The value added by the creation of finished goods and services.
What is process manufacturing?
Part of production that physically or chemically changes your materials.
Which process that puts components together?
Long production runs that produce the finished product
short production and machines within the production are changed frequently in the ___?
What is the creation of finished goods and services using the factors of production: land, labor, capital, and knowledge.
Time, labor, capital, and external factors are examples of___
What is efficiency?
Providing goods and services at the quickest or most effective rate
What is effectiveness?
Providing goods and services of the highest quality.
What is production management?
All activities managers do to help firms create goods.
What is operation management?
A specialized area in management that converts or transforms resources into goods and services.
What is the function in a firm that searches for quality resources, finds best suppliers, and negotiates the best price?
What is the computer based system that uses sales forecasts to make sure that needed parts and material are available at the right time and place?
materials requirement planning
What is the facility layout?
Physical layout or arrangement of resources including people in the production process, and this depends on the price to be performed.
What is JIT inventory control?
(Just in Time) inventory control is a process in which a minimum inventory is kept on the premises, parts supplies and other materials for production are delivered just when they are needed.
What is quality control?
Consistently producing what the customer wants while reducing errors before and after delivery to the customer.
What does organizing do?
It designs and provides structure to the allocation of resource and staff.
What is enterprise resource planning?
Very expensive computer assisted forecasting for needs of all aspects of the business.
What is a bar graph that clearly shows what projects are being worked on and how much has been completed at any given time?
A Gantt chart.
What is the difference between primary data and secondary data?
Primary data is data using surveys, focus groups, interviews, observations, online surveys, questionnaires, customer comment, etc. whereas secondary data is where omeone else gathers the information for you, and you don't have to go out and find it on your own.
Elements of the marketing mix are ____?
Product, place, price, and promotion
All of the goods or services offered by a company intended for a similar market is the___?
All of the product lines offered by a company is the___?
What are brands and trademarks?
Names or symbols used to distinguish a product from its competition.
What is equity?
The value associated with the brand name. People trust it and are willing to pay more for it.
The idea that you are going to keep coming back to the same brand over and over again no matter what is?
What is awareness?
How much people recognize your product.
where you try to tie your brand name to something that may not be directly of it to reach a target market.
A decline is when___.
people slow the use of a product and someone else comes out with a better product
What is price skimming?
Very high introduction costs to cover the development costs because they know people will pay higher price for new products.
Penetration pricing strategy is when you___
price the product low just so you can get the product in people's hands and they will get familiar with it and figure out they like it and need it.
What is the break-even point?
where total cost = total revenues
Taking a couple of different products and putting them together, usually at a discount, is___
What are trade discounts?
When companies may be willing to provide goods and services in exchange for products.
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