Strategic Cost Management Lecture Quiz

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10 Questions

What is the essence of strategy according to the text?

Customer value propositions

Which category of customer value proposition focuses on understanding and responding to individual needs better than competitors?

Customer intimacy

What is the focal point of a company's strategy according to the text?

Target customers

Which activity involves establishing a basic strategy, selecting a course of action, and specifying how the action will be implemented?

Planning

What involves mobilizing people to carry out plans and run routine operations?

Directing and motivating

What is the essence of a company's strategy?

Creating a reason for customers to choose it over competitors

Which category of customer value proposition focuses on delivering products and services faster, more conveniently, and at a lower price than competitors?

Operational excellence

What is the focal point of a company's strategy?

Target customers

What does planning involve according to the text?

Establishing a basic strategy and specifying how the action will be implemented

What are the reasons that are more formally called customer value propositions?

Customer intimacy, operational excellence, product leadership

Study Notes

Understanding Strategy

  • The essence of strategy is establishing a unique and valuable position in the market, involving different choices that set a company apart from others.

Customer Value Proposition

  • A customer value proposition focuses on understanding and responding to individual needs better than competitors falls under the category of "Customer Intimacy".
  • A customer value proposition that focuses on delivering products and services faster, more conveniently, and at a lower price than competitors falls under the category of "Operational Excellence".

Strategy Development

  • The focal point of a company's strategy involves establishing a unique and valuable position in the market.

Strategic Planning

  • Planning involves establishing a basic strategy, selecting a course of action, and specifying how the action will be implemented.

Strategy Implementation

  • Implementing a strategy involves mobilizing people to carry out plans and run routine operations.

Customer Value Proposition Categories

  • Customer value propositions can be categorized into three types: Operational Excellence, Customer Intimacy, and Product Leadership.
  • Operational Excellence involves delivering products and services faster, more conveniently, and at a lower price than competitors.
  • Customer Intimacy involves understanding and responding to individual needs better than competitors.
  • Product Leadership involves providing the best products and services.

Test your knowledge on strategic cost management and the concept of strategy in global competition. Learn about 'game plans' and creating a competitive advantage by attracting target customers.

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