Which of the following is NOT a component of total quality management (TQM)?
A) Continuous improvement is considered a priority.
B) Every employee needs to be involved.
C) Companies learn from customers, and their employees learn from other employees.
D) TQM companies work only with other TQM companies.
E) Accurate standards are used to identify and eliminate problems.
Answer: D
Explanation: D) TQM companies working only with other TQM companies is not one of the four components of TQM.
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The two pivotal factors that distinguish one competitive strategy from another boil down to:
a. (1) whether the company has a customer value proposition, profit formula, and collection of valuable resources; and (2) whether the company's market target is broad or narrow. b. (1) whether the company focuses on low cost, and (2) whether the company chooses offensive or defensive moves to counter the rivals. c. (1) whether the company chooses offensive or defensive moves to counter its rivals, and (2) whether the company's market target is broad or narrow. d. (1) whether the company has to deal with strong competitive forces, and (2) whether the company chooses offensive or defensive moves to counter its rivals. e. (1) whether the company's market target is broad or narrow, and (2) whether the company is pursuing a competitive advantage linked to lower costs or differentiation.
What goods are similar in quality but different enough in price to justify shopping comparisons?
A) emergency goods B) homogeneous shopping goods C) heterogeneous shopping goods D) specialty goods E) convenience goods