Answer (D) is correct. The three common time measures for process analysis are product development time, breakeven time, and customer-response time. Process value time is not a meaningful term in this context.
Answer (D) is correct. Value-chain analysis for assessing competitive advantage is an integral part of the strategic planning process. Value-chain analysis is a continuous process of gathering, evaluating, and communicating information for business decision making. A value chain depicts how customer value accumulates along a chain of activities that lead to an end product or service. A value chain consists of the activities required to research and develop, design, produce, market, deliver, and support its product. Extended value-chain analysis expands the view of the parties involved to include those upstream (e.g., suppliers) and downstream (e.g., customers).
Answer (D) is correct. The value chain is a model for depicting the way in which every function in a company adds value to the final product. A value chain depicts how costs and customer value accumulate along a chain of activities that lead to an end product or service.
Answer (A) is correct. The model consists of primary and supporting activities. The primary activities are inbound logistics, operations, outbound logistics, marketing and sales, and service. Inbound logistics activities involve the firms’ capture of materials to be processed. Operations activities are conversion processes. Outbound logistics activities include shipment of products. Marketing and sales activities are the promotion and sale of final products. Service activities provide customer service. The four support activities are infrastructure (e.g., administration, finance, and planning), procurement, human resources, and technology development.
Answer (D) is correct. Customer relationship management can be defined as “the process of managing detailed information about individual customers and carefully managing all the customer ‘touchpoints’ with the aim of maximizing customer loyalty.” Its purpose is to create optimal customer equity. Thus, the process involves more than merely attracting customers (through media advertising, direct mail, etc.) and satisfying them (something competitors also may do).
Answer (C) is correct. High customer loyalty is an emotional as well as a rational bond that develops when a firm provides high customer value. To obtain such loyalty, the firm needs to develop a value proposition that has superior competitiveness in the target market segment.
Answer (D) is correct. Customer retention through customer satisfaction is a key to profitability. The firm should emphasize customer retention because the customer base is an important intangible asset.
Answer (D) is correct. The value chain is a model for depicting the way in which every function in a company adds value to the final product. A value chain depicts how costs and customer value accumulate along a chain of activities that lead to an end product or service.
Answer (A) is correct. The correct sequence of business functions in the value chain is Research and Development, Design of Products and Processes, Production, Marketing, Distribution, and Customer Service.
Answer (D) is correct. Process reengineering and value chain analysis are similar due to their focus on inherent features in an organization’s business processes. Both rework an organization’s design to either improve customer service, reduce costs, or become more competitive.
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