Contemporary Management 9th Edition Ch 9 – Flashcards
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Value Chain
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The coordinated series or sequence of functional activities necessary to transform inputs such as new product concepts, raw materials, component parts, or professional skills into the finished goods or services customers value and want to buy.
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Functional-Level Strategy
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plan of action to improve the ability of each of an organization's departments to performs its task-specific activities in ways that add value to an organization's goods and services
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Value Chain Management
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development of a set of functional-level strategies that support a company's business-level strategy and strengthen its competitive advantage
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Product Development
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engineering and scientific research activities involved in innovating new or improved products that add value to a product
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Marketing Function
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Task in to persuade customers a product meet their needs and convince them to buy it.
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Material Management Function
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controls the movement of physical materials from the procurement of inputs through production and into distribution and delivery to the customer
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Production Function
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Responsible for the creation, assembly or provision of a good or service- for transforming inputs into outputs.
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Sales Function
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Plays a crucial role in locating customers and then informing and persuading them to buy the company's products
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Customer Service Function
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provides after sales service and support
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Customer Relationship Management
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technique that uses IT to develop an ongoing relationship with customers to maximize the value an organization can deliver to them over time
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Facilities Layout
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Strategy of designing machine worker interface to increase operating system efficiency
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Flexible Manufacturing
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The set of techniques that attempt to reduce the costs associated with the product assembly or the way services are delivered to customers
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Product Layout
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machines are organized so that each operation is performed at work stations arranged in a fixed sequence
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Process Layout
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self-contained work stations not organized in a fixed sequence (product goes to which ever work station is needed to perform the next operation)
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Fixed Position Layout
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The product stays in a fixed position and components produced at remote stations are brought to production area for final assembly
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Just-In-Time Inventory System
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gets components to the assembly line just as they are needed to drive down cost.
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Efficiency
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measured amounts of input required to produce a given amount of outputs
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Efficiency
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fewer input=higher efficiency= lower cost
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Quality
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producing goods and services that have attributes that customers perceive as being superior to those found in competing products
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Quality
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higher quality=positive reputation=higher cost/profit
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Innovation
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what gives the organization something unique or different
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Responsiveness
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satisfying customer needs
