Chapter 1 Assignment Acc 604

1011 WordsDec 16, 20125 Pages
Khanh Le ACC 604 Chap 1 Assignment 1. What is meant by a business strategy? A strategy is a “game plan” that distinguishes the company from its competitors, so that it can attract customers and succeed. 2. Describe the three broad categories of a customer value proposition. Three customers value propositions: * Customer Intimacy: Company stays close to its customers and satisfy customers’ needs better than that of the other competitors. * Operational excellence: Company provides values to its customers by excelling in operational activities such as: delivering, pricing, customer services. * Product leadership: Company adds value to its customers by providing high quality products than those of its competitors.…show more content…
* Analyze: Identify the root causes of the problems identified in the previous stage. * Improve: Develop, evaluate and implement solutions to the problems. * Control: Ensure problems remain fixed. 12. Why is adherence to ethical standard important for the smooth functioning of an advanced market economy? Adherence to ethical standard is important in the functioning of a market economy because it is the fuel that keeps the economy going. With no ethical standards followed, in the long run, every stakeholder in the economy will lose. 13. Describe what it meant by corporate governance. The system by which a company is directed and controlled is called corporate governance. If it is implemented properly, it will create incentives for the board directors and top management to pursue objectives that are in the interests of the company’s owners. 14. Briefly describe what is meant by enterprise risk management. A process used by company to identify the risks that it is facing and to develop strategies to deal with those risks, hence, assisting the company in achieving its goals. 15. What are the major stakeholder groups whose interests are tied to a company’s performance? Some of the major stakeholder groups: stockholders, employees, customers, suppliers, communities. Problem 1-4 1. According to the

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