Competitive Strategy and Supply Chain Management

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Questions and Answers

Which of the following dimensions is NOT typically associated with competitive strategy?

Flexibility

Environmental impact

Technical liaison and support

Brand loyalty (correct)

High quality can be achieved without compromising on low cost.

False

What does the term 'order winner' refer to?

A specific marketing-oriented dimension that differentiates a product from its competitors.

A company that prioritizes speed of delivery may have less __________ in product variety.

flexibility Signup and view all the answers

What is an example of a trade-off a company might make?

Low cost and high quality Signup and view all the answers

Match the following terms with their definitions:

Order winner = The feature that differentiates a product Order qualifier = Criteria that allow consideration for purchase Straddling = Attempting to match competitors by adding features Technical liaison = Support provided by suppliers during product development Signup and view all the answers

What is the role of supplier after-sales support?

It assists customers with any issues that arise after the purchase. Signup and view all the answers

An effective strategy must focus on excelling in all competitive dimensions.

False Signup and view all the answers

What does the Total Cost of Ownership (TCO) include?

Acquisition, ownership, and post-ownership costs Signup and view all the answers

Ownership costs occur before the initial purchase of an item.

False Signup and view all the answers

What is one example of an acquisition cost?

Purchase price including taxes and transportation costs Signup and view all the answers

The measure used to evaluate supply chain efficiency by calculating the cost of goods sold relative to average inventory value is called ______.

inventory turnover Signup and view all the answers

Which of the following are considered ownership costs?

Scheduled maintenance and energy usage Signup and view all the answers

Match the following cost categories with their descriptions:

Acquisition Costs = Immediate cash outflow for purchases Ownership Costs = Costs incurred during the ongoing use of an item Post-Ownership Costs = Costs associated with disposal of an item Prepurchase Costs = Costs related to preparing for procurement Signup and view all the answers

Weeks of supply is considered the preferred measure when distribution inventory is dominant.

True Signup and view all the answers

What is one qualitative ownership cost mentioned in the content?

Aesthetic factors or ergonomic factors Signup and view all the answers

Which of the following options is NOT a recommended action if a workstation task takes longer than expected?

Ignore the task Signup and view all the answers

Re-designing a product can be a solution to manage longer workstation tasks.

True Signup and view all the answers

What is the primary benefit of outsourcing for a company?

Ability to focus on core competencies Signup and view all the answers

What type of analysis is used to choose among alternative processes or equipment when considering large investments?

Break-even analysis Signup and view all the answers

Outsourcing refers to bringing internal activities back in-house.

False Signup and view all the answers

What is logistics in the context of supply chain management?

The management functions that support the cycle of material flow. Signup and view all the answers

The main trade-off in inventory management is between quicker response to customer demand and __________.

greater inventory investment Signup and view all the answers

Green sourcing primarily aims to find new environmentally friendly technologies and ______.

increase the use of recyclable materials Signup and view all the answers

Match the inventory management models with their descriptions:

Single-period model = One-time purchase of an item Multi-period model = Regular inventory replenishment Just-in-time inventory = Stock is received just as it is needed Batch inventory = Large quantities purchased at once Signup and view all the answers

What is one way to increase flexibility in workstation layout?

Implementing a U-shaped line layout Signup and view all the answers

The finished goods inventory is cheaper to maintain than raw material inventory.

False Signup and view all the answers

What is a significant drawback of outsourcing?

Layoffs and reduced employee benefits Signup and view all the answers

List two methods that can be utilized to manage longer workstation tasks.

Share the task, Roaming helper Signup and view all the answers

Green sourcing can only increase the use of recyclable materials.

False Signup and view all the answers

What does a framework for supplier relationships help managers decide?

The structure of their supplier relationships from vertical integration to arm's-length relationships. Signup and view all the answers

What is the primary goal of short-term forecasting?

To estimate demand and meet customer expectations Signup and view all the answers

Decoupling points are irrelevant to customer lead times.

False Signup and view all the answers

Name one type of quantitative forecast model.

Time series Signup and view all the answers

If predicting short-term demand is difficult, then extra inventory to cover this __________ will be needed.

uncertainty Signup and view all the answers

Which of the following is true regarding the importance of forecasting?

Establishing continual review of forecasts is essential. Signup and view all the answers

Cyclical elements in demand may include factors such as weather changes.

