cost acct test bank chapter 13 (2)

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19) Bosely Corporation is reviewing its business strategy. The first step for Bosely is to perform an industry analysis. You have been hired to help the company go through the strategy formulation process.

Required:

To perform the industry analysis, what areas should Bosely focus on and give at least one example of how Bosely can effectively deal with each area.

Answer: The industry analysis is composed of five areas:

1. Competitors - How competitive is the industry for Bosely's particular product ? They can differentiate the product to reduce competition.

2. Potential entrants to the market - How easy is it for new competitors to join the market? Create barriers to entry, such as high capital requirements.

3. Equivalent products - Is there a substitute product available? Make continuous product improvements to reduce likelihood of equivalent products.

4. Bargaining power of customers - How many suppliers can customers access? Try to negotiate long-term purchase agreements.

5. Bargaining power of input suppliers - How many raw material vendors are there? Try to find alternative suppliers and negotiate the best price for raw materials. Diff: 3

Terms: five force industry analysis Objective: 1

AACSB: Reflective thinking

20) Explain the product differentiation and the cost leadership strategies.

Answer: Product differentiation is an organization's ability to offer products or services perceived by its customers to be superior and unique relative to the products or services of its competitors.

Cost leadership is an organization's ability to achieve lower costs relative to competitors through productivity and efficiency improvements, elimination of waste, and tight cost control. Diff: 3

Terms: cost leadership, product differentiation Objective: 1

AACSB: Reflective thinking

Objective 13.2

1) ________ is the fundamental rethinking and redesign of business processes to achieve improvements in critical measures of performance such as cost, quality, service, speed, and customer satisfaction. A) Strategy

B) Customer perspective

C) Learning and growth perspective D) Reengineering Answer: D Diff: 1

Terms: reengineering Objective: 2

AACSB: Reflective thinking

2) Successful reengineering involves:

A) cutting across functional lines to focus on the entire business process B) redefining the roles and responsibilities of employees C) using information technology D) All of these answers are correct. Answer: D Diff: 2

Terms: reengineering Objective: 2

AACSB: Reflective thinking

3) The balanced scorecard measures an organization's performance from all of the following perspectives EXCEPT: A) financial B) government C) customer

D) learning and growth Answer: B Diff: 2

Terms: Balanced Scorecard Objective: 2

AACSB: Reflective thinking

4) Reengineering is the fundamental rethinking and redesign of business processes to achieve

improvements in critical measures of performance such as cost, quality, service, speed, and customer satisfaction. Answer: TRUE Diff: 1

Terms: reengineering Objective: 2

AACSB: Reflective thinking

5) Reengineering benefits are most significant when they focus on one business function rather than crossing functional lines of the business process. Answer: FALSE

Explanation: Reengineering benefits are most significant when they cut across functional lines to focus on the entire business process. Diff: 2

Terms: reengineering Objective: 2

AACSB: Reflective thinking

6) Successful reengineering efforts generally involve changing the roles and responsibilities of employees. Answer: TRUE Diff: 2

Terms: reengineering Objective: 2

AACSB: Reflective thinking

7) What is reengineering. Can you contrast a reengineering approach to change with a kaizen approach to change?

Answer: Reengineering is the rethinking of business processes, such as the order delivery process, to improve critical performance measures such as cost, quality, or customer satisfaction. It can be contrasted to a kaizen approach to change in that reengineering is most often a sudden, drastic change, while a kaizen approach involves small, incremental but continual improvements. Diff: 2

Terms: reengineering Objective: 2

AACSB: Analytical skills

Objective 13.3

1) ________ translates an organization's mission and strategy into a comprehensive set of performance measures that provide the framework for implementing its strategy. A) Productivity component B) Product differentiation C) Cost leadership

D) The balanced scorecard Answer: D Diff: 1