OSC 3050 Exam 1 Questions With Complete Solutions
4 Broad Categories of Competitive Priorities. Correct Answers
Cost
Quality
Time/Delivery
Bias Error Correct Answers occur when the forecast is
consistently over or under the actual demand.
Blue Ocean Strategy Correct Answers : a strategy that suggests
that
companies should innovate not to compete with
products from other companies, but to try to make
the competitive products irrelevant
brand equity Correct Answers the monetary or relative value of
a brand perceived in the marketplace by its customers.
casual relationship Correct Answers a technique that identifies a
connection between two factors, one that precedes and causes
changes in the second or effect factor- such as the effect of
advertising on sales
Collaborative Planning, Forecasting, and Replenishment (CPFR)
Correct Answers a group of business processes supported by
information technology where supply chain members agree to
share business objectives and measures, develop joint sales and
operational plans, and collaborate electronically to generate and
revise forecasts and production plans
,Concurrent Engineering Correct Answers The practice of
concurrent engineering (CE) implies that product design
and production process development occur concurrently in an
integrated
fashion, using a cross functional team, rather than having them
performed sequentially by separate functions.
•
Intended to facilitate the development team in considering all
elements
of the product life cycle from conception through disposal
allows to
identify design problems early in the development process and
also come
up with more effective designs.
Cost Correct Answers Cost is often the first thing that
companies think of when they are
developing an operations strategy.
•
Simply, lowering prices will lead to reduced profits or even
losses.
Therefore, a company must simultaneously reduce its operating
costs.
•
Low cost operations se ek to provide a product or service that is
less
expensive than similar products or services offered by
competitors:
-
Automation
-
, Low wage countries
Customer Choice Analysis Correct Answers : an experimental
approach to identify the relative importance of
various product features for customer choices cost,
service quality, food quality, speed of service,
location, amenities, price etc.
•
Data is collected from a representative sample of
customers, constructing "choice experiments"
econometric models based on responses are used to
identify key patterns in the survey responses,
providing a relative weight for each market driver and
for interactions among drivers.
Customer Choice Analysis tools Correct Answers Willingness
to pay/desirabilty
Decline Stage Correct Answers •
During this stage, the product sales start decreasing
•
The firm starts preparing for the end of this product
•
Price of product falls because there are many competitors
therefore firms start divesting resources to other emerging
products.
Dependent Demand Correct Answers demand for component
parts or subassemblies.
4 Broad Categories of Competitive Priorities. Correct Answers
Cost
Quality
Time/Delivery
Bias Error Correct Answers occur when the forecast is
consistently over or under the actual demand.
Blue Ocean Strategy Correct Answers : a strategy that suggests
that
companies should innovate not to compete with
products from other companies, but to try to make
the competitive products irrelevant
brand equity Correct Answers the monetary or relative value of
a brand perceived in the marketplace by its customers.
casual relationship Correct Answers a technique that identifies a
connection between two factors, one that precedes and causes
changes in the second or effect factor- such as the effect of
advertising on sales
Collaborative Planning, Forecasting, and Replenishment (CPFR)
Correct Answers a group of business processes supported by
information technology where supply chain members agree to
share business objectives and measures, develop joint sales and
operational plans, and collaborate electronically to generate and
revise forecasts and production plans
,Concurrent Engineering Correct Answers The practice of
concurrent engineering (CE) implies that product design
and production process development occur concurrently in an
integrated
fashion, using a cross functional team, rather than having them
performed sequentially by separate functions.
•
Intended to facilitate the development team in considering all
elements
of the product life cycle from conception through disposal
allows to
identify design problems early in the development process and
also come
up with more effective designs.
Cost Correct Answers Cost is often the first thing that
companies think of when they are
developing an operations strategy.
•
Simply, lowering prices will lead to reduced profits or even
losses.
Therefore, a company must simultaneously reduce its operating
costs.
•
Low cost operations se ek to provide a product or service that is
less
expensive than similar products or services offered by
competitors:
-
Automation
-
, Low wage countries
Customer Choice Analysis Correct Answers : an experimental
approach to identify the relative importance of
various product features for customer choices cost,
service quality, food quality, speed of service,
location, amenities, price etc.
•
Data is collected from a representative sample of
customers, constructing "choice experiments"
econometric models based on responses are used to
identify key patterns in the survey responses,
providing a relative weight for each market driver and
for interactions among drivers.
Customer Choice Analysis tools Correct Answers Willingness
to pay/desirabilty
Decline Stage Correct Answers •
During this stage, the product sales start decreasing
•
The firm starts preparing for the end of this product
•
Price of product falls because there are many competitors
therefore firms start divesting resources to other emerging
products.
Dependent Demand Correct Answers demand for component
parts or subassemblies.