False Signup and view all the answers

Match the forecasting methods with their descriptions:

Qualitative = Subjective judgement based on estimates Time series = Uses past demand data to predict future demand Causal relationships = Assumes demand is linked to underlying factors Simulation = Explores a range of assumptions about forecast conditions Signup and view all the answers

The __________ components of demand are caused by unforeseen chance events.

random variation Signup and view all the answers

What occurs if the difference in corresponding forecasts exceeds the safety margin?

An exception notice is issued Signup and view all the answers

Inventory replenishment occurs before the order forecast is agreed upon.

False Signup and view all the answers

What is the term used for the measure of how close the firm's current output rate is to its best operating level?

Capacity utilization rate Signup and view all the answers

The concept of __________ refers to the idea that as the plant size increases, the average cost per unit drops.

economies of scale Signup and view all the answers

What is one reason for skepticism and resistance to change in supply chain partnerships?

Potential loss of control Signup and view all the answers

Match each capacity planning concept with its definition:

Strategic capacity planning = Determining resource levels for long-term goals Best operating level = Output level with minimized average unit cost Capacity utilization rate = Measure of current output versus maximum potential Economies of scale = Cost advantages due to increased output Signup and view all the answers

Once planners reach a consensus forecast, the next step is to issue an __________ to commence the replenishment process.

order forecast Signup and view all the answers

Increasing the plant size will always reduce the cost per unit indefinitely.

False Signup and view all the answers

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Test your understanding of competitive strategy and supply chain management concepts. This quiz covers key terms, dimensions, and cost considerations in making strategic decisions. Enhance your knowledge of how different strategies impact efficiency and effectiveness in business.

Competitive Strategy and Supply Chain Management

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Podcast

Questions and Answers

Which of the following dimensions is NOT typically associated with competitive strategy?

High quality can be achieved without compromising on low cost.

What does the term 'order winner' refer to?

A company that prioritizes speed of delivery may have less __________ in product variety.

What is an example of a trade-off a company might make?

Match the following terms with their definitions:

What is the role of supplier after-sales support?

An effective strategy must focus on excelling in all competitive dimensions.

What does the Total Cost of Ownership (TCO) include?

Ownership costs occur before the initial purchase of an item.

What is one example of an acquisition cost?

The measure used to evaluate supply chain efficiency by calculating the cost of goods sold relative to average inventory value is called ______.

Which of the following are considered ownership costs?

Match the following cost categories with their descriptions:

Weeks of supply is considered the preferred measure when distribution inventory is dominant.

What is one qualitative ownership cost mentioned in the content?

Which of the following options is NOT a recommended action if a workstation task takes longer than expected?

Re-designing a product can be a solution to manage longer workstation tasks.

What is the primary benefit of outsourcing for a company?

What type of analysis is used to choose among alternative processes or equipment when considering large investments?

Outsourcing refers to bringing internal activities back in-house.

What is logistics in the context of supply chain management?

The main trade-off in inventory management is between quicker response to customer demand and __________.

Green sourcing primarily aims to find new environmentally friendly technologies and ______.

Match the inventory management models with their descriptions:

What is one way to increase flexibility in workstation layout?

The finished goods inventory is cheaper to maintain than raw material inventory.

What is a significant drawback of outsourcing?

List two methods that can be utilized to manage longer workstation tasks.

Green sourcing can only increase the use of recyclable materials.

What does a framework for supplier relationships help managers decide?

What is the primary goal of short-term forecasting?

Decoupling points are irrelevant to customer lead times.

Name one type of quantitative forecast model.

If predicting short-term demand is difficult, then extra inventory to cover this __________ will be needed.

Which of the following is true regarding the importance of forecasting?

Cyclical elements in demand may include factors such as weather changes.

Match the forecasting methods with their descriptions:

The __________ components of demand are caused by unforeseen chance events.

What occurs if the difference in corresponding forecasts exceeds the safety margin?

Inventory replenishment occurs before the order forecast is agreed upon.

What is the term used for the measure of how close the firm's current output rate is to its best operating level?

The concept of __________ refers to the idea that as the plant size increases, the average cost per unit drops.

What is one reason for skepticism and resistance to change in supply chain partnerships?

Match each capacity planning concept with its definition:

Once planners reach a consensus forecast, the next step is to issue an __________ to commence the replenishment process.

Increasing the plant size will always reduce the cost per unit indefinitely.

Study Notes

No specific text or questions provided. Please provide the text or questions you would like me to create study notes for.

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