BUS Exam 2 Flashcards
(27 cards)
Pert Chart
project management tool used to schedule organize and coordinate tasks of a project
Gant chart
project management tool that visualizes a project schedule and progress over time
Operations management-
focuses on internal processes ex. Concerned with efficiency, quality
Supply chain-
focuses on external processes ex. Suppliers, purchasing, warehousing
Fixed position
business arrangement where the main components of a project remain in place while machinery, materials, and workers move the product
Total quality management-
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)
Six sigma-
management techniques intended to improve business processes by greatly reducing the probability that an error or defect will occur
ISO 9000-
set of standards for quality management developed by the International Organization for Standardization (ISO)
Marketing mix-
a combination of factors that a company uses to market a product or service
Marketing plan-
identifies plan of attack for marketing efforts, steps: analyze, develop plan, create , implement plan, evaluate effectiveness
Market segmentation
a marketing strategy that involves dividing a large group of potential customers into smaller groups, or segments, that share common characteristics (think of examples)
The different intermediaries:
agnets and brokers, retailers, wholesalers, distributors
Agents and brokers
Link buyers and sellers, earning commissions by selling products and services
distributors=
Deliver products from manufacturers to wholesalers or retailers in various locations
Wholesalers=
Purchase goods in bulk from manufacturers and resell them to retailers
Retailers=
Buy products from manufacturers or other intermediaries and sell them to the end consumer
B2B-
business to business (marketing strategy where a business promotes its products or services to other businesses)
B2C-
business to consumer ( a business model where a company sells products or services directly to individual consumers)
Target marketing-
the process of reaching out to a specific group of potential customers with a product or service
niche marketing
a strategy that focuses on a specific group of consumers, or niche market, with unique needs and preferences
promotional mix
a combination of marketing techniques used to promote a product or service
Product lifecycle
intro-> growth-> maturity -> decline
four types of consumer goods
convienance (cbips, candy) , shopping products (washing machine) , specialty goods (car) , unsought goods (life insurance)
distribution channels
the network of businesses or intermediaries through which a good or service passes until it reaches the final buyer
