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Developing a Business Strategy

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Questions and Answers

What does the strategy of producing and selling environment-friendly products aim to achieve?

To create shortages of goods in the market

To avoid any changes in production plans

To reduce pollution and waste (correct)

To maximize profit by exploiting the environment

Which type of strategy focuses on maintaining or improving the quality of an organization's products or services?

Time-based strategies

Order qualifiers

Order winners

Quality-based strategies (correct)

What is the formula for calculating productivity using multi-factor measures?

Current Period Productivity - Previous Period Productivity

output/(total inputs) (correct)

output/(single input)

output/Previous Period Productivity

What do Order Qualifiers represent for customers?

Characteristics that customers see as minimum standards for purchase consideration Signup and view all the answers

Which type of strategy focuses on reducing the time needed to accomplish tasks?

Time-based strategies Signup and view all the answers

What are the three critical factors in developing a business strategy?

Mission, environmental scanning, and core competencies Signup and view all the answers

What is the primary focus of an Operations Strategy?

Developing competitive capabilities Signup and view all the answers

When would a company most likely adopt a price or cost strategy?

When the products offered are homogeneous in nature Signup and view all the answers

What characterizes a quality strategy according to the text?

Producing and selling high-quality goods and services Signup and view all the answers

How does competitiveness relate to meeting customer wants and needs?

By effectively meeting customer expectations compared to competitors Signup and view all the answers