Chapter 2 Competitiveness, Strategic Planning And Productivity Flashcards
Competitiveness
Ability and performance of an organization in the market compared to other organizations that offer similar goods or services
Strategy
The long term plans that determine the direction an organization takes to become (or remain) competitive
Strategic planning
The managerial process that determines a strategy for the organization
Key purchasing criteria
The major elements influencing a purchase, price, quality, variety and timeliness
Order Qualifiers
Purchasing criteria that customers perceive as minimum standards of acceptability to be considered for purchase
Order winners
Purchasing criteria that cause the selling organization to be perceived as better that the competition
Competitive Priorities
The importance given to operations characteristics, cost, quality, flexibility and delivery
Mission
Where the organization is going now, its products and markets
Vision
Where the organization desires to be in the future
Values
Shared beliefs of the organizations stakeholders
Tactics
Medium-term plans used as components of a strategy
Action Plan
A medium or short term project to accomplish a specific objective, assigned to an individual, with a deadline and the resources needed
Operations Strategy
Comprises a set of well coordinated policies, objectives and action plans directly affecting the operations function, which is aimed at securing a long term sustainable advantage over the competition
Quality based strategy
Strategy that focuses on quality of an organizations goods and services
Time based strategy
Strategy that focuses on reduction of time needed to accomplish tasks
