Question 1

R&D, production, and customer service are business functions that are all included as part of

Accepted Answer

R&D, production, and customer service are all part of the value chain, which is a series of activities that a firm performs in order to deliver a valuable product or service to its customers. The value chain includes activities related to design, production, marketing, delivery, and customer service. Benchmarking is a process of comparing a company's performance to that of its competitors, and marketing is a broader function that includes activities related to identifying and satisfying customer needs. The supply chain includes activities related to sourcing materials and components, production, and delivery of products to customers. However, R&D, production, and customer service are specifically part of the value chain. Company strategy encompasses a range of activities related to goal-setting, resource allocation, and decision-making, but is not a specific business function like R&D, production, or customer service.

Question 2

Key success factors are geared to improving customer satisfaction.

Accepted Answer

Key success factors are focused on improving the overall performance of a business, which includes improving customer satisfaction.

Question 3

Whose perceptions of the company's products or services are the most important to the manager?

Accepted Answer

The customers' perception is the most important for the manager because they are the ones who will ultimately decide whether to purchase the product or service. Satisfying the customers' needs and wants is essential for the company's success. While the perceptions of other stakeholders such as the board of directors, president, stockholders, and competitors are important, they are secondary to the customers' perception.

Question 4

________ describe(s)the flow of goods, services, and information from the purchase of materials to the delivery of products to consumers, regardless of whether those activities occur in the same organization or with other organizations.

Accepted Answer

The supply chain describes the flow of goods, services, and information from the purchase of materials to the delivery of products to consumers, encompassing activities within and across organizations.

Question 5

The value chain is the sequence of business functions in which

Accepted Answer

The value chain is all about adding value to the products or services of an organization, which means that value is proportionately added at each stage of the chain. This includes all business functions from production to marketing and sales to customer service, with each function contributing to the overall value of the end product or service.

Question 6

What aspect of business analysis focuses on the sequence of business functions?

Accepted Answer

The value chain is a concept in business analysis that focuses on the sequence of activities or functions that a business goes through to deliver value to its customers. It includes primary and support activities that are carried out in a particular order to create and deliver a product or service. Therefore, the focus on the sequence of business functions is best represented by the value chain.

Question 7

The supply chain refers to the sequence of business functions in which customer usefulness is added to products or services.

Accepted Answer

The value chain refers to the sequence of business functions in which customer usefulness is added to products or services.

Question 8

TQM is a method for improving quality.

Accepted Answer

TQM stands for Total Quality Management and it is a method used to improve the overall quality of an organization by involving all employees in the process of continuous improvement. It focuses on customer satisfaction, employee involvement, and process efficiency. Therefore, it is true that TQM is a method for improving quality.

Question 9

The value chain

Accepted Answer

The value chain refers to the sequence of business functions in which customer usefulness is added to products or services. It includes the activities from sourcing raw materials to delivering finished products to customers. Research and development may be a part of this, but it is not the starting point for all companies. B describes a different concept known as digital transformation, and C and D may be aspects of the value chain, but they do not fully capture its definition.

Question 10

For best results, cost management emphasizes independently coordinating supply chain activities within a company and not interfering with other companies.

Accepted Answer

Cost management aims to integrate and coordinate supply chain activities both within a company and with external partners to optimize efficiency and reduce costs.

Question 11

Determining the number of components to put into a computer monitor is an example of which of the following value chain functions?

Accepted Answer

Determining the number of components to put into a computer monitor involves the design of the product.

Question 12

Key success factors such as quality, time, and the provision of innovative products and services, must be executed well to achieve corporate performance.

Accepted Answer

Key success factors are crucial for achieving corporate performance and they include quality, timeliness, and innovation. Therefore, executing them well is essential for success.

Question 13

________ is the generation of, and experimentation with, ideas related to new products, services, or processes.

Accepted Answer

Research and development involves the generation and experimentation with new ideas related to products, services, or processes. Design of products, services, or processes typically refers to the creation of physical or functional attributes rather than the generation of new ideas. Production involves the actual manufacturing or creation of the product or service. Marketing involves promoting and selling the product or service. Quality control involves ensuring that the product or service meets a certain standard of quality.

Question 14

Key success factors include time management.

Accepted Answer

Time management is essential for achieving success in any field or endeavor. It allows individuals to prioritize tasks, make efficient use of their time, and meet deadlines. Poor time management skills can lead to missed opportunities, decreased productivity, and increased stress. Therefore, effective time management is often considered a key success factor.

Question 15

Developing a new web site to display and demonstrate the company's products would be part of which value chain function?

Accepted Answer

Developing a website to display and demonstrate products is primarily a marketing activity, as it involves promoting and showcasing the company's offerings to potential customers.

Question 16

When a company works with its supplier to reduce material-handling costs, this is an example of

Accepted Answer

Total value chain or supply chain analysis involves working with suppliers to reduce costs and improve efficiency across the entire supply chain. This can include reducing material-handling costs, among other things. It is a key success factor for many companies and is part of a strategic marketing focus on delivering value to customers. It is not a conflict of interest because both the company and the supplier are working together towards a common goal.

Question 17

Which of the following is TRUE concerning the value chain of business functions?

Accepted Answer

Senior managers from individual parts of the value chain have a responsibility in deciding how resources are to be obtained and used, and how rewards are to be given. This is because the value chain encompasses all the activities that go into bringing a product or service to market, and each part of the chain requires resources and coordination with other parts. Therefore, senior managers from each part of the value chain must work together to ensure that resources are effectively allocated and coordinated to maximize overall organizational performance.

Question 18

There are many aspects of a company that managers should focus on.Which of the following sets most completely describes key success factors for managers in terms of delivering performance to customers?

Accepted Answer

The most complete set includes cost and efficiency, time, quality, and innovation, as these factors comprehensively cover the essential areas managers need to focus on to deliver performance to customers.

Question 19

To be successful a company should be

Accepted Answer

A customer driven company focuses on meeting the needs and wants of their customers, which ultimately leads to customer satisfaction and loyalty. This positive relationship with customers leads to increased sales and revenue for the company. It is important for a company to prioritize the needs of its customers in order to be successful in the long run.

Question 20

Place the five business functions in the order they appear along the value chain: A = Customer service
B = Design
C = Distribution
D = Production
E = Research and Development
F = Marketing

Accepted Answer

The correct order along the value chain is: Research and Development (E), Design (B), Production (D), Marketing (F), Distribution (C), and Customer Service (A).

Quiz 1: The Accountants Vital Role in Decision Making