If Your Business Were to Analyze the Ways It Currently

question 54

Multiple Choice

If your business were to analyze the ways it currently operates and determine ways to improve its operations, what type of analysis would it be conducting?

• A) Strategic analysis
• B) Value chain analysis
• C) Innovative analysis
• D) Procedural analysis

Grasp the concept and stages of the product life cycle and strategies applicable at each stage.

Understand concurrent engineering and its impact on product development.

Recognize the role and impact of computer-aided design (CAD) in product development.

Understand the significance of customer needs and competitive assessment in product design (QFD).

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Definitions:

Competitive Advantage

A situation or factor that gives a business an advantage over its competitors, placing it in a better or more dominant position in the market.

Individual Firm Level

The perspective of analyzing or considering operations, strategies, or impacts at the scale of a single organization, excluding sectoral or macroeconomic factors.

Suppliers Concentrated

A market condition where a small number of suppliers provide a large portion of products or services.

Switching Costs

Expenses that a consumer or company incurs as a result of changing from one product, service, supplier, or system to another.