Operations Management
11th Edition
ISBN: 9780132921145
Author: Jay Heizer
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Question
Chapter 2, Problem 10DQ
Summary Introduction
To determine: Three primary ways to achieve a competitive advantage.
Introduction:
Competitive advantage:
A competitive advantage is a state or condition which puts a firm in a favorable or a superior business position. This advantage will enable the firm to have more sales margins and more customers than its competitors.
Three primary ways to achieve competitive advantage:
Cost leadership:
The firm will be conducting its operations and selling its products at low prices, thus having a higher market share than their competitors.
Differentiation:
The firm will be developing products with unique attributes which are not delivered by competitors. It gives a unique advantage to the firm over its competitors.
Response:
It is a strategy followed by firms which gives timely responses and solutions to problems in a rapid manner.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
There are three primary ways to achieve competitive advantage. Provide an example, not included in the text, of each.Support your choices
There are three primary ways to achieve competitive advantage – cost, differentiation, and specialization. (1) Provide a general example of each competitive advantage; and (2). Then select an industry – food, transportation, tourism, construction, manufacturing, energy, agriculture, mining, financial services, automotive, medical device, clothing music, etc. – and explain which competitive advantage method would be the most effective.
Identify the type of business strategy of your firm, mention below how its business strategy has improved the competitive advantage and describe five important opportunities for your future
firm and describe also five threats, here opportunities and threats are related to competition, new products, new services, economic conditions, consumer preferences, costs, and
international trade. Elaborate properly for each giving the fundamental reasons, find the relationship when you calculate the latest Sustainable Growth Rate or "g".
Threats/Opportunities
"g" Calculation
Relationship
Reason
You must visit the SEC10K of your firm and read the sections, business description and business environment, financial statements, and management discussions, and also NOTES to the
consolidated financial statements.
Chapter 2 Solutions
Operations Management
Ch. 2 - Based on the descriptions and analyses in this...Ch. 2 - Prob. 2DQCh. 2 - Prob. 3DQCh. 2 - Prob. 4DQCh. 2 - Prob. 5DQCh. 2 - Prob. 6DQCh. 2 - Prob. 7DQCh. 2 - As a library or Internet assignment, identify the...Ch. 2 - Prob. 9DQCh. 2 - Prob. 10DQ
Ch. 2 - Prob. 11DQCh. 2 - Prob. 12DQCh. 2 - Prob. 13DQCh. 2 - Prob. 14DQCh. 2 - Prob. 15DQCh. 2 - Prob. 16DQCh. 2 - Prob. 17DQCh. 2 - Prob. 18DQCh. 2 - Prob. 1PCh. 2 - Within the food service industry (restaurants that...Ch. 2 - Prob. 3PCh. 2 - Prob. 4PCh. 2 - Identify how changes in the external environment...Ch. 2 - Prob. 6PCh. 2 - Prob. 7PCh. 2 - Prob. 8PCh. 2 - Prob. 9PCh. 2 - Prob. 10PCh. 2 - Walker Accounting Software is marketed to small...Ch. 2 - Rao Technologies, a California-based high-tech...Ch. 2 - Prob. 1CSCh. 2 - Prob. 2CSCh. 2 - Prob. 3CSCh. 2 - Strategy at Regal Marine Video Case Regal Marine,...Ch. 2 - Prob. 1.2VCCh. 2 - Prob. 1.3VCCh. 2 - Prob. 1.4VCCh. 2 - Prob. 2.1VCCh. 2 - Prob. 2.2VCCh. 2 - Prob. 2.3VCCh. 2 - Prob. 3.1VCCh. 2 - Prob. 3.2VCCh. 2 - Prob. 3.3VCCh. 2 - Prob. 3.4VC
Knowledge Booster
Similar questions
- 7) What is the best way for a small hardware store to compete against Home Depot, when Home Depot can charge less for the same products? Select an answer: Focus on customer service, and create relationships. Try to convince Home Depot to close its store. Buy cheaper, inferior products. Try to find suppliers who will charge less for their products.arrow_forwardBased on the existing environment & the situation at John Francois Stores, & as the Consultant hired by the Company Suggest 4 strategies by name that the Company could undertake to maintain a competitive advantage, and provide a brief explanation of what each strategy means. John Francois Stores Mr. Francois, a very successful businessman is contemplating his next move at the age of 70. As a young man at the age of 16, he dreamt of becoming a “businessman” and would go into stores in the city where he lived and observe how personnel operated. In his exploits, he became very friendly with many of the business owners in the