Competitiveness in Business Chapter 1

Product quality = Measurement of attributes, technology, functionality, durability, prestige and reliability. Price = Consideration is given to direct price, sales discounts, payment terms, average value, after-sales service cost, operating margin and total costs. Operations = Major influence on competitiveness. Advertising and promotion = Ways organizations can inform potential customers about features of their products or services, and attract buyers.

Design = Special characteristics or features of a product or service Quality = To materials, workmanship, design, and service Location = Important in terms of cost and convenience for customers Flexibility = The ability to respond to changes

Strategy = Relates to the plan that determines how an organization pursues its goal Tactics = Methods and actions used to accomplish strategies Operations = Major influence on competitiveness Competitiveness = Effectiveness of an organization in the marketplace relative to other organizations

<p>Delivery time = Consideration is given to the time taken to deliver a service Flexibility = Ability to respond to changes Availability = Service is available when needed Response to failure = How the organization responds when something goes wrong</p> Signup and view all the answers

<p>Cost of an organization’s output = Key variable that affects pricing decisions and profit Product quality = Measurement of attributes, technology, functionality, durability, prestige and reliability. Advertising and promotion = Ways organizations can inform potential customers about features of their products or services, and attract buyers. Location = Important in terms of cost and convenience for customers</p> Signup and view all the answers

<p>Managers and workers = The people at the heart and soul of an organization Operations = Major influence on competitiveness Price = Consideration is given to direct price, sales discounts, payment terms, average value, after-sales service cost, operating margin and total costs. Service = Quality of after-sale activities and customer service</p> Signup and view all the answers

<p>Consumer wants = Identifying what customers want from a product or service Trade-off decision = Decision consumers make between price and quality Consumer needs = Identifying what customers need from a product or service Pricing decisions = Influenced by the cost of an organization’s output</p> Signup and view all the answers

<p>Quick response = Ability to respond quickly to changes Flexibility = Ability to respond to changes Quality = To materials, workmanship, design, and service Location = Important in terms of cost and convenience for customers</p> Signup and view all the answers

<p>Organizational Strategy = Comprehensive plan created by an organization's leaders to achieve long-term goals Functional Level Strategy = Specific actions and plans developed by various functional departments within a business organization Customer-Driven Operational Strategy = Meet its customers’ needs Competitive Priorities Strategy = Differentiate its brand, product or service</p> Signup and view all the answers

<p>Product or Service Development Strategy = Improve innovation Cost-Driven Strategies = Operational strategy based on price Outsourcing Strategy = Rely on others to produce products and services Flexibility Strategy = Respond to customer preferences quickly</p> Signup and view all the answers

<p>Core competencies = Unique strengths and abilities that give a company a competitive advantage Environmental scanning = Monitoring and evaluating an organization's external environment Order qualifiers = Minimum standards of acceptability for a product or service Order winners = Characteristics that make a product or service better than the competition</p> Signup and view all the answers

<p>SWOT analysis = Identify and evaluate internal and external factors that affect success Michael Porter's five forces model = Examine the competitive landscape of an industry Bargaining power of suppliers = Examine the power suppliers have over price and quality Threat of new entrants = Examine how easy or difficult it is for competitors to join the market</p> Signup and view all the answers

<p>Functional Level Strategy = Support and achieve the overall business and corporate strategies Customer-Driven Operational Strategy = Meet its customers’ needs Competitive Priorities Strategy = Differentiate its brand, product or service Outsourcing Strategy = Rely on others to produce products and services</p> Signup and view all the answers

<p>Core competencies = Give a company a competitive advantage Order winners = Make a product or service better than the competition Environmental scanning = Identify potential opportunities and threats SWOT analysis = Evaluate internal and external factors</p> Signup and view all the answers

<p>Product or Service Development Strategy = Improve innovation Cost-Driven Strategies = Reduce costs Flexibility Strategy = Respond to customer preferences quickly Outsourcing Strategy = Rely on others to produce products and services</p> Signup and view all the answers

<p>SWOT analysis = Internal and external factors Michael Porter's five forces model = Threat of new entrants, bargaining power of suppliers, etc. Environmental scanning = Monitoring and evaluating the external environment Order qualifiers = Minimum standards of acceptability</p> Signup and view all the answers