Question

Value can be defined as:

fitness for use.

quality relative to price.

least cost benefit.

conformance to specifications.

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Question 2 6 pts

The competitive advantage resulting from an organization's people can drive low cost and differentiation.

True

False

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Question 3 6 pts

With respect to the dimensions of product design, _____ is the amount of use one gets from a product before it physically deteriorates or until replacement is preferable.

reliability

aesthetics

durability

performance

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Question 4 6 pts

With which of the following would Frederick W. Taylor most likely have agreed?

A factory depends on workers, and hence cannot be managed on a scientific basis.

Planning should be separated from execution as workers lack the education necessary to plan.

Workers are all of equal ability and cannot be trained to improve their work habits.

Piecework initiatives are ineffective methods of organizing work in large factories.

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Question 5 6 pts

Core competence is the process by which the members of an organization envision its future and develop the necessary procedures and operations to carry out that vision.

True

False

Answer 1

The correct answer is "quality relative to price."

Value represents the degree of importance of something. Value depends on customer’s perception about a product or services, what they buy and what they don’t want to buy. It also depends on the offering by the marketers. Value proposition is nothing but the important and unique attribute of the product that attracts the customer. Value proposition can be designed based on quality, price, customer service etc. To improve and maintain the competitive advantage, the organization should focus on value creation by offering varieties of products or services, reducing the cost by improving the processes and managing both the employees and customers.

Question 2.

The correct answer is true.

To improve and maintain the competitive advantage, the organization should focus on value creation by offering varieties of products or services, reducing the cost by improving the processes and managing both the employees and customers. Competitive advantage can be considered as the strategy because it is the plan or action that business takes to reach a goal. The main goal is to be on top of the competitors by focusing on value proposition and other important decisions.

Question 3

The correct answer is "reliability".

Reliability refers to the degree to which an instrument or test measure a characteristic consistently. For example if a person takes the same test and yield the same result, then it is measuring the reliability of the true value of a characteristic. So, it is the probability that the device will function for a specific period of time.

Question 4

The correct answer is " A factory depends on workers, and hence cannot be managed on a scientific basis."

Fredrick Taylor's scientific management focused on the belief that simplifying and optimizing jobs would result in increase in productivity and it is important for managers and employees to work collaboratively. He believed that workers were motivated by money and came with the idea that employee who is more productive for the particular day will get paid more as compared to the worker who is less productive.

Question 5

The correct answer is false.

Core competencies refers to the knowledge and capacity of workforce, that helps the business to be competitive in the market. It is the strengths of business that provide advantage in the competitive market.