2.0 Learning Outcomes

At the end of this chapter, students will be able to:

• Explore the modern environment of business and the key players that can influence business decisions.
• Explain the factors that influence purchasing decisions.
• Differentiate between essential criteria for being considered as a supplier (order qualifiers) and criteria that give a competitive edge (order winners).
• Identify the four main priorities (cost, quality, speed, and flexibility) and the strategies firms use to achieve them.
• Describe the concept of core competency, which refers to a company’s unique strengths and capabilities.
• Explain the three levels of strategy—corporate, business, and functional.
• Describe the six categories of operations strategy, such as cost, quality, and innovation.