BCOR 3050 Exam 1 Questions with Correct Answers Graded A+
Value - Answers Measure of benefit provided by a good or service
Operations Management - Answers The process to produce, transform, and deliver a product or
service
Supply Chain Management - Answers Managing the flow of information and materials from the
supplier's supplier to the customer's customer
Two main supply chain decisions - Answers Sourcing/Purchasing and Logistics
Business Strategy - Answers Broad guide for what the company will be doing in the future
Competitive Priorities - Answers Cost, Quality, Time/delivery, and Flexibility
Two aspects of Quality - Answers Consistent Quality and Superior Quality
Three types of Time/Delivery - Answers On-time delivery, Delivery Speed, and Product
development speed
Three types of flexibility - Answers Customization, mass customization, and postponement
Two types of variety - Answers Variety(wide range of products, clothing sizes) and Volume
Flexibility(ability to adjust production volume)
Differences b/w services and manufacuring - Answers Tangible v. Intangible, Co-production,
Simultaneous production and consumption
Why firms develop new products - Answers Market share gain, Higher profitability, and the
Enhancement of corporate image
NPD Process - Answers Steps a company takes to convert ideas into new products or services
Tradeoffs in NPD - Answers Time, Quality, Cost
Product Life Cycle - Answers Introduction, Growth, Maturity, and Decline
Introduction Stage - Answers Sales are low, processes are not standardized
Growth Stage - Answers Unit costs decrease, sales increase rapidly
Maturity Stage - Answers Processes are standardized, sales volume reaches max potential
Decline Stage - Answers Sales decrease, price falls
Time based competition - Answers Emphasizes time as a major factor for maintaining a
competitive advantage. Decrease time it takes to develop new products
Value - Answers Measure of benefit provided by a good or service
Operations Management - Answers The process to produce, transform, and deliver a product or
service
Supply Chain Management - Answers Managing the flow of information and materials from the
supplier's supplier to the customer's customer
Two main supply chain decisions - Answers Sourcing/Purchasing and Logistics
Business Strategy - Answers Broad guide for what the company will be doing in the future
Competitive Priorities - Answers Cost, Quality, Time/delivery, and Flexibility
Two aspects of Quality - Answers Consistent Quality and Superior Quality
Three types of Time/Delivery - Answers On-time delivery, Delivery Speed, and Product
development speed
Three types of flexibility - Answers Customization, mass customization, and postponement
Two types of variety - Answers Variety(wide range of products, clothing sizes) and Volume
Flexibility(ability to adjust production volume)
Differences b/w services and manufacuring - Answers Tangible v. Intangible, Co-production,
Simultaneous production and consumption
Why firms develop new products - Answers Market share gain, Higher profitability, and the
Enhancement of corporate image
NPD Process - Answers Steps a company takes to convert ideas into new products or services
Tradeoffs in NPD - Answers Time, Quality, Cost
Product Life Cycle - Answers Introduction, Growth, Maturity, and Decline
Introduction Stage - Answers Sales are low, processes are not standardized
Growth Stage - Answers Unit costs decrease, sales increase rapidly
Maturity Stage - Answers Processes are standardized, sales volume reaches max potential
Decline Stage - Answers Sales decrease, price falls
Time based competition - Answers Emphasizes time as a major factor for maintaining a
competitive advantage. Decrease time it takes to develop new products
