A number of terms are listed below:
Engineered costs
Key success factors (ksf)
Organic revenue
Strategy
Balanced scorecard (bsc)
Cost leadership
Economies of scale
Enterprise risk management
Internal-process perspective
Product differentiation
Value leadership
Competitive advantage
Customer perspective
Economies of scope
Financial perspective
Learning-and-growth
Perspective
Reengineering
Required
Select the terms from the above list to complete the following sentences.
Any management team must understand how it created value for its customers and decide how to accomplish this goal better than all its competitors. This is a decision about _______. For exciting new products and products with no substitutes, consumers are willing to pay a premium price. Focusing on inventing and commercializing products with unique attributes is a _______ ________ (or _______ ________) strategy. For most mass-produced products sold by many competitors, consumers readily find substitutes. _______ ________ is the alternative strategy that improves profitability and ROI through _______ ________ ________ and _______ ________ ________. Usually this means the management team will work on increasing the quantity of output using the same capacity. The fixed cost per unit produced will decrease and, if price is fixed, then profit will increase. Often cost leadership (or reduction) is achieved by _______ the production process. Growth can also be achieved by producing similar but not identical products and this is _______ ________ growth that provides economies of scope.
Competitive advantage is identified by a resource or set of resources available to a company that enable it to execute its business activities more profitably than other competitors. Management teams must align the choice of strategy with the competitive advantage to implement a strategy well. The set of resources that provide competitive advantage are called _______ ________ ________ (_______).
To obtain feedback on how successful the implementation of strategy is, a _______ ________ (_______) is often used. The BSC is the foundation of more technologically intensive _______ ________ ________ (_______) systems. The BSC and ERM require refined cost reporting systems.
The BSC measures success from four perspectives: _______ ________, ________ ________
________, ________/________, and of course _______ ________. The BSC approach provides a more detailed basis upon which to evaluate the success of implementation of strategy.