BUS Exam 2

Question 1

Pert Chart

Answer 1

project management tool used to schedule organize and coordinate tasks of a project

Question 2

Gant chart

Answer 2

project management tool that visualizes a project schedule and progress over time

Question 3

Operations management-

Answer 3

focuses on internal processes ex. Concerned with efficiency, quality

Question 4

Supply chain-

Answer 4

focuses on external processes ex. Suppliers, purchasing, warehousing

Question 5

Fixed position

Answer 5

business arrangement where the main components of a project remain in place while machinery, materials, and workers move the product

Question 6

Total quality management-

Answer 6

principle that every staff member must be committed to maintaining high standards of work in every aspect of a company’s operations.(always think of improvement)

Question 7

Six sigma-

Answer 7

management techniques intended to improve business processes by greatly reducing the probability that an error or defect will occur

Question 8

ISO 9000-

Answer 8

set of standards for quality management developed by the International Organization for Standardization (ISO)

Question 9

Marketing mix-

Answer 9

a combination of factors that a company uses to market a product or service

Question 10

Marketing plan-

Answer 10

identifies plan of attack for marketing efforts, steps: analyze, develop plan, create , implement plan, evaluate effectiveness

Question 11

Market segmentation

Answer 11

a marketing strategy that involves dividing a large group of potential customers into smaller groups, or segments, that share common characteristics (think of examples)

Question 12

The different intermediaries:

Answer 12

agnets and brokers, retailers, wholesalers, distributors

Question 13

Agents and brokers

Answer 13

Link buyers and sellers, earning commissions by selling products and services

Question 14

distributors=

Answer 14

Deliver products from manufacturers to wholesalers or retailers in various locations

Question 15

Wholesalers=

Answer 15

Purchase goods in bulk from manufacturers and resell them to retailers

Question 16

Retailers=

Answer 16

Buy products from manufacturers or other intermediaries and sell them to the end consumer

Question 16

B2B-

Answer 16

business to business (marketing strategy where a business promotes its products or services to other businesses)

Question 17

B2C-

Answer 17

business to consumer ( a business model where a company sells products or services directly to individual consumers)

Question 18

Target marketing-

Answer 18

the process of reaching out to a specific group of potential customers with a product or service

Question 19

niche marketing

Answer 19

a strategy that focuses on a specific group of consumers, or niche market, with unique needs and preferences

Question 20

promotional mix

Answer 20

a combination of marketing techniques used to promote a product or service

Question 21

Product lifecycle

Answer 21

intro-> growth-> maturity -> decline

Question 22

four types of consumer goods

Answer 22

convienance (cbips, candy) , shopping products (washing machine) , specialty goods (car) , unsought goods (life insurance)

Question 23

distribution channels

Answer 23

the network of businesses or intermediaries through which a good or service passes until it reaches the final buyer

Question 24

logistics planning

Answer 24

the organization of all aspects of a supply chain as it relates to a business

Question 25

Transportation modes for product

Answer 25

pipeline (oil), trucks and trains (blankets), plane (fast), ship (slow but cheap)

Question 26

Advertising vs Publicity relations:

Answer 26

the media you pay for vs. media you earn with the public