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BCOR 2206 - Exam 1 Key Concepts Study Guide.
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BCOR 2206 - Exam 1 Key Concepts Study Guide. Operations - CORRECT ANSWER Is the fundamental means by which firms add value Value - CORRECT ANSWER Is the customer's subjective evaluation, adjusted for cost, of how well a good or service meets or exceeds their expectations Note that for ...

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  • 8 de marzo de 2025
  • 8
  • 2024/2025
  • Examen
  • Preguntas y respuestas

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  • bcor
  • bcor 2206 exam 1 key concepts study guide

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BCOR 2206 - Exam 1 Key Concepts
Study Guide.

Operations - CORRECT ANSWER Is the fundamental means by which firms add value



Value - CORRECT ANSWER Is the customer's subjective evaluation, adjusted for cost, of how well a good
or service meets or exceeds their expectations



Note that for values... - CORRECT ANSWER - Is defined in terms of a single customer (or market)

- It is subjective

- The evaluation is compares with an expectation

- Expectations can be influenced and do change



Operations Value Equation - CORRECT ANSWER Value = Performance / Price



Value = (Quality + Timeliness + Flexibility + Innovation)/ Price



Value = (Q+T+F+I)/P



How do firms add value? - CORRECT ANSWER greater productivity

higher quality

better timeliness

greater flexibility

useful innovation



Greater productivity - CORRECT ANSWER -Lower costs and expenses

-Lower prices for the customer

, Higher quality - CORRECT ANSWER -Better performance

-Greater durability, reliability, aesthetics, ...



Better timeliness - CORRECT ANSWER -Faster response and turnaround

-On-time delivery, meet promises



Greater flexibility - CORRECT ANSWER - greater variety

- customization for customer needs/desires



Useful innovation - CORRECT ANSWER -Features, technology

-Better performance

-New capabilities



3 main corporate strategies identifies in "The Discipline of Market Leaders" - CORRECT ANSWER Product
Leadership

Customer Intimacy

Operational excellence



Wendy's - CORRECT ANSWER Product Leadership or "Best Product"

Product Differentiation



Burger King - CORRECT ANSWER Customer Intimacy or "Best Total Solution"

Customer Responsiveness



McDonalds - CORRECT ANSWER Operational Excellence or "Best Total Cost"

Operational Competence



Operations strategy - CORRECT ANSWER Set of competitive priorities that are combined with you supply
chain design choices in order to address the needs of crucial customers by creating core capabilities that
support our value propositions

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