Which of the following play the two most key roles in helping organizations achieve superior quality, efficiency, innovation, and responsiveness to customers?Multiple select question.Value-chain managementFinancial managementMarketingFunctional strategy
Question
Which of the following play the two most key roles in helping organizations achieve superior quality, efficiency, innovation, and responsiveness to customers?Multiple select question.Value-chain managementFinancial managementMarketingFunctional strategy
Solution
The two most key roles in helping organizations achieve superior quality, efficiency, innovation, and responsiveness to customers are Value-chain management and Functional strategy.
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Value-chain management: This involves optimizing all the activities in the value chain of an organization to achieve superior quality, efficiency, innovation, and responsiveness to customers. These activities include inbound logistics, operations, outbound logistics, marketing and sales, and service. By managing these activities effectively, organizations can reduce costs, improve quality, enhance customer satisfaction, and drive innovation.
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Functional strategy: This refers to the approach a functional area takes to achieve corporate and business unit objectives and strategies by maximizing resource productivity. It is concerned with developing and nurturing a distinctive competence to provide a company or business unit with a competitive advantage. This strategy plays a key role in helping organizations achieve superior quality, efficiency, innovation, and responsiveness to customers.
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