GMS 401 Lecture Notes - Lecture 2: Workforce Productivity, Factors Of Production, Medical Diagnosis
20 Sep 2017
School
Department
Course
Professor
Document Summary
Competitive advantage: implies the creation of a system that has a unique advantage over competitors. Competing on differentiation: distinguishing the offerings of an organization in a way that the customer. Differentiation is concerned with providing identifies them as adding value. A low-cost strategy does meeting customer expectation of value. Competing on response: flexible, reliable and quick response. Flexible performance: matching markets changes in design innovation and volumes. Timely product development and delivery: timeliness in design, production and delivery. Reliable in meeting scheduling: reliability in meeting schedules. An approach, long term plan that will set a (new) direction for an organization. States the rationale for the organization"s existence. Mission statement tells an organization, where it is going. The strategy tells the organization, how to get there. Strategy is an organization"s action plan to achieve the mission. Each functional area of an organization [marketing, accounting & finance and operations] (look up figure 2. 3)
