SCHM 2301 Exam #1 - Chapters 2, 3, and 5 | UPDATED
Questions with 100% Verified Answers
Q1: supply chain strategy
A: a set of competitive priorities coupled with supply chain structural and infrastructural
design choices intended to create capabilities that support a set of value propositions
targeted to address the needs of critical customers
infrastructure: the basic physical and organizational structure and facilities
structure: construct of arrange according to a plan; give a flow or pattern to the
organization
Q2: corporate strategy
A: communicates the overall values, direction, and mission of the firm and identifies the
type of businesses the firm want to be in (which businesses to acquire and which to
divest)
covers a long-term horizon
establishes how business performance will be measured and how risks will be managed
Q3: strategic business unit
A: semi-independent organizations for different products or markets
how should our business unit compete?
what customers and market segments are critical
what products will be offered
how to create advantages over competitors
Q4: business model
A: the combination of the choices determining the customers an SBU will target, the value
propositions it will offer, and the supply chain/operations management capabilities it will
employ
*assessed by SWOT analysis
Q5: functional strategy
A: determines how function support business unit strategies; day-to-day operations; the
most detailed and most constrained
management of critical resources
key metrics
identification of capabilities
coordination of activities
Q6: operations strategy
A: three key factors
critical customer: customers or customer segments receiving priority because they are
highly important to the firm's current or future success
, value proposition: includes all tangible and intangible "benefits" that customers can
expect to obtain by using the products offered by the firm
capabilities: operational activities that the firm can perform well; these define the types
of problems and solutions that operations can address proficiently
Q7: critical customers
A: customers are parties that use or consume the products of operations management
processes (isn't necessarily the end user - buyers, choosers, and users/consumers)
every firm must identify its critical customers, which are those that affect significantly, the
future success of the company; understanding their wants/needs is a priority
order winners: why customers choose your firm
order qualifiers: minimum standards to be met
order losers: why customers avoid your firm
Q8: value proposition
A: firm's offerings that are valued by customers and different from competitors; reflects the
order winners, order qualifiers, and order losers for a critical customer segment
includes
1. features that customers value and are willing to pay for
2. difficult to imitate
3. satisfies the financial and strategic firm objectives
4. is deliverable using the firm's capabilities and supply chain
Q9: competitive priorities
A: how well the customer's desires are met in terms of standards of quality, timeliness, and
cost (all viewed from the customer perspective)
Q10: quality - competitive priority
A: fitness for consumption by the customer who bought it; an assessment of how well the
customer's expectations are met (quality dimensions are often order qualifiers)
performance: superior execution
features: unique, distinctive attributes
conformance: no defects, meets a specified standard
reliability: long time to failure, perform as required
durability: long usable life
aesthetics: appeal
service/support: ancillaries/intangibles
perceived quality: image/reputation
Q11: timeliness - competitive priority
A: the degree to which the product is delivered or available when the customer wants it
(can be an order winner or qualifier); reliability, speed, and availability
lead time: time it takes to begin and end a set of activities
time to market: total time it takes for a firm to conceive, design, test, produce, and
Questions with 100% Verified Answers
Q1: supply chain strategy
A: a set of competitive priorities coupled with supply chain structural and infrastructural
design choices intended to create capabilities that support a set of value propositions
targeted to address the needs of critical customers
infrastructure: the basic physical and organizational structure and facilities
structure: construct of arrange according to a plan; give a flow or pattern to the
organization
Q2: corporate strategy
A: communicates the overall values, direction, and mission of the firm and identifies the
type of businesses the firm want to be in (which businesses to acquire and which to
divest)
covers a long-term horizon
establishes how business performance will be measured and how risks will be managed
Q3: strategic business unit
A: semi-independent organizations for different products or markets
how should our business unit compete?
what customers and market segments are critical
what products will be offered
how to create advantages over competitors
Q4: business model
A: the combination of the choices determining the customers an SBU will target, the value
propositions it will offer, and the supply chain/operations management capabilities it will
employ
*assessed by SWOT analysis
Q5: functional strategy
A: determines how function support business unit strategies; day-to-day operations; the
most detailed and most constrained
management of critical resources
key metrics
identification of capabilities
coordination of activities
Q6: operations strategy
A: three key factors
critical customer: customers or customer segments receiving priority because they are
highly important to the firm's current or future success
, value proposition: includes all tangible and intangible "benefits" that customers can
expect to obtain by using the products offered by the firm
capabilities: operational activities that the firm can perform well; these define the types
of problems and solutions that operations can address proficiently
Q7: critical customers
A: customers are parties that use or consume the products of operations management
processes (isn't necessarily the end user - buyers, choosers, and users/consumers)
every firm must identify its critical customers, which are those that affect significantly, the
future success of the company; understanding their wants/needs is a priority
order winners: why customers choose your firm
order qualifiers: minimum standards to be met
order losers: why customers avoid your firm
Q8: value proposition
A: firm's offerings that are valued by customers and different from competitors; reflects the
order winners, order qualifiers, and order losers for a critical customer segment
includes
1. features that customers value and are willing to pay for
2. difficult to imitate
3. satisfies the financial and strategic firm objectives
4. is deliverable using the firm's capabilities and supply chain
Q9: competitive priorities
A: how well the customer's desires are met in terms of standards of quality, timeliness, and
cost (all viewed from the customer perspective)
Q10: quality - competitive priority
A: fitness for consumption by the customer who bought it; an assessment of how well the
customer's expectations are met (quality dimensions are often order qualifiers)
performance: superior execution
features: unique, distinctive attributes
conformance: no defects, meets a specified standard
reliability: long time to failure, perform as required
durability: long usable life
aesthetics: appeal
service/support: ancillaries/intangibles
perceived quality: image/reputation
Q11: timeliness - competitive priority
A: the degree to which the product is delivered or available when the customer wants it
(can be an order winner or qualifier); reliability, speed, and availability
lead time: time it takes to begin and end a set of activities
time to market: total time it takes for a firm to conceive, design, test, produce, and
