operation strategy and competitiveness

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20 Terms

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Operations Strategy
The approach to setting policies and plans to utilize resources effectively in support of competitive priorities and corporate strategy.
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Competitive Priorities
The dimensions on which a company chooses to compete, including cost, quality, time, and flexibility.
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Cost
A competitive priority focused on optimizing processes and reducing expenses to compete on low cost.
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Quality of Design
The features and specifications of a product that contribute to its overall quality.
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Quality of Conformance
The consistency in meeting design specifications and standards of a product.
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Delivery Speed
The speed at which a company can fulfill customer orders.
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On-time Delivery
The reliability in meeting promised deadlines to customers.
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Development Speed
The pace at which a company can develop and launch new products or services.
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Customization
The ability to modify products or services to meet customer-specific needs.
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Order Qualifiers
Minimum standards required for a product or service to be considered by customers.
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Order Winners
Factors that differentiate a company’s product and influence customer choice.
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Corporate Strategy
The overall direction of a company based on market environment, core competencies, and competitive positioning.
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Market Analysis
The process of identifying customer needs and market segmentation.
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Partial Productivity
Output relative to a single input, such as labor productivity.
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Multifactor Productivity
Output relative to multiple inputs, like labor and materials.
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Total Productivity
Output relative to all inputs used in the production process.
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Trade-offs in Competitive Priorities
The compromises companies must make when selecting competitive priorities, such as balancing cost and quality.
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Costco Operations Strategy
Focuses on low cost through efficient warehouse-style stores and strong supplier negotiations.
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McDonald's Operations Strategy
Emphasizes consistent quality through standardized work methods and rigorous training.
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Productivity Measurement
The assessment of how efficiently resources are used to produce outputs.