Table of Contents
- 1 What is achieving superior efficiency?
- 2 What is superior innovation?
- 3 How do you achieve superior innovation?
- 4 What do you know about superior quality?
- 5 What does superior customer service look like?
- 6 How do you deal with superior customers?
- 7 Is superior a quality?
- 8 What is efficiency and what does it mean?
- 9 When is efficiency is more desirable than productivity?
What is achieving superior efficiency?
1. Attain superior efficiency: Efficiency is the measure of the amount of inputs required to produce a given amount of outputs. The fewer the amount of inputs required to produce a given output, the higher the efficiency level and the lower the cost of outputs.
What is superior innovation?
Strategic innovation is an organization’s process of reinventing or redesigning its corporate strategy to drive business growth, generate value for the company and its customers, and create competitive advantage. This type of innovation is essential for organizations to adapt to the speed of technology change.
How do you achieve superior innovation?
Innovation
- build better product.
- provide better service.
- improve existing products.
- and reduce the costs of making the most wanted product.
What is superior customer responsiveness?
Being high on customer responsiveness is about understanding that each customer is different, and so their needs, expectations, problems, and emotions too, are all unique and the company must treat them as so. Customers love companies that seem to know what they need – it makes them feel special and valued.
Why superior efficiency is important?
Superior efficiency enables a company to lower its costs; superior quality allows it to charge a higher price and lower its costs; and superior customer service lets it charge a higher price. Valuable distinctive competencies enable a company to generate superior profitability.
What do you know about superior quality?
1 greater in quality, quantity, etc. 2 of high or extraordinary worth, merit, etc.
What does superior customer service look like?
One of the best ways to define superior customer service is to understand that you must go above and beyond your customer expectations during each interaction. To achieve this goal, you must first understand what your customers need, which requires market research and surveys. A satisfied customer is a repeat customer.
How do you deal with superior customers?
Six Rules for Delivering a Superior Customer Service
- Know your customer.
- Keep them informed.
- Serve them quickly.
- Provide them with access.
- Build trust.
- Give advice and guidance.
How are the four building blocks of competitive advantage related to each other?
The four building blocks of competitive advantage are superior efficiency, quality, innovation, and customer responsiveness (Hill & Jones, 2009; Hill et al., 2016). These building blocks allow a company to differentiate its product offerings to provide more utility to customers and/or lower its cost structure.
What are the four functional strategies of competitive advantage?
The four primary methods of gaining a competitive advantage are cost leadership, differentiation, defensive strategies and strategic alliances.
Is superior a quality?
1 : of high quality : high or higher in quality superior products/results a superior wine = a wine of superior quality This new model offers superior performance.
What is efficiency and what does it mean?
What is efficiency? Definition and meaning – Market Business News. What is efficiency? Definition and meaning. Efficiency looks at what is currently being produced and compares that with what could be achieved with the existing consumption of resources, i.e. labor, time, money, machinery, etc. It is one of the main factors when determining
When is efficiency is more desirable than productivity?
Sometimes efficiency is more desirable than productivity. For example, imagine two people, Judith and Bob, they both sell industrial valves. Bob sells valves worth $20,000 each week, and claims $3,000 on business expenses.
How is efficiency related to amount of waste?
Efficiency is linked to the amount of waste – the less waste there is, the more efficient a company or employee is. If John Doe Ltd. produces 1,000 valves each week with 100 employees and Mary Smith Inc. produces 1,100 valves each week with 100 workers, Mary Smith Inc. has clearly got superior productivity.
Which is an example of efficiency in business?
For example, imagine two people, Judith and Bob, they both sell industrial valves. Bob sells valves worth $20,000 each week, and claims $3,000 on business expenses. He visits customers, takes them out for lunch, arranges expositions, rents venues, contracts specialized speakers, etc.