BSG FINALEXAM QUESTION WITH COMPLETE SOLUTIONS  

Strategy - ANSWERconsists of the competitive moves and business approaches that managers employ to attract and please customers, compete successfully, pursue opportunities to grow the business, respond to changing market conditions, conduct operations, and achieve the targeted financial and market performance. A best practice - ANSWER- Is a method or technique employed by at least one enterprise and shown to be unusually effective in lowering costs improving quality or performance, shortening time requirements, enhancing safe, or achieving one or more other highly positive operating outcomes. - A means of performing and activity or process that yields results consistently superior to other approaches TQM - ANSWERIs a performance improvement tool that emphasizes involvement and empowerment of employees at all levels, continuous improvement in all phases of operations, 100% accuracy in performing tasks and total customer satisfaction. Six Sigma Programs - ANSWERAre based on three principals. All work is a process, all processes have variability, and all processes create data that explains variability. The heart and soul of any strategy - ANSWERis the actions and moves int he marketplace that managers are taking to gain a competitive advantage over rivals A company's business model - ANSWERsets forth how its strategy and operating approaches will create value for customers while at the same time generating revenues sufficient to cover costs and realize a profit. The difference between a company's strategy and a company's business model is that - ANSWERits strategy is defined by the specific market positioning, competitive moves, and business approaches management employs to try to produce good business results while its business model relates to management's blueprint for delivering a valuable product or service to customers in a manner that will generate revenues sufficient to cover costs and yield an attractive profit.