Corporate Strategy: Cost, Speed, Quality, and Flexibility
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Questions and Answers

Which aspect of firm positioning focuses on providing low costs through disciplined operations?

  • Speed
  • Flexibility
  • Cost (correct)
  • Quality
  • In the context of firm positioning, which quality attribute involves minimizing defect rates or conforming to design specifications?

  • Flexibility
  • Speed
  • Quality (correct)
  • Cost
  • Which firm positioning aspect highlights the ability to adjust to changes in product mix, production volume, or design?

  • Cost
  • Speed
  • Quality
  • Flexibility (correct)
  • Which company is an example of time-based competition through build-to-order production and efficient supply chains?

    <p>Zara</p> Signup and view all the answers

    Which tool is used for translating corporate strategy into measurable objectives?

    <p>Hoshins</p> Signup and view all the answers

    In operations strategy, what does the Balance Scorecard measure beyond financial performance?

    <p>Customer satisfaction</p> Signup and view all the answers

    What is the main purpose of 'going global' in terms of globalization and competitiveness?

    <p>To access international markets</p> Signup and view all the answers

    What is the degree to which a nation can produce goods and services that meet the test of international markets called?

    <p>Competitiveness level</p> Signup and view all the answers

    In the context of strategy formulation, what does 'Assessing core competencies' involve?

    <p>Identifying what the firm does better than its competitors</p> Signup and view all the answers

    Which step in strategy formulation involves determining what qualifies an item for purchase and what wins the order?

    <p>Determining order winners and order qualifiers</p> Signup and view all the answers

    In Six Sigma methodology, what is the main role of Black Belts and Green Belts?

    <p>Implementing quality improvement projects</p> Signup and view all the answers

    'Benchmarking' in quality management refers to:

    <p>Comparing performance metrics with industry leaders</p> Signup and view all the answers

    What is the main goal of the Six Sigma process?

    <p>To maintain 3.4 defects per million opportunities</p> Signup and view all the answers

    What is the role of a Master Black Belt in the Six Sigma process?

    <p>Teacher and mentor for Black Belts</p> Signup and view all the answers

    Which tool is used to capture the 'voice of the customer' in Six Sigma?

    <p>Quality Function Deployment (QFD)</p> Signup and view all the answers

    What is the main purpose of Failure Modes and Effects Analysis (FMEA) in Six Sigma?

    <p>To analyze potential problems before they occur</p> Signup and view all the answers

    Which Six Sigma tool is used to determine relationships between factors affecting inputs and outputs of a process?

    <p>Design of Experiments (DOE)</p> Signup and view all the answers

    What distinguishes Six Sigma from Total Quality Management (TQM)?

    <p>Criterion for selecting projects</p> Signup and view all the answers

    'Quality is not only free, it is an honest-to-everything profit maker.' This statement emphasizes the idea that:

    <p>'Quality improvements reduce costs of poor quality'</p> Signup and view all the answers

    'Lean process improvement steps determine what creates value for customers, identify 'value stream', remove waste in the value stream...' This statement best aligns with the concept of:

    <p>'Continually repeat attempts to remove waste'</p> Signup and view all the answers

    What step in the Six Sigma process involves developing solutions to identified problems?

    <p>Improve</p> Signup and view all the answers

    Which belt in the Six Sigma hierarchy is responsible for executing projects?

    <p>Black Belt</p> Signup and view all the answers

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