Answer: Deciding on the process that a company will use to create its product is called
process planning
. The particular process to be used is typically determined by a firm's business-level strategy.
Which of the following determines the process that a company will use to create its products?
Answer: Deciding on the process that a company will use to create its product is called
process planning
. The particular process to be used is typically determined by a firm's business-level strategy.
Which of the following is established by a company that has the option of either 1 acquiring or modifying existing factories or 2 building entirely new facilities?
Many companies have the option of either (1) acquiring or modifying existing factories or (2) building entirely new facilities—called
a greenfield investment
.
Is the process by which a company extends its control over additional stages of production?
True or False: The process by which a company extends its control over additional stages of production is called
vertical integration
.
Which of the following is a barrier to buying products from international suppliers?
High political risk
is a barrier that hinders the purchase of products from international suppliers because it limits the production and supply of products. Product supply and production are affected by high political risks because they lead to business operations instability, thereby decreasing productivity.
What are the 4 types of manufacturing processes?
The four main types of manufacturing are
casting and molding, machining, joining, and shearing and forming
.
What are the 4 types of production?
- Unit or Job type of production.
- Batch type of Production.
- Mass Production or Flow production.
- Continuous production or Process production.
What is the first step in the screening process for potential markets and sites?
The first step in searching for potential markets means
finding out whether there is a basic demand for a company's product
. Important in determining this basic appeal is a country's climate.
What business strategy relies on creating goods that are clearly different from the competitors?
Product differentiation
is fundamentally a marketing strategy to encourage the consumer to choose one brand or product over another in a crowded field of competitors. It identifies the qualities that set one product apart from other similar products and uses those differences to drive consumer choice.
What strategy involves adapting products and their marketing strategies to national markets to suite local preferences?
Multinational strategy
involves adopting services or products and its promotional strategies to national market places that will suit local needs and preferences. This is also called as multi-domestic strategy. It comes under the strategy formulation and it is one of the types of international strategies.
Why might a company make a product in house rather than buy it?
There are several reasons to manufacture in-house instead of outsourcing production.
It gives your company a lot flexibility to alter the product as you produce it
. In-house production ensures higher quality control. With production in-house, you can keep your overhead low by avoiding foreign managers.
Which group spends about 9 hours per day using media for entertainment purposes?
A landmark report released by Common Sense Media finds that
teenagers (ages 13-18)
use an average of nine hours of entertainment media per day and that tweens (ages 8-12) use an average of six hours a day, not including time spent using media for school or homework.
Which of the following is the first stage of the strategy formulation process?
A brief description of these steps follows: Strategic Objectives and Analysis. The first step is
to define the vision, mission, and values statements of the organization
. This is done in combination with the external analysis of the business environment (PESTEL) and internal analysis of the organization (SWOT).
What are the risks involved in buying from an international source?
- Time differences. …
- Language barriers. …
- Quality expectations. …
- Compliance issues. …
- Production scheduling. …
- Logistics.
What are your recommendations for big companies when sourcing from other countries?
- Manage product quality. …
- Pay attention to the logistics. …
- Mind your monetary risks. …
- Watch out for cultural differences and language barriers. …
- Be aware of laws and compliance.
What difficulties may be encountered when buying abroad?
Problems associated with sourcing abroad
varying import or export restrictions at either end of the transaction
, such as tariffs and quotas. complicated documentation requirements for cross-border processes. fluctuation of currency exchange rate. unstable economic and political climate or local or regional environment.
