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Chapter 2

Chapter 2 BU385.docx

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Wilfrid Laurier University
Paul Iyogun

BU385 Chapter 2 – Competitiveness, Strategic Planning, and Productivity Week 1 Competitiveness – ability and performance of an organization in the marketplace compared to other organizations that offer similar goods and services Strategy – the long-term plans that determine the direction an organization takes to become competitive Strategic planning – the managerial process that determines a strategy for the organization Competitiveness -Companies must be competitive to sell their goods and services in the marketplace -Key purchasing criteria – the major elements influencing a purchase: price, quality, variety, and timeliness -Other factors include customer service and convenient location Value = quality, timeliness, etc. / price -Order qualifiers – purchasing criteria that customers perceive as minimum standards of acceptability to be considered for purchase -Order winners – purchasing criteria that cause the organization to be perceived as better than the competition -Competitive priorities – the importance given to operations characteristics: cost, quality, flexibility, and delivery Strategic Planning -The process of determining a strategy, long-term plans that will set a new direction for an organization and implementing it through allocation of resources and action plans -Detailed strategic planning see p. 30-31 if needed Mission, Vision, and Values -Mission – where the organization is going now -Vision – where the organization desires to be in the future -Values – shared beliefs of the organization’s stakeholders -Tactics – medium term plans used as components of a strategy -Action plan – a medium or short-term project to accomplish a specific objective, assigned to an individual, with a deadline and the resources needed Operations Strategy -Operations strategy – the approach that is used to guide the operations function -Usually the operations policies, objectives, and action plans are classified into nine strategic decision categories: 1. Facility 2. Capacity 3. Vertical integration – ownership of a major part or the whole of the supply chain 4. Vendor relations 5. Product mix and new products 6. Proce
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