What is operations management and how does it coordinate activities in a business? Operations management focuses solely on marketing and sales strategies. Operations management involves coordinating and organising the activities involved in producing the goods or services that a business sells to customers. Operations management is the process of hiring and training employees for a business. Operations management is the financial planning and budgeting of a business.

Operations management involves coordinating and organising the activities involved in producing the goods or services that a business sells to customers.

How is efficiency defined in the context of business operations? Efficiency is how productively a business uses its resources when producing a good or service. Efficiency is the ability to reduce costs regardless of quality. Efficiency is the focus on customer satisfaction above all else. Efficiency is the speed at which a business can produce goods.

Efficiency is how productively a business uses its resources when producing a good or service.

What does effectiveness mean in achieving business objectives? Effectiveness is the extent to which a business achieves its stated objectives. Effectiveness is the ability to cut costs and increase profits. Effectiveness is the speed of production and delivery. Effectiveness is the focus on employee satisfaction.

Effectiveness is the extent to which a business achieves its stated objectives.

What are the primary objectives of a business? To make a profit, to fulfil a market or social need, to increase the market share, to meet shareholder expectations and to improve efficiency and effectiveness. To reduce costs, increase employee satisfaction, and expand globally. To innovate new products and services continuously. To focus on marketing strategies and customer engagement.

To make a profit, to fulfil a market or social need, to increase the market share, to meet shareholder expectations and to improve efficiency and effectiveness.

What are inputs in the context of business operations? Inputs are the marketing strategies employed by a business. Inputs are the financial investments made by shareholders. Inputs are the final products delivered to customers. Inputs are the resources used by a business to produce goods and services. For example human, natural and capital resources.

Inputs are the resources used by a business to produce goods and services. For example human, natural and capital resources.

What are processes in a business's operations system? Processes are the financial transactions recorded by a business. Processes are the marketing campaigns launched by a business. Processes are the actions performed by a business to transform inputs into outputs e.g. mixing, designing, baking computing, cutting, washing. Processes are the customer service interactions handled by a business.

Processes are the actions performed by a business to transform inputs into outputs e.g. mixing, designing, baking computing, cutting, washing.

What are outputs in a business's operations system? Outputs are the initial resources acquired by a business. Outputs are the financial reports generated by a business. Outputs are the marketing strategies developed by a business. Outputs are the final goods or services produced as a result of a business's operations system, that are delivered or provided to customers.

Outputs are the final goods or services produced as a result of a business's operations system, that are delivered or provided to customers.

What characterizes a manufacturing business? Manufacturing businesses utilise their operations system to produce physical goods. Since these businesses produce tangible goods, a manufacturing business's operations system has various unique characteristics. They can also store their products and customer contact is limited. Manufacturing businesses are dedicated to marketing and sales. Manufacturing businesses are primarily involved in financial services. Manufacturing businesses focus solely on service delivery.

Manufacturing businesses utilise their operations system to produce physical goods. Since these businesses produce tangible goods, a manufacturing business's operations system has various unique characteristics. They can also store their products and customer contact is limited.

What defines a service business and its operations system? Service businesses utilise their operations systems to produce intangible products. Services are intangible products that are provided by individuals with specialised expertise. Since these businesses produce services that are non-physical, there are various unique characteristics of a service business's operations system. The product cannot be stored. Service businesses focus on manufacturing tangible goods. Service businesses are primarily involved in retail operations. Service businesses are dedicated to financial investments.

Service businesses utilise their operations systems to produce intangible products. Services are intangible products that are provided by individuals with specialised expertise. Since these businesses produce services that are non-physical, there are various unique characteristics of a service business's operations system. The product cannot be stored.

What are the technological strategies used in business operations? Automated production lines, robotics, computer aided design, computer aided manufacturing, artificial intelligence, online services. Marketing automation, customer relationship management, social media strategies. Employee training, leadership development, team building. Financial forecasting, investment analysis, risk management.

Automated production lines, robotics, computer aided design, computer aided manufacturing, artificial intelligence, online services.

What are the three types of alliances in strategic partnerships? Non-equity, Equity, Joint Venture Equity, Partnership, Merger Equity, Debt, Joint Venture Non-equity, Debt, Partnership

Non-equity, Equity, Joint Venture

Why do companies participate in alliances? To outperform least active firms by 5-7% To limit innovation To increase competition To reduce market share

To outperform least active firms by 5-7%

Which of the following is a business-level cooperative strategy? Price-fixing strategy Complementary strategic alliances Monopolistic strategy Cost-cutting strategy

Complementary strategic alliances

What is the goal of partnering with a complementary product/service producer? To gain access to new customers and meet new needs To reduce product quality To increase production costs To limit market reach

To gain access to new customers and meet new needs

What is the primary purpose of a vertical strategy alliance? To limit market access To increase competition To create more value for the end customer and lower production costs To reduce product quality

To create more value for the end customer and lower production costs

What is the main objective of a horizontal strategy alliance? To reduce product quality To gain access to multiple industry segments and reduce risk To increase production costs To limit market reach

To gain access to multiple industry segments and reduce risk

When do firms typically form a competition response strategy? To limit market reach To respond to a strategic action of another competitor To increase production costs To reduce product quality

To respond to a strategic action of another competitor

What is the purpose of uncertainty reducing alliances? To limit market access To increase competition To reduce product quality To hedge against risk and uncertainty

To hedge against risk and uncertainty

What is a competition reducing alliance designed to do? To avoid destructive or excessive competition To reduce product quality To increase competition To limit market access

To avoid destructive or excessive competition

What are the two types of corporate-level cooperative strategies? Product differentiation and market penetration Diversifying alliances and synergistic alliances Cost-cutting strategy and market expansion strategy Monopolistic strategy and price-fixing strategy

Diversifying alliances and synergistic alliances

Which of the following best illustrates a non-equity alliance? Apple's acquisition of Samsung's mobile communications division A supply contract between TMSC and Apple until the next iteration of the iPhone Apple's purchase of TMSC's shares, granting 40% ownership of TMSC A joint venture between Apple and TMSC to produce micro-chips

A supply contract between TMSC and Apple until the next iteration of the iPhone

Which of the following is NOT a reason why firms need to grow? Lower costs Reduce risk Motivate employees and management Increase profits

Motivate employees and management

When should a firm avoid vertical integration? The firm should try focus on human capital specificity The firm should not vertically integrate The firm should insource most activities The firm should horizontally integrate

The firm should not vertically integrate

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