COMPETITIVENESS, STRATEGY & PRODUCTIVITY Flashcards
(14 cards)
The effectiveness of an organization’s ability to meet customer needs and wants and relative to others that offer similar goods or services (better than its competitors).
COMPETITIVENESS
Ways how businesses compete
OPERATIONS
1. Product and Service
2. Cost
3. Location
4. Quality
5. Speed of Delivery
6. Flexibility
7. Inventory
8. Supply Chain
9. Customer Experience
10. Human Resources
Reasons why businesses fail
OPERATIONS
1. Lack of Strategic Direction
2. Failure to identify customer needs
3. Poor quality leading to dissatisfaction
4. Ineffective leadership and communication
5. Lagging in technology and innovation
A set of goal-directed actions a firm takes to gain and sustain superior performance relative to competitors.
STRATEGY
4 Types of strategies
- Organizational Strategy
- Operations Strategy
- Functional Strategy
- Time-based Strategy
Achieving Competitive Advantage
- Differentiation - husay
- Cost Leadership- sulit
- Response - bilis
The measure of the effective use of resources, expressed as the ratio of output to input.
PRODUCTIVITY
FORMULAS IN PRODUCTIVITY
- Single-Factor Productivity
- Multifactor Productivity
TYPES OF PRODUCTIVITY MEASURES
- Partial Productivity
- Multifactor Productivity
- Total Productivity
FACTORS AFFECTING PRODUCTIVITY
- Technology and Automation
- Employee Training and Motivation
- Process Improvement
- Quality Management
- Supply Chain Efficiency
- Economic and Regulatory Conditions
________ depends on differentiation, cost efficiency, and quality.
COMPETITIVENESS
_________ aligns business goals with operations for long-term success.
STRATEGY
__________ is key for business efficiency and economic growth.
PRODUCTIVITY
___________ to remain competitive in a dynamic market.
Organizations must continuously innovate
