MKTG 445 test 2 (100% Error-free Answers)

What three things need to be specified to determine service strategy? correct answers 1. Target customer 2. Value proposition to customer 3. Capabilities required to deliver value proposition Describes the six elements of a well-managed service company. correct answers 1. Strategic Service Vision 2. Integrated Functions 3. Treating Employees as Customers 4. Re-thinking Quality 5. Scale Economies Need to be Reassessed 6. Use Information Wisely to Minimize Assets and Even Create Assets What are the three components of a firm's strategic performance? correct answers Common performance Value creation advantage Bargaining pricing advantage What strategies can be used to obtain cost leadership? correct answers 1. Seek Out Low-Cost Customers 2. Standardizing a Service 3. Reducing Personal Element in Service Delivery 4. Reducing Network Costs 5. Taking Service Operations Offline In the reading "The Henry Ford of Heart Surgery," Dr. Shetty's hospital manages to be profitable by relying on scale economies and high rate of capacity utilization. What are the risks of this assembly-line model of healthcare? correct answers It doesn't consider individual circumstances. Too much standardization destroys the need for workers to understand what they're doing. This will create problems whenever a new situation arises What is T.J. Maxx's playbook, i.e., business model? correct answers Selling cheap well known brands at limited quantity What is T.J. Maxx's strategy? correct answers Off-price retailer. Sells brand name items at 20% to 60% below retail price How does T.J. Maxx's strategy differ from traditional retailers? correct answers The company employs more than 1,000 buyers who buy apparel and other goods from more than 18,000 suppliers around the world. Each buyer controls millions of dollars and has authority to cut deals on the spot, unlike most department stores, which can take weeks to review and approve orders. What is J.C. Penney's strategy? correct answers Market towards moms in their fifties and sixties with their more established brand