Exam 2 Flashcards
Operations Management
specialized area in management that converts or transforms resources into goods and services.
Form Utility
value producers add to materials in the creation of finished goods and services.
-create value.
Process Manufacturing
part of the production process that physically or chemically changes materials.
-boil of the egg
Assembly Process
part of the production that puts together components.
Continuess process
production process in which long production runs turn out finished goods over time.
-productive
Intermittent Process
- production process in which the production run is short and the machines are changed frequently to make different products.
- products are more unique
Quality
- consistently producing what the customer wants while reducing errors before and after delivery to the customer.
- six sigma
Six Sigma
- quality measure that allows only 3.4 defects per million opportunitys.
- detects problems early in the process.
Materials Requirement Planning
- (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
Enterprise Resource Planning
- (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
Just in Time Inventory
- -(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
Intrinsic Rewards
-personal satisfaction
when accomplished a goal
Extrinsic Rewards
-recognition given to you by someone else for good work.
Scientific Management
- Fredrick Taylor
- Finding the most efficient way to do a job.Then teaching people those techniques
- took away value in employees
Human Resource Management
- determining human resource needs.
1. ) increased recognition
2. ) changes in the law that rewrote old practices.
Contingent Workers
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.
Networking
establishing and maintaining contacts with key managers in and outside the firm.
-use contacts to weave strong relationships that serve as informal development systems.
Mentoring
- exeprienced employee who supervises, coaches, and guides lower-level employees.
- coach
Union
-organization whose main goal is to represent the members in employee-management negotiation of job-related issues.
Labor unions
- minimum wage laws
- overtime rules
- workers compensation
- job safety
Tactics used in conflicts
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.
Tactis used by labor unions
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)
Future labor unions
white collar, female, and foreign-born.
Customer Relationship Management
- (CRM)
- process of learning as much as possible about customers and doing everything you can to satisy them.
- lifetime relationship
MArketing Mix
producty
price
place
promotion
Promotion
techinquies sellers use to inform people and motivate to buy
Test Marketing
process of testing products among potential users
Marketing research
-finding the information needed to make good decisions
Brand
-symbol that identifies a product
trademark
legal protection on brand
generic
non branded products that sell at a discount
Product life cycle
what happpens to sales and profits of a product
- introduction
- growth
- maturity
- decline
Marketing intermediaries
assists in moving goods and services from B2B and from B2C
Agent
brings buyers and sellers together
wholesaler
sells to other organizations
retailer
sells to ultimate consumers
logistics
concerned with flow of materials, finished products, and information
materials handling
movement of goods within a warehouse
-flow of goods as well as work
Freight forward
putting small shipments together to create a large shipment
-useful to small manufacturers whose products cant fill a truck
Integrated Marketing Communication
-combining all the promotional tools into one unified promotional strategy.
Personal Selling
face to face presentation of products
steps in the selling process
1-prospect and qualify 2-preapproach 3-approach 4-presentaion 5-answer objections 6-close the sale 7-follow up
sales promotion
-stimulates consumer purchasing by means of short term activities
Accounting
offers insights into whether a business is financially sound
-interperting financial events
Managerial accounting
providing information inside the firm
Financial accountant
providing information outside the firm
financial statement
- annual report
- yearly statement
audit
reviewing and evaluating the information used for firms financials
Independent Audit
-outside, unbiased opinion about the accuracy of a companeys financial statements.
Book Keepers
recording of business transactions
Double- entry
writing transactions in two places
Ledger
special report/book
financial managers
managers who examine financial data prepared by accountants.
finance
acquires funds for the firm
-managers those funds with in the firm
Why firms fail?
1-Undercapitalization
2-Poor control over cash flow
3-inadequate expense control
Budget
financial control plan for the future
capital budget
highlights spending plans for large purchases
cash budget
cash inflows and outflows
Operating Budget
master budget that summaries its proposed activities