city. As time passed, John Francois obtained four (4) Advanced Level subjects (Mathematics, Geography, English Literature and Spanish). He also enrolled in a Technical Vocational institution and pursued short courses in tiling, plumbing, masonry and electrical maintenance for which he gained certification. Through his qualifications, John was able to secure…arrow_forwardBased on the existing environment & the situation at John Francois Stores, & as the Consultant hired by the Company Suggest 4 strategies by name that the Company could undertake to maintain a competitive advantage, and provide a brief explanation of what each strategy means. John Francois Stores Mr. Francois, a very successful businessman is contemplating his next move at the age of 70. As a young man at the age of 16, he dreamt of becoming a “businessman” and would go into stores in the city where he lived and observe how personnel operated. In his exploits, he became very friendly with many of the business owners in the city. As time passed, John Francois obtained four (4) Advanced Level subjects (Mathematics, Geography, English Literature and Spanish). He also enrolled in a Technical Vocational institution and pursued short courses in tiling, plumbing, masonry and electrical maintenance for which he gained certification. Through his qualifications, John was able to secure…arrow_forward
- A company achieves sustainable competitive advantage when: Answer D) its strategy and its business model are well-matched and in sync. C) it is consistently able to achieve both its strategic and financial objectives. B) it has a profitable business model. A) an attractive number of buyers have a lasting preference for its products or services as compared to the offerings of competitors.arrow_forward2. In this question, we will explore factors that influence growth for a company both growth in sales volume and growth in price. Describe one firm specific strategic factor, one industry specific factor, and one economywide factor that could impact one’s forecast of sales volume. Describe one firm specific strategic factor, one industry specific factor, and one economywide factor that could impact growth in prices as well.arrow_forwardCreating Competitive advantage: three basic ways?arrow_forward
- For several years your Mexican restaurant has been very profitable, but recently the local grocery store has started offering a make-your-own taco bar and your restaurant's sales have declined. Your 5-Forces analysis concludes that: A) Industry attractiveness has declined due to increased Rivalry. B) Industry attractiveness has declined due to a greater Threat of Substitute Products C) Industry attractiveness has declined due to greater Bargaining Power of Buyers D) Industry attractiveness has declined due to the Threat of New Entrants.arrow_forwardDescribe at least 5 strategies companies can use to achieve competitive advantage in their insdustry. (Competitive Weapons, Links with Business Partner, Cost reductions, Relationship with Supplier and Customer, New Products)arrow_forwardA recent article in Fortune magazine listed the following firms among the top 10 most admired companies in the United States: Dell, Southwest Airlines, Microsoft, and Johnson & Johnson. . Discuss the companies’ strategies using the framework discussed in the chapter, and describe whether you would view their products or services as commodities. Explain your reasoning.arrow_forward
- Major changes in the External environment of a hotel or tourism organization company may affect the long term strategy of that business. Evaluate ONE (1) recent major change that has affected the long term strategy of the hotel or tourism businesses and HOW it has changed the long term strategy.arrow_forwardDescribe the circumstances under which a firm chooses a low-cost strategy to attain sustainable competitive advantage. What about the situations when a differentiation strategy is chosen? Provide specific real world examples.arrow_forwardGive typing answer with explanation and conclusion What are CrossFit’s core competencies that give the firm a sustainable competitive advantage? Identify and explain each factor.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Purchasing and Supply Chain ManagementOperations ManagementISBN:9781285869681Author:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. PattersonPublisher:Cengage Learning
Purchasing and Supply Chain Management
Operations Management
ISBN:9781285869681
Author:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson
Publisher:Cengage Learning