94 Chapter 4 29. A process by which a firm identifies its critical success factors, studies the best practices of other firms for these critical success factors, and then implements improve:nents in the firm's processes to match or beat the performance of these competitors is termed: a c. strategic management d. benchmarking continuous improvement b. reengineering 30. A technique in which management develops policies and practices to ensure that the firm's products and services exceed the customer's expectations is continuous improvement b. critical success factoring total quality management . c. benchmarking d. S1. A process for creating competitive advantage in which a firm reorganizes its operating and management functions, often with the result that jobs are modified, combined, or eliminated is termed: benchmarking b. life cycle costing c. target costing d. reengineering a. A strategic technique to help firms effectively improve the most common and important critical success factor - cycle time, is: activity-based costing b. benchmarking 32. c. the theory of constraints d. continuous improvement . 33. The competitive strategy of "cost leadership" allows a firm to out- perform competitors by producing products or services: with lowered quality standards. b. in smaller operational units. at lower costs achieved by increased productivity d. with attractive added features. a. C. 34. The competitive strategy of "differentiation" requires that a product or service must be: always readily available. price competitive. produced at the lowest possible cost. unique in some important way, usually of being of higher quality . b. C. d. 35. Many firms find that a consideration of critical success factors yields a renewed focus on the three key factors of product design, manufacture and distribution b. cost, price and volume