Exam 2

Question 1

Operations Management

Answer 1

specialized area in management that converts or transforms resources into goods and services.

Question 2

Form Utility

Answer 2

value producers add to materials in the creation of finished goods and services.
-create value.

Question 3

Process Manufacturing

Answer 3

part of the production process that physically or chemically changes materials.
-boil of the egg

Question 4

Assembly Process

Answer 4

part of the production that puts together components.

Question 5

Continuess process

Answer 5

production process in which long production runs turn out finished goods over time.
-productive

Question 6

Intermittent Process

Answer 6

• production process in which the production run is short and the machines are changed frequently to make different products.
• products are more unique

Question 7

Quality

Answer 7

• consistently producing what the customer wants while reducing errors before and after delivery to the customer.
• six sigma

Question 8

Six Sigma

Answer 8

• quality measure that allows only 3.4 defects per million opportunitys.
• detects problems early in the process.

Question 9

Materials Requirement Planning

Answer 9

• (MRP)
• computer program management that uses sales forecasts to make sure that needed parts and materials are available at the right time and place.
• right tools at the right time

Question 10

Enterprise Resource Planning

Answer 10

• (ERP)
• Combines the computerized functions of all the divisions and subsidiaries of the firm (finance, HR, and order fulfillment) into a single integrated software that uses a single database.
• manages overall operations

Question 11

Just in Time Inventory

Answer 11

• -(JIT)
• just the right amount of goods
• minimum of inventory is kept on the premises and parts, supplies, and other needs are delivered just in time to go on the assembly line.
• excellent coordination with suppliers

Question 12

Intrinsic Rewards

Answer 12

-personal satisfaction

when accomplished a goal

Question 13

Extrinsic Rewards

Answer 13

-recognition given to you by someone else for good work.

Question 14

Scientific Management

Answer 14

• Fredrick Taylor
• Finding the most efficient way to do a job.Then teaching people those techniques
• took away value in employees

Question 15

Human Resource Management

Answer 15

• determining human resource needs.
  1. ) increased recognition
  2. ) changes in the law that rewrote old practices.

Question 16

Contingent Workers

Answer 16

part time workers, seasonal, and temporary workers.

• workers under the age of 25
• may hire when full timers are on some type of leave
• and when there is a peak demand for labor or products.

Question 17

Networking

Answer 17

establishing and maintaining contacts with key managers in and outside the firm.
-use contacts to weave strong relationships that serve as informal development systems.

Question 18

Mentoring

Answer 18

• exeprienced employee who supervises, coaches, and guides lower-level employees.
• coach

Question 19

Union

Answer 19

-organization whose main goal is to represent the members in employee-management negotiation of job-related issues.

Question 20

Labor unions

Answer 20

• minimum wage laws
• overtime rules
• workers compensation
• job safety

Question 21

Tactics used in conflicts

Answer 21

lockout-temporarily closing the business
injunction - court order directing someone
strike breakers-workers hired to do the jobs of stirking workers until the labor disput is resolved.

Question 22

Tactis used by labor unions

Answer 22

strikes-workes refuse to work

• boycott primary-encourages both members and public to not buy the products of a firm
• secondary boycott- convince others to stop doing business with a firm (outlawed)

Question 23

Future labor unions

Answer 23

white collar, female, and foreign-born.

Question 24

Customer Relationship Management

Answer 24

• (CRM)
• process of learning as much as possible about customers and doing everything you can to satisy them.
• lifetime relationship

Question 25

MArketing Mix

Answer 25

producty price place promotion

Question 26

Promotion

Answer 26

techinquies sellers use to inform people and motivate to buy

Question 27

Test Marketing

Answer 27

process of testing products among potential users

Question 28

Marketing research

Answer 28

-finding the information needed to make good decisions

Question 29

Brand

Answer 29

-symbol that identifies a product

Question 30

trademark

Answer 30

legal protection on brand

Question 31

generic

Answer 31

non branded products that sell at a discount

Question 32

Product life cycle

Answer 32

what happpens to sales and profits of a product - introduction - growth - maturity - decline

Question 33

Marketing intermediaries

Answer 33

assists in moving goods and services from B2B and from B2C

Question 34

Agent

Answer 34

brings buyers and sellers together

Question 35

wholesaler

Answer 35

sells to other organizations

Question 36

retailer

Answer 36

sells to ultimate consumers

Question 37

logistics

Answer 37

concerned with flow of materials, finished products, and information

Question 38

materials handling

Answer 38

movement of goods within a warehouse | -flow of goods as well as work

Question 39

Freight forward

Answer 39

putting small shipments together to create a large shipment | -useful to small manufacturers whose products cant fill a truck

Question 40

Integrated Marketing Communication

Answer 40

-combining all the promotional tools into one unified promotional strategy.

Question 41

Personal Selling

Answer 41

face to face presentation of products

Question 42

steps in the selling process

Answer 42

``` 1-prospect and qualify 2-preapproach 3-approach 4-presentaion 5-answer objections 6-close the sale 7-follow up ```

Question 43

sales promotion

Answer 43

-stimulates consumer purchasing by means of short term activities

Question 44

Accounting

Answer 44

offers insights into whether a business is financially sound | -interperting financial events

Question 45

Managerial accounting

Answer 45

providing information inside the firm

Question 46

Financial accountant

Answer 46

providing information outside the firm

Question 47

financial statement

Answer 47

- annual report | - yearly statement

Question 48

audit

Answer 48

reviewing and evaluating the information used for firms financials

Question 49

Independent Audit

Answer 49

-outside, unbiased opinion about the accuracy of a companeys financial statements.

Question 50

Book Keepers

Answer 50

recording of business transactions

Question 51

Double- entry

Answer 51

writing transactions in two places

Question 52

Ledger

Answer 52

special report/book

Question 53

financial managers

Answer 53

managers who examine financial data prepared by accountants.

Question 54

finance

Answer 54

acquires funds for the firm | -managers those funds with in the firm

Question 55

Why firms fail?

Answer 55

1-Undercapitalization 2-Poor control over cash flow 3-inadequate expense control

Question 56

Budget

Answer 56

financial control plan for the future

Question 57

capital budget

Answer 57

highlights spending plans for large purchases

Question 58

cash budget

Answer 58

cash inflows and outflows

Question 59

Operating Budget

Answer 59

master budget that summaries its proposed activities