________ Are the Two Basic Strategies for Creating Value and Attaining

question 2

Multiple Choice

________ are the two basic strategies for creating value and attaining a competitive advantage in an industry.

• A)Diversification and niche marketing
• B)Industry leadership and market dominance
• C)Customer satisfaction and product innovation
• D)Cost leadership and differentiation

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Definitions:

Work Cell

A production setup designed around a specific set of processes or jobs that are physically grouped together, often in a manufacturing setting, to improve efficiency and flow.

Assembly Line Workstation

refers to a specific work area within an assembly line designed for the completion of a particular task or the assembly of a particular part of a product.

Product-oriented Layout

A facility layout design where resources and equipment are arranged according to the sequence of operations required to produce a specific product efficiently.

Equipment Utilization

the extent to which machinery and equipment are employed in production, usually measured as a percentage of available time used.