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Act2 stratc2

Act2 stratc2

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Chaize Denmar E. Estanda BJAC01

Instructions

STRATC2 TOPIC 2: Developing a Competitive Strategy; Contemporary Cost Management Techniques

Activity 2

Instructions: Answer the following questions below.

1. Is customer satisfaction a qualitative or a quantitative measure of performance? Or, is it a

combination of both measures? (2 pts)

- Measuring customer satisfaction can be both measures of qualitative and quantitative data.

Customer satisfaction data is almost always subjective and is quantitative when objective and implicit and

qualitative when subjective and explicit. A customer satisfaction score is explicit information gleaned from

a customer survey. A survey of this type directly asks the customer about their experience and level of

satisfaction and uses a scale for responses. Qualitative data is just as important for gaining a better

understanding of your customers. It is the information that reveals more, that digs beneath the surface.

2. Define, based on your own understanding, what is competitive benchmarking and continuous

improvement. (2 pts)

- Benchmarking is a process that companies used to assessed their internal value through comparing it to

other similar companies. Benchmarking is arising as a tool for gaining the data required to support

continuous improvement and gain a competitive advantage in cutting-edge companies. To effectively

benchmark, there must be a strong strategic focus as well as some flexibility in achieving management's

goals.

3. Name 5 contemporary management techniques and describe each briefly. (5 pts)

a. The Balanced Scorecard (BSC) and the Strategy Map. The BSC is an accounting report that includes the

firm’s critical success factors in four areas: financial performance, customer satisfaction, internal

processes, and learning and growth (human resources). The Strategy Map is a method, based on the

balanced scorecard, which links the four perspectives in a cause-and-effect diagram.

b. Activity-based Costing and Management: Activity-based costing is used to improve the tracing of

manufacturing costs to products and therefore the accuracy of product costs. Activity-based management

(ABM) uses activity analysis to help managers improve the value of products and services and to increase

the firm’s competitiveness

c. Total Quality Management is a technique in which management develops policies and practices to

ensure that the firm's products and services exceed the customer's expectations.

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Chaize Denmar E. Estanda BJAC01 Instructions STRATC2 TOPIC 2: Developing a Competitive Strategy; Contemporary Cost Management Techniques Activity 2 Instructions: Answer the following questions below. 1. Is customer satisfaction a qualitative or a quantitative measure of performance? Or, is it a combination of both measures? (2 pts) Measuring customer satisfaction can be both measures of qualitative and quantitative data. Customer satisfaction data is almost always subjective and is quantitative when objective and implicit and qualitative when subjective and explicit. A customer satisfaction ...
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