Chapter 4 Flashcards
Channels of Distrubution
It is ways or path that a product gets from the manufacturer
to the consumer
B2B
It refers to e-commerce catered for the needs of other
businesses
B2C
It refers to e-commerce catered for the end user – customer.
Job Production
It is the method of production that involves creation of
individual customised product to meet the specific requirement of the customers
Batch production
This method of production involves limited number of identical
products. It is suitable for making a range of products
Flow/Line/Mass Production
This involves production of standardized identical products
produced in large quantities. This also involves a flow of sequence of production hence not a flexible method
Quality Control
It is the traditional way of quality management that involves
checking and reviewing work processes at every step of production
Quality Assurance
It is the management process of guaranteeing the consumer of
a product’s quality
Lean Production
It is the process of streamlining operations and processes in
order to reduce all forms of waste
Trademarks
It is a sign or logo that represents a business or a product
belonging to that business
Just in Time
It is a stock management method basedon having stocks delivered as and when they are needed in the production process
Maximum Stock Level
This refers to the maximum limit of stock that a business wishes to hold
Re-order level
This is time lag between affirm placing an order for stocks and
it being delivered, until the next order is placed
Minimum Stock Level
This refers to the minimum amount of stock that a business
wishes to hold
Reorder Quantity
This refers to the amount of new stock ordered
