Question

True or False? (3 points each) 1. The process of creating goods and services in which organizational resources are transformed into outputs is called production. 2. Internal development is not an option for implement ing growth strategies. 3. A cross-functional team is a group of individuals from various functional departments who work together on product or process development. 4 Benchmarking is the search for best practices inside or outside an organization. 5. The SWOT analysis points to the strategic issues organizational decision makers need to address in their pursuit of sustainable competitive advantage. 6. Competitive advantage is what sets an organization apart from other firms in its industry. 7. The term generic strategy refers to the fact that any type or size organization in any type or size industry can pursue it. 8. The differentiation strategy is when an organi zation pursues either a cost leadership or a differentiation strategy but in a limited (narrow) customer group or segment. 9. One disadvantage of the differentiation strategy is the difficulty in being able to remain unique to the customer. 10. Companies that use an Analyzer strategy are usual ly pioneers in their industry, putting lots of money into developing new products that no one else has.

Answer 1

As per rules I am answering the first 4 subparts of the question

1: True

In the process of production, organizational resources such as materials labor etc are converted into finished goods.

2: False

Internal development can be a useful growth strategy and is generally the first option that a company looks at.

3: True

A cross functional team is a team comprising of different experts from varied functional areas working for a common goal. In a company setting, it includes people from finance, marketing, procurement, etc working together as a team for solving a certain problem or a achieving a certain objective.

4: True

Benchmarking refers to creating a certain goal either within or outside the organization. This is specially used in ratio analysis where in the ratios of the company are compared to the benchmark to understand the performance.