Question 1

Involving customers and suppliers in product development, establishing a stage-gate funnel process, and creating cross-functional teams are value chain strategies that
A)ensure internal and external demands are met.
B)exchange productivity for faster delivery.
C)sacrifice efficiency for greater organizational buy-in.
D)elevate management oversight.
E)increase product innovation.

Accepted Answer

Involving customers and suppliers, using a stage-gate process, and forming cross-functional teams enhance collaboration and idea exchange, leading to increased product innovation.

Question 2

Describe the effect of flexible manufacturing and just-in-time inventory management on a company's value chain's efficiency.

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Question 3

What is Six Sigma? Describe what Six Sigma and total quality management (TQM)have in common as well as the primary difference between them.

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Question 4

A recent review of the company's operational costs showed that it needed to achieve dramatic improvements in all aspects of performance to stay competitive. What should the CEO do to best improve performance?
A)Increase management oversight of employees.
B)Launch a process reengineering task force.
C)Approve incremental product changes.
D)Add steps to each value chain activity to monitor results.
E)Implement a flexible manufacturing model.

Accepted Answer

Process reengineering involves fundamentally rethinking and redesigning business processes to achieve significant improvements in critical aspects such as cost, quality, service, and speed, which aligns with the need for dramatic improvements.

Question 5

A group consists of key representatives from all departments in the product development process, such as marketing, sales, finance, and manufacturing. These core members have primary responsibility for the product, with supporting resources as needed. This is an example of a(n)
A)self-managed team.
B)cross-functional team.
C)flexible workforce.
D)extended team.
E)CRM team.

Accepted Answer

A cross-functional team is composed of members from different departments or areas of expertise, working together towards a common goal, such as product development.

Question 6

What is customer relationship management? Describe three changes a local grocery store could make as part of implementing a customer relationship management system.

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Question 7

New Wave Energy manufactures solar panels for residential and commercial use. Throughout the entire production process, the company carefully monitors quality and ensures adherence to a strict set of metrics. Explain how producing higher quality solar panels can lead to lower costs for the company.

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Question 8

A motorcycle manufacturing company has a strong reputation for durable and easy-to-operate motorcycles. The company wants to maintain responsiveness to customer needs and further improve attributes of their products. Describe a functional strategy that the company can use to get closer to customers and best understand their needs.

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Question 9

Successful companies devote time and resources to value chain management, using CRM, TQM, and other techniques to improve goods and services. Describe the primary motivation for this investment and distinguish which general product attributes or qualities these techniques strive to achieve.

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Question 10

What is process reengineering? Select a company that would be prompted to pursue such an initiative and explain how reengineering could add value.

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Question 11

Describe the three basic approaches to arranging workstations and provide an example of a product best suited to each layout.

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Question 12

A company hires a quality consultant to guide it through the process of implementing total quality management across the organization. Describe the focus of TQM and three of the steps the consultant might recommend.

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Question 13

Maintaining close coordination of value chain functions such as engineering, manufacturing, and marketing throughout a product development is best achieved through using
A)total quality management.
B)incremental innovation.
C)a self-managed team.
D)a cross-functional team.
E)a stage-gate development funnel.

Accepted Answer

A cross-functional team brings together members from different departments, such as engineering, manufacturing, and marketing, to collaborate and ensure alignment throughout the product development process.

Question 14

Define a value chain and the concept of value chain management. Select two functions within a value chain and provide an example of effective management for each.

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Question 15

Identify the two critical sources of feedback associated with an effective total quality management (TQM)system and explain how each source helps improve the quality of products and services.

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Question 16

Define the two principal types of innovation. What is the main difference between them?

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Question 17

What is the driving motivation for implementing a stage-gate development funnel? Describe the activities that take place during a stage-gate development funnel's three primary stages.

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Question 18

Describe three characteristics of a self-managed team and explain how this strategy contributes to business success.

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Question 19

In a stage-gate development funnel model,
A)detailed development plans are presented at stage 1.
B)new product ideas are generated at every stage.
C)new product ideas are encouraged at stage 1.
D)stage 2 focuses on forming cross-functional teams to develop ideas.
E)projects are only rejected at stage 2.

Accepted Answer

In a stage-gate development funnel model, stage 1 is typically where new product ideas are encouraged and initially screened.

Question 20

A car detailing company charges a premium for its white-glove service. The company is booked weeks in advance due to its reputation for impeccable results and prompt resolution of any customer concern. Explain why achieving superior quality is a crucial aspect of this company's success.

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Quiz 9: Value Chain Management Functional Strategies for Competitive Advantage

Involving customers and suppliers in product development, establishing a stage-gate funnel process, and creating cross-functional teams are value chain strategies that