7/29/25, 1:43 PM MBA 705: Exam 3 (COMPLETE ANSWERS elaborations) answers 100% satisfaction guarantee 2025 UPDATE!! Flashcards | Quizlet
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Terms in this set (72)
An organization's ability to substitute labor for capital
Capital-Labor Substitution:
or vice versa as production increases.
ncreases. Experience Curve: The reduction in per-unit
Experience Curve: costs that occur as an organization gains experience
producing a product or service.
The strategies pursued by each functional area of a
Functional Strategies: business unit, such as marketing, finance, or
production.
The sum of the capabilities of individuals in an
Human Capital:
organization.
An inventory system, popularized by the Japanese, in
Just-In-Time (JIT) Inventory which suppliers deliver parts just at the time they are
System: needed by the buying organization to use in its
production process.
People and their skills and abilities (i.e., knowledge
capital) represent the only resource that cannot
readily be reproduced by a firm's competitors.
Knowledge Management:
Knowledge capital must be effectively leveraged if
high-performing firms are to remain as such over the
long term.
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,7/29/25, 1:43 PM MBA 705: Exam 3 (COMPLETE ANSWERS elaborations) answers 100% satisfaction guarantee 2025 UPDATE!! Flashcards | Quizlet
The increased efficiency that occurs when an
Learning:
employee performs a task repeatedly.
R & D activities that seek to reduce the costs of
Process R & D:
operations and make them more efficient.
R & D activities directed toward improvements or
Product/Service R & D: innovations in the quality or uniqueness of a
company's outputs.
A broad-based program designed to improve
Total Quality Management product and service quality and to increase customer
(TQM): satisfaction by incorporating a holistic commitment to
quality as seen through the eyes of the customer.
Because functional False.
strategies should be
designed to support Although functional strategies are formulated after
corporate and business the corporate and business strategies have already
strategies, they should not been established, one still needs to consider the
be considered until capabilities of the various functional areas when
corporate and business considering various corporate and business strategic
strategies have been options.
formulated.
True or False
The most appropriate True.
means of securing funds
likely depends on the Some forms of raising capital tend to be more
corporate and business effective than others, depending on the strategy.
strategies being pursued.
True or False
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The reduction in per-unit False.
costs that occurs as an
organization gains The reduction in per-unit costs that occurs as an
experience producing a organization gains experience producing a product or
product or service is service is known as the experience curve.
known as economies of
scale. Economies of scale
is one of the contributing
factors to the experience
curve.
True or False
The purchasing False.
department in a low-cost
business should always Purchasing departments in low-cost businesses
purchase raw materials at should seek the "best cost"—the lowest cost within an
the lowest possible cost. acceptable range of quality standards.
True or False
The human resources False.
department in a low-cost
business should always Although higher than average pay rates are generally
attempt to hire managers not consistent with the low-cost strategy, businesses
and workers at pay rates seeking to minimize costs may need to pay market
below those of their rates to maintain a competitive workforce.
competitors.
True or False
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MBA 705: Exam 3 (COMPLETE ANSWERS
elaborations) answers 100% satisfaction
guarantee 2025 UPDATE!!
Save
Terms in this set (72)
An organization's ability to substitute labor for capital
Capital-Labor Substitution:
or vice versa as production increases.
ncreases. Experience Curve: The reduction in per-unit
Experience Curve: costs that occur as an organization gains experience
producing a product or service.
The strategies pursued by each functional area of a
Functional Strategies: business unit, such as marketing, finance, or
production.
The sum of the capabilities of individuals in an
Human Capital:
organization.
An inventory system, popularized by the Japanese, in
Just-In-Time (JIT) Inventory which suppliers deliver parts just at the time they are
System: needed by the buying organization to use in its
production process.
People and their skills and abilities (i.e., knowledge
capital) represent the only resource that cannot
readily be reproduced by a firm's competitors.
Knowledge Management:
Knowledge capital must be effectively leveraged if
high-performing firms are to remain as such over the
long term.
https://quizlet.com/1062830911/mba-705-exam-3-complete-answers-elaborations-answers-100-satisfaction-guarantee-2025-update-flash-cards/?new 1/19
,7/29/25, 1:43 PM MBA 705: Exam 3 (COMPLETE ANSWERS elaborations) answers 100% satisfaction guarantee 2025 UPDATE!! Flashcards | Quizlet
The increased efficiency that occurs when an
Learning:
employee performs a task repeatedly.
R & D activities that seek to reduce the costs of
Process R & D:
operations and make them more efficient.
R & D activities directed toward improvements or
Product/Service R & D: innovations in the quality or uniqueness of a
company's outputs.
A broad-based program designed to improve
Total Quality Management product and service quality and to increase customer
(TQM): satisfaction by incorporating a holistic commitment to
quality as seen through the eyes of the customer.
Because functional False.
strategies should be
designed to support Although functional strategies are formulated after
corporate and business the corporate and business strategies have already
strategies, they should not been established, one still needs to consider the
be considered until capabilities of the various functional areas when
corporate and business considering various corporate and business strategic
strategies have been options.
formulated.
True or False
The most appropriate True.
means of securing funds
likely depends on the Some forms of raising capital tend to be more
corporate and business effective than others, depending on the strategy.
strategies being pursued.
True or False
https://quizlet.com/1062830911/mba-705-exam-3-complete-answers-elaborations-answers-100-satisfaction-guarantee-2025-update-flash-cards/?new 2/19
, 7/29/25, 1:43 PM MBA 705: Exam 3 (COMPLETE ANSWERS elaborations) answers 100% satisfaction guarantee 2025 UPDATE!! Flashcards | Quizlet
The reduction in per-unit False.
costs that occurs as an
organization gains The reduction in per-unit costs that occurs as an
experience producing a organization gains experience producing a product or
product or service is service is known as the experience curve.
known as economies of
scale. Economies of scale
is one of the contributing
factors to the experience
curve.
True or False
The purchasing False.
department in a low-cost
business should always Purchasing departments in low-cost businesses
purchase raw materials at should seek the "best cost"—the lowest cost within an
the lowest possible cost. acceptable range of quality standards.
True or False
The human resources False.
department in a low-cost
business should always Although higher than average pay rates are generally
attempt to hire managers not consistent with the low-cost strategy, businesses
and workers at pay rates seeking to minimize costs may need to pay market
below those of their rates to maintain a competitive workforce.
competitors.
True or False
https://quizlet.com/1062830911/mba-705-exam-3-complete-answers-elaborations-answers-100-satisfaction-guarantee-2025-update-flash-cards/?new 3/19
