Chapter 8 Flashcards
Operations management
is the area of management responsible for the activities necessary to produce goods and services
Conversion
is the process of changing and improving resources to create goods or services
Materials processing
is changing the form of raw materials for another use
Mass production
is the manufacturing of goods in large quantities using standard techniques
Production process
is all the activities required to create a product
Business purchasing
is the activity of acquiring materials, supplies, or services necessary to create a product
Purchasing agents
are the individuals responsible for sourcing and buying the materials needed for producing goods and services
Perpetual inventory-control system
is a method of counting inventory that always shows the quantity on hand
Electronic data interchange (EDI)
is the standard transfer of electronic data for business transactions between organizations
Periodic inventory-control system
is a method of measuring inventory that involves taking a physical count of merchandise at regular periods, such as weekly, monthly, or yearly
Inventory shrinkage
is the difference between the perpetual inventory and the physical inventory
Just-in-time (JIT) inventory-control system
is a method of managing inventory that keeps a minimal number of raw materials on hand to meet production needs
Quality control
is the activity of checking products as they are produced or received to ensure the quality meets expectations
Product planning
is the process of deciding which products will be most strategic for the organization to produce
New product
is a product that is different in some way from existing products
Product life cycle
is the series of stages a product goes through from its beginning to the end
Repositioning
is marketing an existing product in a new way to create a new opinion or view of the product in the minds of customers to increase sales
Repackaging
is using new packaging for an existing product
Image
is the idea that people have about someone or something
Brand
is a name, term, or design that sets a product or business apart from its competition
Prototype
is a working model of a new product for testing purposes
Trial run
consists of testing a service on a few select customers to make sure that everything runs smoothly
Test marketing
introduces a new product to a small portion of the target market to learn how it will sell
