3 of the following?

Personnel Plant Purse

Professor Michael E. Porter published "How Competitive Forces Shape Strategy" in the Harvard Business Review. In this paper, he described how all organizations must develop plans to deal with certain factors if they wish to succeed, or even continue to exist. These became known as ___.

Porter's 5 Forces

Professor Michael E. Porter added to his five-forces model by highlighting basic strategies that businesses must follow if they wish to gain competitive advantage. He stated that these strategies fell into which two separate categories?

Product differentiation Price leadership

Because its techniques rely so heavily on statistical data to ensure quality control and to minimize process and product variance, management information systems are integral to the success of any Six_ initiative.

Sigma or sigma

Because of its focus on reducing variation to eliminate product defects, which process methodology relies most heavily upon data analysis?

Six Sigma

MIS tools that analysts commonly use to determing the causes of variences include scatter diagrams, histograms and Pareto charts. For this reason, MIS are critical in the implementation of ___ techniques.

Six Sigma

Techniques that seek to reduce variance in output to less than 3.4 errors per 1,000,000 manufacturing steps are referred to as ___.

Six Sigma

In the 1980s, Professors Marvin B. Lieberman and David B. Montgomery of UCLA's Anderson School of Management examined the advantages and disadvantages of being the first firm to enter a product into the market. Three advantages they described included were:

The firm's employees will learn from experience how to use technologies and processes to develop the product. The first firm to enter the market has an opportunity to secure important raw materials and to develop necessary logistics lines ahead of any other competitors. Consumers often become accustomed to products that they adopt and a firm that attempts to compete must create a product that meets the specifications established by the initial entrants.

Which statement best describes how managers use management information systems to develop SWOT analyses?

They use multiple management information systems to examine the key factors that influence the internal strengths and weaknesses of any business.

Modern inventory management systems help to ensure a number of critical advantages, including which 3 of the following?

Timely re-ordering Stock-obsolescence minimization Shelf-space optimization

What is a downfall to just-in-time manufacturing and inventory management?

When supply chain disruptions occur, a lack of sufficient inventory on hand can lead to widespread shortages.

Attributes that allow firms to provide goods and services with higher perceived values than their competitors are referred to as competitive_

advantages or advantage

According to Professors W. Chan Kim and Renee Mauborgne, creating an entirely new market is an example of a_ ocean strategy.

blue

When competitors seek to gain competitive advantage through price leadership or by making product improvements, Professors W. Chan Kim and Renee Mauborgne would say they are using a(n)

blue ocean strategy.

Simon sells products with higher perceived values than his competitors' offerings. This provides Simon's firm with

competitive advantage.

The ability for a firm to enjoy significant profit margins decreases as the number of _ offering essentially the same products or services increases.

competitors or rivals

Apple uses Corning's glass products for all its devices, such as the Gorilla Glass 6 used in the iPhone 11 series. To ensure that it continues to have a strong relationship with this glass industry leader, Apple has invested nearly $500 million toward Corning's advanced glass research division. By building up this relationship, Apple seeks to maintain some control over which of Porter's 5 forces?

customers

If an increase in price results in a relatively large decrease in demand for the product, the firm cannot easily increase its profit margin. This demonstrates which of Porter's 5 forces?

customers

Lean manufacturing techniques seek to eliminate waste in the production process, in contrast, Six Sigma seeks to eliminate_

defects, errors, or mistakes

Using technology to transform a market or to create an entirely new market is called creating a(n) ________ innovation.

disruptive

Karl Benz invented the internal combustion automobile in 1885. Adam Smith described the efficiencies of division of labor (the assembly line) in 1776. However, when Henry Ford combined these two to produce an inexpensive automobile with the Model T in 1908, he transformed the personal transportation market. Professor Clayton Christensen called this a ___.

disruptive innovation

Sears, which revolutionized catalog (mail order) sales, failed to make the online leap and while Amazon capitalized on this technology, Amazon successfully used ___

disruptive innovation

National Weather Service databases are used by modern supply chain management systems to track weather events that could impact logistics. Which element of a PESTEL analysis does this example represent?

