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GMS 200 Chapter Notes - Chapter 4: Competitive Advantage, Customer Service, Mass Customization

Competitive advantage: dealing with market forces better than others. Specific environment: includes the people that the business interacts with. Businesses create value for customers through product price and quality for owners by realized profits and losses. Environmental uncertainty: lack of info, regarding what exists and what may occur. 2 dimensions of uncertainty: complexity, rate of change. Customer service: is often the missing link in competitive advantage. Customer wants: high demand, reasonable price, on-time delivery, good service. Customer relationship management: builds lasting relationships and adds value for customers. Supply chain management: links operation dealing with resource supplies. Quality control: means conformance to standards comes from defect prevention and correction means defect free work quality saves money. Agile manufacturing mass customization: changes can be made quickly. Design for manufacturing: products are styled to lower production costs, but have high quality results. Design for disassembly: takes into account how parts can be recycled.

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<div style="text-align: justify;">Which of the following is not one of the competitive forces in Porter's model?</div>
<div style="text-align: justify;"> </div>
<div style="text-align: justify;">A) Other competitors</div>
<div style="text-align: justify;">B) External environment</div>
<div style="text-align: justify;">C) Suppliers</div>
<div style="text-align: justify;">D) New market entrants</div>
<div style="text-align: justify;">E) Customers</div>

<p>4. In September 2011, Ford, an automotive company, closed down their car production plant in St. Thomas, Ontario. The plant was closed down because the car it produced, the Crown Victoria, had declining sales, and the plant's equipment was out-dated. One of the reasons for the sales decline, was that customers were moving away from the Crown Victoria towards more fuel efficient vehicles that are more environmentally friendly. This is an example of which marketing environment factor? a) Socio-cultural force b) Competitive force c) Demographic force d) Technological force e) Regulatory force</p>

<p>12) Perfectly competitive markets exist when a) b) there is no particular advantage to being a large supplier capital investment allows one supplier to satisfy much of the market customers demand national brands the government eliminates incentives for private profits d)</p>

GMS 200 Chapter Notes - Chapter 4: Competitive Advantage, Customer Service, Mass Customization

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