C954 Flashcards-Section-Four Questions And Complete Solutions

Business Strategy - CORRECT ANSWER A leadership plan that achieves a specific set of goals or objectives stakeholder - CORRECT ANSWER A person or organization with an interest in a particular place or issue. Competitive advantage - CORRECT ANSWER A feature of a product or service that an organization's customers place a greater value on than similar offering from a competitor First mover advantage - CORRECT ANSWER Occurs when an organization can significantly impact its market share by being first to market with a competitive advantage Competitive intelligence - CORRECT ANSWER the process of gathering information about the competitive environment, including competitors' plans, activities, and products, to improve a company's ability to succeed First mover advantage - CORRECT ANSWER Occurs when an organization can significantly impact it market share by being first to market with a competitive advantage SWOT analysis - CORRECT ANSWER Evaluate and organization strength weakness opportunities and threats to identify significant influences that work for or against business strategies Porter's five forces model - CORRECT ANSWER Analyze the competitive forces within the environment in which a company operates to assess the potential for profitability in an industry Buyer power - CORRECT ANSWER The ability of buyers to affect the price they must pay for an item Supply chain - CORRECT ANSWER Consist of all parties involved directly or indirectly in the procurement of a product or raw material Supplier power - CORRECT ANSWER The supplier ability to influence the price they charge for supplies including material labor and service Threat of substitute products or services - CORRECT ANSWER High when there are many alternative to a product or service and low when they are a few alternatives from which to choose Entry barrier - CORRECT ANSWER A feature of a product or service that customers have come to expect an entry competitors must offer the same for survival rivalry among existing competitors - CORRECT ANSWER High when competition is FRIERCE in a market hello when competition is more complacent Product differentiation - CORRECT ANSWER An advantage that occurs when a company develops unique difference in its products with the intent to influence demand Porters three generic strategies - CORRECT ANSWER Generic business strategies that are neither organization nor industry specific and can be applied to any business product or service Business process - CORRECT ANSWER The standardized set of activities that accomplish a specific task such as processing a customer order Value chain analysis - CORRECT ANSWER Views of firm as a series of business processes that each add value to the product or service Support value activities - CORRECT ANSWER Found along the top of the value chain and includes business processes such as firm infrastructure, Human Resources management technology development and procurement that support the primary value activities Primary value activities - CORRECT ANSWER Found at the bottom of the value chain these include business processes that acquire raw materials and manufacturer deliver market sale and provide after sales service Switching cost - CORRECT ANSWER The costs that can make customers reluctant to switch to another product or service Workflow - CORRECT ANSWER Includes the tasks activities and responsibilities required to execute each step in a business process Workflow control systems - CORRECT ANSWER Monitor processes to ensure tasks activities and responsibilities are executed as specified Static process - CORRECT ANSWER Uses a systematic approach in an attempt to improve business effectiveness and efficiency continuously Dynamic process - CORRECT ANSWER Continuously changing and provides business solutions to ever changing business operation Customer facing process - CORRECT ANSWER Results in a product or service that is received by an organizations external customer Business process reengineering (BPR) - CORRECT ANSWER The analysis and redesign of workflow within and between enterprises Business process patent - CORRECT ANSWER A patent that protects a specific set of procedures for conducting a particular business activity Core processes - CORRECT ANSWER Business processes such as manufacturing goods selling products and providing service that make up the primary activities in a value chain Business process modeling or mapping - CORRECT ANSWER The activity of creating a detailed flowchart or process map of a work process showing its input task and activities in a structured sequence Business process model - CORRECT ANSWER A graphic description of a process showing the sequence and process task which is developed for a pacific purpose air from a selected viewpoint Business process model and notation BPMN - CORRECT ANSWER A graphical notation that depicts the steps in a business process As is process model - CORRECT ANSWER Represents the current state of the operation that has been mapped without any specific improvements or changes to existing processes To be process model - CORRECT ANSWER Show the results of applying changes improvement opportunities to the current as is process model Swimlane diagram - CORRECT ANSWER Documents the steps or activities of a workflow by grouping activities into swimlanns which are horizontal or vertical columns containing all associated activities for that category department Process owner - CORRECT ANSWER The person responsible for the end to end functioning of a business process Supply chain management (SCM) - CORRECT ANSWER Involves the management of information flows between and among activities in supply chain to maximize total supply chain effectiveness and corporate profitability CRM analysis technologies - CORRECT ANSWER Help organization's segment their customers into categories such as best and worst customers