The Set of Shared Values of the Firm

question 66

Multiple Choice

The set of shared values of the firm:

• A)Represent the basic reason for the firm's continued existence as a viable organisation.
• B)Can be manipulated and transformed easily
• C)Are part of a qualitative world that is not relevant to strategic management
• D)Are so difficult to assess and understand that it should not be the main focus of strategy analysts and decision-makers

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Definitions:

Lean Manufacturing

The use of lean principles to accomplish high quality, low cost, fast response, and immediate availability in a manufacturing setting. Also called just-in-time (JIT) processing.

Unnecessary Waste

Refers to materials or resources that are excessively consumed or not utilized efficiently, leading to avoidable loss or expense.

Inventory

Merchandise on hand (not sold) at the end of an accounting period.

Work Around Products

Alternative solutions or products developed to circumvent problems or limitations in existing processes.