DOCUMENTS AND RECORDS CONTINUATION Flashcards
-The FORMAL STRATEGY to identify, attract, and maintain customers.
-the steps include needs awareness, market research, analysis of alternative solutions, action plan and implementation
Marketing plan
The process of systematically gathering, recording, and analyzing data and information about customers, competitors and market
Marketing research
TWO SECTIONS OF MATERIAL MANAGEMENT
- Purchasing
- Stockroom
Goals of material management
-supplies arrive in timely manner
-spoilage is reduced to a minimum
-back orders and delays are avoided
-storage space is used to the best advantage
-the most economically advantageous price is obtained
-financial resources not tied up in inventory
Oversees the ordering of supplies and processing of invoices from the vendors
Purchasing
Sequence of purchasing
- Product specifications
- Orders
- Receive
- Inventory
- Record
-detailed description must be included in written specifications
-benchmarking of products
- placement of equipments
- availability of product and preventive maintenance manual.
Product research and specification
Products that meet specific time and price criteria are classified as supplies
Orders/purchasing of supplies
Supplies may be classified as:
-items that are consumed within 1yr or have a shelf life less than 1yr
-items below a certain price level even though their shelf life exceeds 1yr
-A document authorizing the purchase of a product or service from a vendor.
- can be classified as release orders or stabdung orders
Purchase order
A CATALOG OF PRODUCTS held in stock by material management
Traveling requisition
Records and inventory control (3 methods)
- PERPETUAL SYSTEM
- PERIODIC SYSTEM
- RANDOM CHECKS
Stock replenishment technique
- Minimum - maximum
- Just in time
Financial control inventory
EOQ (economic ordering quantity)
EOP (economic ordering point)
ROT (optimal reorder type)
Relies heavily on quantitative statistical methods that focus on the final product as defined by the standards set by the producer
Quality control