CBMEOM - MODULE 3 Competitiveness, Strategy and Productivity.docx

STRATEGY

STRATEGY

It relates to the plans that determine how an organization pursues its goals.

COMPETITIVENESS

It refers to the ability of a firm or a nation to offer products and services that meet the quality standards of the local and world markets at prices that are competitive.

ENVIRONMENTAL SCANNING

It is the consideration of events and trends that present either threats or opportunities for the organization.

PRICING

It is usually a key factor in consumer buying decisions.

HIGHER

Customers are generally willing to pay more for a product or service if they perceive it to have a ______ quality than that of a competitor.

COMPETENCIES

To formulate an effective strategy, senior managers must take into account the distinctive __________ of the organizations and they must scan the environment

TECHNOLOGY

Without planning, _________ can actually reduce productivity, especially if it leads to inflexibility, high costs, or mismatched operations

PRODUCTIVITY GROWTH

___________________ is the increase in productivity from one period to the next relative to the productivity in the preceding period.

FUNCTIONAL STRATEGIES

The _________________________ should support the overall strategies of the organization, just as the organizational strategies should support the goals and mission of the organization.

LOCATION

_____________ near markets can result in lower transportation cost and quicker delivery times.

IDENTIFYING CONSUMER WANTS AND/OR NEEDS

is a basic input in an organization’s decision making process, and central to competitiveness. The ideal is to achieve a perfect match between those wants and needs and the organization’s goods and/or services

ADVERTISING AND PROMOTION

are ways organizations can inform potential customers about features of their products or services, and attract buyers.

PRODUCT AND SERVICE DESIGN

should reflect joint efforts of many areas of the firm to achieve a match between their products or services, and consumer wants and needs.

QUALITY

refers to materials, workmanship, design and service.

QUICK RESPONSE

can be a competitive advantage. One way is quickly bringing new or improved products or services to the market. Another is being able to quickly deliver customer orders, and quick handling of customer complaints.

FLEXIBILITY

is the ability to respond to changes. Ch

INVENTORY MANAGEMENT

can be a competitive advantage by effectively matching supply of goods with demand.

SUPPLY CHAIN MANAGEMENT

involves coordinating internal and external operations (buyers and suppliers) to achieve timely and cost-effective delivery of goods throughout the system.

MANAGERS AND WORKERS

are the people at the heart and soul of an organization.

MISSION

An organization’s reason for its existence.

the purpose of an organization

GOALS

which provide more detail and describe the scope of the mission.

ORDER QUALIFIERS

are those characteristics of a product or service that potential customers perceive as minimum standards of acceptability for a product to be considered for purchase.

ORDER WINNERS

are those characteristics that cause them to be perceived as better than the competition.

TECHNOLOGICAL CHANGE

is another key factor to consider when developing strategies, which can present real opportunities and threats to organizations.