Question 1

To support a go/no-go decision, a ________ plan outlines the features, resource needs, timeline, and expected benefits associated with realizing a new project.

Accepted Answer

A product development plan outlines the features, resource needs, timeline, and expected benefits associated with realizing a new project, which supports a go/no-go decision.

Question 2

To speed product development and promote innovation, managers should avoid

Accepted Answer

The answer of To speed product development and promote innovation,...

Question 3

A company invests considerably in research, with a dedicated team that is challenged to scour the industry for breakthrough ideas that could allow the business to create new products with unique features. This company demonstrates a commitment to

Accepted Answer

The company's focus on breakthrough ideas and creating new products with unique features aligns with quantum product innovation, which involves significant changes and advancements in product offerings.

Question 4

Total quality management (TQM)is a technique that focuses on

Accepted Answer

Total quality management (TQM) is a management approach that seeks to improve the quality of products and services through continuous refinements in response to continuous feedback.

Question 5

A headphone manufacturer uses advancements in technology to continually improve the sound quality of its products. This is an example of

Accepted Answer

Incremental product innovation refers to small, gradual improvements made to a product over time, such as enhancing sound quality in headphones through technological advancements.

Question 6

A local newspaper hosts a booth at community events and uses electronic tablets to create new subscriptions on the spot. It also accepts subscription inquiries and article commentary through an online site and regularly sends notices to readers about important updates to the newspaper. This publisher is implementing

Accepted Answer

The publisher is using customer relationship management (CRM) by engaging with customers through various channels, such as community events and online platforms, to manage and enhance relationships with subscribers.

Question 7

A ________ is a written agreement that details project factors such as responsibilities, resources, budgets, timelines, and development milestones.

Accepted Answer

A contract book is a written agreement that outlines project factors such as responsibilities, resources, budgets, timelines, and development milestones.

Question 8

A pharmaceutical company's Research and Development lab identified a new way to treat a disease, with expectations that it will improve patients' survival rates. This is an example of

Accepted Answer

Quantum product innovation refers to a significant breakthrough or a new way of doing things, such as a novel treatment for a disease that can substantially improve outcomes.

Question 9

An outdoor-furniture company decides to add a line of gas grills. By focusing value chain activities on the quality, cost, and features that will allow the grills to compete favorably in the market, the company is demonstrating

Accepted Answer

The answer of An outdoor-furniture company decides to add a...

Question 10

Increasing the efficiency of an operating system has the effect of

Accepted Answer

Increasing the efficiency of an operating system can streamline processes, reduce waste, and improve productivity, which can lead to greater profitability for an organization.

Question 11

A company recently implemented strategies to reduce the number of inputs required to produce outputs at various stages of the value chain. This has resulted in ________ efficiency and the cost of outputs is ________.

Accepted Answer

The company's strategies to reduce inputs while maintaining or increasing outputs lead to greater efficiency, which typically results in reduced costs of outputs.

Question 12

Miranda suggests to her company that they should introduce self-managed teams in order to

Accepted Answer

Self-managed teams are typically introduced to increase workforce efficiency by empowering team members to manage their own tasks and responsibilities, leading to more effective and efficient work processes.

Question 13

Riya is assigned to a new project and has ownership for key project stages from planning, through development, to delivery. Riya is considered a ________ member of the project team.

Accepted Answer

Riya is considered a core member because she has ownership of key project stages, indicating her central role in the project team.

Question 14

Game Play sells gaming systems and allows customers to mix-and-match individual components when placing a system order. Which type of facilities layout would best serve Game Play's production needs?

Accepted Answer

The answer of Game Play sells gaming systems and allows...

Question 15

The first step in a stage-gate development funnel is to

Accepted Answer

The first step in a stage-gate development funnel is to generate a wide range of new product ideas, encouraging creativity and innovation from employees.

Question 16

In order to succeed, how should an organization respond to customer demands?

Accepted Answer

Customer demands should drive value chain activities because they are the ultimate goal of any organization.

Question 17

For successful total quality management (TQM),

Accepted Answer

Successful TQM requires cooperation and collaboration across all functions and levels of management within an organization to ensure quality is integrated into every aspect of the production process.

Question 18

Each month, a team of managers evaluates new and in-progress projects and determines which ones will receive the necessary functional resources to progress in the coming month. This process demonstrates

Accepted Answer

A stage-gate development funnel is a project management approach where projects are evaluated at various stages (or gates) to determine if they should continue to receive resources and progress.

Question 19

________ is the management of the value chain activities that bring new goods or services to market.

Accepted Answer

Product development is the management of the value chain activities that bring new goods or services to market.

Question 20

Lumen, a manufacturer of theatre lighting, strives to improve the longevity and brightness of its lights by continuously changing designs and trying different combinations of component parts during manufacturing. This is an example of

Accepted Answer

This is an example of incremental product innovation because Lumen is making small, continuous improvements to its product (theatre lighting) to enhance its features such as longevity and brightness.

Quiz 9: Value Chain Management Functional Strategies for Competitive Advantage