MGT 405 Chpt 4

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Author:
LShak87
ID:
67675
Filename:
MGT 405 Chpt 4
Updated:
2011-02-20 17:26:48
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strategic management
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Description:
Building Competitive Advantage Through Functional-Level Strategy
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  1. those aimed at improving the effectiveness of a company's operations and, thus, its ability to attain superior efficiency, quality, innovation, and consumer responsiveness
    functional-level strategies
  2. device for transforming inputs into outputs
    company
  3. cost savings that come from learning by doing
    learning effects
  4. systematic lowering of the cost structure, and consequent unit cost reductions, that have been observced to occur over the life of a product
    experience curve
  5. According to the experience-curve concept...
    ...unit manufacturing costs for a product typically decline by some characteristic amount each time accumulated output of the product is doubled
  6. What is the strategic significance of the experience curve?
    Increasing a company's product volume and market share will lower its cost structure relative to its rivals
  7. technologies designed to reduce setup times for complex equipment, increase the use of individual machines through better scheduling, and improve quality control at all stages of the manufacturing process
    flexible production technology (lean production)
  8. the ability of comapnies to use flexible manufacturing technology to achieve low costs and differentiation through product customization
    mass customization
  9. the position that a company takes with regard to pricing, promotion, advertising, product design, and distribution
    marketing strategy
  10. the percentage of a company's customers who defect every year to competitors
    customer defection rates (churn rates)
  11. designed to economize on inventory holding costs by having components arrive at a manufacturing plant just in time to enter the production process or to have goods arrive at a retail store only when stock is almost depleted
    Just-in-time (JIT)
  12. the task of managing the flow of inputs and components from suppliers into the company's production process to minimize inventory holding and maximize inventory turnover
    supply-chain management
  13. members coordinate their own activities and make their own hiring, training, work, and reward decisions
    self-managing teams
  14. structure, culture, style of strategic leadership, and control system
    company's infrastructure
  15. one who has high status within the organization and the power and authority requried to get the financial and human resources that the team needs to succeed, and should lead the team and be dedicated primarily, if not entirely, to the project
    heavyweight project manager
  16. varying the features of a good or service to tailor it to the unique needs or tastes of groups of customers or, in extreme cases, individual customers
    customerization
  17. Superior quality can help a company...
    • lower its costs
    • differentiate its product
    • charge a permium price
  18. The failure rate of new-product introductions is high because...
    • uncertainty
    • poor commercialization
    • poor positioning
    • strategy
    • slow cycle time
    • technological myopia

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