C483 EXAMINATION QUESTIONS AND ANSWERS
Customer relationship management (CRM) - multifaceted process, typically mediated by
a set of information technologies, that focuses on creating two way exchanges with customers
so that firms have an intimate knowledge of their needs, wants and buying patterns. helps
companies understand and anticipate the needs of current and potential customers. the use of
BIG DATA.
Value Chain - the sequence of activities that flow from raw materials to the delivery of a
good or service, with additional value created at each step
Total Quality Management (TQM) - an integrative approach to management that
supports the attainment of customer satisfaction through a wide variety of tools and techniques
that result in high quality goods and services. (bottom line- to improve quality and weave it into
everything the organization does)
W. Edwards Deming - one of the founders of the quality management movement. came
up with the "14 points" which emphasized a holistic approach to quality.
six sigma quality - minimize any defects or mistakes to almost statistical insignificance,
the higher the sigma level, the lower the amount of variation,
developed at Motorola and made popular by GE. approaches fundamental changes in
organizational process,
using numbers to qualify ideas
ISO 9001 - family of standards established by the International Standards Organization &
used globally, defines good quality management practices. ( principles). internally drives,
revolves around certification by ISO through external audits.
quality gurus - Shewhart, Juran, Feigenbaum, Crosby, Ishikawa and Taguchi.
Just-in-time (JIT) - system that calls for subassemblies and components to be
manufactured in very small lots and delivered to the next stage of the production process just
as they are needed.
skunkworks - project team designated to produce a new, innovative product (example of
defense industry) (example of intrapreneurship)
bootlegging - name given to more informal work on projects of employees own choosing
and initiative
, Proscia's 3 stage model of change - 1) Phase 1- Preparing for change; (preparation,
assessment and strategy development.
2) Phase 2- Managing change; (detailed planning and change management implementation)
3) Phase 3-Reinforcing change;( data gathering, corrective actions and recognition)
Porters 5 forces (competitive environment) - 1- Rival firms
2- new entrants
3-customers
4-substitutes/complements
5-suppliers
satisficing - choosing an option that is acceptable, although not ideal
3 levels of planning hierarchy - 1- strategic
2- tactical
3- operational
swot analysis - comparison of strengths, weaknesses, opportunities, and threats that
helps executives formulate strategy
benchmarking - assessing how well one company's basic functions and skills compare
with those of another company/ies
core competencies - unique combination of skills/knowledge and resources that an
organization posesses, and which gives it an edge over the competition
the goal of benchmarking - to thoroughly understand the best practices of other firms
and to take actions to achieve better performance and lower costs
strategy implementation - define strategic tasks
assess organization capabilities
develop an implementation agenda
create an implementation plan
low-cost - an organization focuses on offering a more-or-less standardized, "no-frills"
product or service in the most efficient way. "low price leader!"
Customer relationship management (CRM) - multifaceted process, typically mediated by
a set of information technologies, that focuses on creating two way exchanges with customers
so that firms have an intimate knowledge of their needs, wants and buying patterns. helps
companies understand and anticipate the needs of current and potential customers. the use of
BIG DATA.
Value Chain - the sequence of activities that flow from raw materials to the delivery of a
good or service, with additional value created at each step
Total Quality Management (TQM) - an integrative approach to management that
supports the attainment of customer satisfaction through a wide variety of tools and techniques
that result in high quality goods and services. (bottom line- to improve quality and weave it into
everything the organization does)
W. Edwards Deming - one of the founders of the quality management movement. came
up with the "14 points" which emphasized a holistic approach to quality.
six sigma quality - minimize any defects or mistakes to almost statistical insignificance,
the higher the sigma level, the lower the amount of variation,
developed at Motorola and made popular by GE. approaches fundamental changes in
organizational process,
using numbers to qualify ideas
ISO 9001 - family of standards established by the International Standards Organization &
used globally, defines good quality management practices. ( principles). internally drives,
revolves around certification by ISO through external audits.
quality gurus - Shewhart, Juran, Feigenbaum, Crosby, Ishikawa and Taguchi.
Just-in-time (JIT) - system that calls for subassemblies and components to be
manufactured in very small lots and delivered to the next stage of the production process just
as they are needed.
skunkworks - project team designated to produce a new, innovative product (example of
defense industry) (example of intrapreneurship)
bootlegging - name given to more informal work on projects of employees own choosing
and initiative
, Proscia's 3 stage model of change - 1) Phase 1- Preparing for change; (preparation,
assessment and strategy development.
2) Phase 2- Managing change; (detailed planning and change management implementation)
3) Phase 3-Reinforcing change;( data gathering, corrective actions and recognition)
Porters 5 forces (competitive environment) - 1- Rival firms
2- new entrants
3-customers
4-substitutes/complements
5-suppliers
satisficing - choosing an option that is acceptable, although not ideal
3 levels of planning hierarchy - 1- strategic
2- tactical
3- operational
swot analysis - comparison of strengths, weaknesses, opportunities, and threats that
helps executives formulate strategy
benchmarking - assessing how well one company's basic functions and skills compare
with those of another company/ies
core competencies - unique combination of skills/knowledge and resources that an
organization posesses, and which gives it an edge over the competition
the goal of benchmarking - to thoroughly understand the best practices of other firms
and to take actions to achieve better performance and lower costs
strategy implementation - define strategic tasks
assess organization capabilities
develop an implementation agenda
create an implementation plan
low-cost - an organization focuses on offering a more-or-less standardized, "no-frills"
product or service in the most efficient way. "low price leader!"
