Ch. 3 vocab Flashcards
(10 cards)
1
Q
competitive strategy
A
an organization responds to the structure of its industry by choosing a competitive strategy
2
Q
value
A
amount of money that a customer is willing to pay for a resource, product, or service
3
Q
margin
A
the difference between the value that an activity generates and the cost of the activity
4
Q
value chain
A
is a network of value creating activities
5
Q
primary activities
A
- acquiring materials
- producing product
- shipping product
- market and sell product
- service customers
6
Q
support activities
A
- manage supplier relations
- investigate new designs
- hire and support employees
- manage company resources
7
Q
linkages
A
interactions across value activities
8
Q
business process
A
a network of activities that generate value by transforming inputs into outputs
9
Q
activity
A
is a business function that receives inputs and produces outputs
10
Q
repository
A
is a collection of something; a database is a repository and a raw material repository is an inventory of raw materials
