Competitor analysis:

Select one:

Isexactly the sameconcept as benchmarking

Focusses on both the strengths and weaknesses of rivals.

Mainly focusses on the strengths of rivals.

Mainly focusses on the weaknesses of rivals.

A value-added activity is one:

Select one:

which increases the value of the product to the customer and the customer is prepared to pay for

which increases the value of the product from the supplier perspective.

which the firm should eliminate where possible.

which the firm has determined is not essential in the production of the product.

When we consider the life cycle sequence of a product, the majority of costs for a typical product have been committed by the end of:

Select one:

Design and development

Production

Distribution

Customer support

In the process of target costing, where is the concentration of effort required to have the greatest impact on cost savings?

Select one:

Marketing

After-sales care

Production

Product and process design

The modern management tool that focuses on restrictions that limit a firm's ability to maximise long-run profit is commonly known as:

Select one:

Theory of constraints

Benchmarking

Linear progression

Game theory

A systematic approach in analysing the product and process design, with the aim of eliminating any non-value-added elements, to achieve the target cost is known as:

Select one:

Component level target costs

Strategic cost reduction

Cost reduction objective

Value engineering