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Contemporary Management 9th Edition Ch 9

4 Ways To create Competitive Advantage
4 Ways To create Competitive Advantage
Value Chain
The coordinated series or sequence of functional activities necessary to transform inputs such as new product concepts, raw materials, component parts, or professional skills into the finished goods or services customers value and want to buy.
Functional-Level Strategy
plan of action to improve the ability of each of an organization’s departments to performs its task-specific activities in ways that add value to an organization’s goods and services
Value Chain Management
development of a set of functional-level strategies that support a company’s business-level strategy and strengthen its competitive advantage
Product Development
engineering and scientific research activities involved in innovating new or improved products that add value to a product
Marketing Function
Task in to persuade customers a product meet their needs and convince them to buy it.
Material Management Function
controls the movement of physical materials from the procurement of inputs through production and into distribution and delivery to the customer
Production Function
Responsible for the creation, assembly or provision of a good or service- for transforming inputs into outputs.
Sales Function
Plays a crucial role in locating customers and then informing and persuading them to buy the company’s products
Customer Service Function
provides after sales service and support
Customer Relationship Management
technique that uses IT to develop an ongoing relationship with customers to maximize the value an organization can deliver to them over time
Facilities Layout
Strategy of designing machine worker interface to increase operating system efficiency
Flexible Manufacturing
The set of techniques that attempt to reduce the costs associated with the product assembly or the way services are delivered to customers
Product Layout
Product Layout
machines are organized so that each operation is performed at work stations arranged in a fixed sequence
Process Layout
self-contained work stations not organized in a fixed sequence (product goes to which ever work station is needed to perform the next operation)
Fixed Position Layout
The product stays in a fixed position and components produced at remote stations are brought to production area for final assembly
Just-In-Time Inventory System
gets components to the assembly line just as they are needed to drive down cost.
Efficiency
measured amounts of input required to produce a given amount of outputs
Efficiency
fewer input=higher efficiency= lower cost
Quality
producing goods and services that have attributes that customers perceive as being superior to those found in competing products
Quality
higher quality=positive reputation=higher cost/profit
Innovation
what gives the organization something unique or different
Responsiveness
satisfying customer needs

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