UGBA Module 1 questions & answers rated A+ 2023/2024

UGBA Module 1Operations Management (OM) - correct answer Supplying products and services in the right amount, at the right place, at the time, and with the right quality. Responsible for the production of services and products in an ETHICAL and ENVIRONMENTALLY responsible way while being responsive to the market. (Corporate) Sustainability - correct answer Creates long-term consumer and employee value. Creating "green" strategy aimed toward natural environment and taking into consideration every dimension of business- social, cultural, economic, environmental operations. If you base your economy with the understanding that things don't last forever. Shareholders - correct answer Owners who reap the benefits/profits Stakeholders - correct answer employees, customers, society, interested institutions The Role of Operations in an Organization - correct answer 1.Marketing 2.Operations 3.Finance Operations management - correct answer The systematic design, direction, control of PROCESSES that transform inputs into SERVICES and PRODUCTS for internal, as well as external, customers. Process (View) - correct answer any activity or group of activities that takes one or more inputs and transforms them into one or more outputs. You have inputs, workers, managers, equiptment, facilities, materials, land, energy. Then they undergo core processes that includes internal and external customers, processes and operations, and information on performance to create an output. Manufacturing process - correct answer More tangible (Burger from McDonalds) Service Processes - correct answer Less tangible (Experience from MTV Awards) Core processes - correct answer activities that deliver value to external customers. a)Supplier relationship process b) New service/product development c) order fulfillment process d)customer relationship process support processes - correct answer Vital resources and inputs to core processes (ex. HR, engineering, information system.) Supply chain view - correct answer not only about expanding boundaries but synchronizing management to match with the firm's processes including suppliers and customers, matching flows of materials, services, info, and demand. Corporate Strategy - correct answer Link between corporate strategy and key operations management decisions. provides an overall direction, serves as framework for carrying out organizations functions. **combines operations, marketing, finance Parts of corporate strategy - correct answer 1. Environmental Scanning a)Key trends in the industry, marketplace, and society b)Understanding economic trends, tech changes, political conditions 2.Core Competencies a)Identifying the unique resources and strengths b)Ex: workforce (well trained), well located facilities, deep understanding of market and finance sector, cutting edge technology 3.Core Processes a)To drive core competencies b)Ex: customer relationship, new product development, order fulfillment, supplier relationship 4.Global Strategies a)Having a response to global trends, opportunities, and risks b)Can take the form of (i) strategic alliances and (2) expanding locating abroad Marketing Analysis - correct answer 1. Market segmentation (geographic, demographic, behavioral, psychographic.)