Corporate Strategy: Cost, Speed, Quality, and Flexibility

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22 Questions

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

Cost

In the context of firm positioning, which quality attribute involves minimizing defect rates or conforming to design specifications?

Quality

Which firm positioning aspect highlights the ability to adjust to changes in product mix, production volume, or design?

Flexibility

Which company is an example of time-based competition through build-to-order production and efficient supply chains?

Zara

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

Hoshins

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

Customer satisfaction

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

To access international markets

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

Competitiveness level

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

Identifying what the firm does better than its competitors

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

Determining order winners and order qualifiers

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

Implementing quality improvement projects

'Benchmarking' in quality management refers to:

Comparing performance metrics with industry leaders

What is the main goal of the Six Sigma process?

To maintain 3.4 defects per million opportunities

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

Teacher and mentor for Black Belts

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

Quality Function Deployment (QFD)

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

To analyze potential problems before they occur

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

Design of Experiments (DOE)

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

Criterion for selecting projects

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

'Quality improvements reduce costs of poor quality'

'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:

'Continually repeat attempts to remove waste'

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

Improve

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

Black Belt

Test your knowledge on corporate strategy focusing on elements like cost, speed, quality, and flexibility. Learn about strategic planning, waste elimination, lean production, fast moves, and more.

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