environmental

Making use of the research and development conducted by the market innovator and then developing a competing product at a lower price is referred to as the ________ strategy.

fast-follower

That employees will learn from experience how to use technologies to develop a product, gaining a "head start" over any competition that attempts to enter the market is considered a ___.

first-mover advantage

In 1979, Professor Michael E. Porter published "How Competitive Forces Shape Strategy" in the Harvard Business Review. In this paper, he described factors that impact businesses. The became known as Porter's _forces.

five or 5

Over 50% of all innovative products fail in the market, while over 80% of the successors to the products succeed. This is a key tenet of the fast- _strategy.

follower

Information management systems that help to ensure that a minimal number of product touches occur from product creation to customer purchase are known as ___ systems.

inventory management

Which of the following is a reason that Six Sigma methodologies rely heavily on data analysis?

its focus on reducing variation and eliminating product defects

With a product differentiation strategy, a company charges more for its product than its competitors charge for theirs because:

its product is unique in a way that justifies the higher price

A manufacturing and inventory management practice that gained popularity in the 1980s was known as _-in-time (JIT) manufacturing and inventory management.

just

An international automobile manufacturer is concerned about how its global operations will be impacted by changing government standards for auto emissions and fuel efficiency. Which component of a PESTEL analysis can best help the manufacturer evaluate any threats posed by these policy changes?

legal

With the increasing presence of Internet e-commerce sites, the force of customers has

leveled off.

Small, drive-up, coffee stands seem to be popping up on every street corner. Because of this, these coffee vendors have difficulty raising prices significantly higher than their competitors. This is because the coffee stand business has extremely ___.

low barriers to entry

According to Professor Porter, a business must differentiate itself from its competitors. One method is to encourage customers to believe that an organization provides higher quality goods or better service, then the organization can charge a premium, or gain market share, or (ideally) both. For example, by placing a swoop icon on a sweatshirt, Nike is able to charge a higher price. This methodology is called ___.

monopolistic competition

According to Professor Porter, a business must differentiate itself from its competitors. One method is to encourage customers to believe that an organization provides higher quality goods or better service, then the organization can charge a premium, or gain market share, or (ideally) both. For example, by placing a swoop icon on a sweatshirt, Nike is able to charge a higher price. This methodology is called

monopolistic competition.

Managers often use an organization's human resource management system to evaluate the relative strength or weakness of its ___.

personnel (workforce)

When competitors seek to gain competitive advantage through price leadership or by making product improvements, Professors W. Chan Kim and Renee Mauborgne would say they are using a ___.

red ocean strategy

Walmart uses economies _ of to pressure suppliers to lower their prices, allowing Walmart to offer lower prices to its customers and decrease competition.

scale

With price leadership, an organization seeks to offer a product to a large market at the lowest possible price by maximizing efficiencies and using economies of ._

scale

Which PESTEL factor can managers monitor by improving communications throughout the organization and gaining better perceptions of consumers' opinions using CRM software?

sociocultural

Coca-Cola and PepsiCo dominate the soft drink market. However, during the 2000s, many customers switched from soft drinks to water, causing Coca-Cola and PepsiCo to develop Dasani and Aquafina. The ability of customers to switch from one product to an alternate product illustrates what Porter called the strength of __.

substitutes

A business must not only look at its direct competitors, but also must contend with those firms that offer a product that a consumer might alternatively choose. For example, McDonald's and Burger King can be considered competitors and if one firm raises prices the other firm might gain its customers. However, if both firms raise their prices, customers may choose to purchase pizza instead. Porter refers to this as the force of_ in the market.

substitutes, substitution, substitute, or substitutions

Managers often use the PESTEL analysis to examine the political, economic, environmental, legal and which 2 other issues facing an organization?

technological socio-cultural

When external opportunities match with internal strengths, managers should choose an aggressive strategy, particularly when facing weak external ___.

threats

When a large number of buyers seek to purchase a firm's products even when prices increase, Porter's force of customers can be said to have ___. This tends to strengthen the firm's profitability.

weakened