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intro to business > Exam Review > Flashcards

Exam Review Flashcards

1
Q

store atmospherics

A

A successful retailer designs its merchandising, pricing, and promotion strategies, the physical characteristics of a store and its services.

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2
Q

Logistics

A

The process of coordinating the flow of goods, services, and information between members of the supply chain

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3
Q

Product life cycle

A

4 basic stages in the development of successful product- introduction, growth, maturity and decline

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4
Q

Product life cycle: Introduction stage

A

This is when a new product is introduced to the market. It’s like a newborn baby entering the world. Companies spend a lot of time and money on advertising and promotion to create awareness and attract customers

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5
Q

Product Life Cycle: Growth stage

A

Once the product catches on, it starts to grow in popularity. It’s like a child growing up and becoming stronger. Sales increase rapidly, and the product becomes more profitable as more people buy it.

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6
Q

Production Life Cycle: Maturity stage

A

In this stage, the product reaches its peak popularity. It’s like an adult in their prime. Sales stabilize, and competition may increase as other companies enter the market with similar products. Companies focus on maintaining market share and may offer promotions or improvements to keep customers interested

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7
Q

Production Life Cycle: Decline stage

A

Eventually, sales start to decline as the product becomes outdated or replaced by newer options. It’s like an older person slowing down with age. Companies may reduce marketing efforts and consider discontinuing the product if it becomes unprofitable.

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8
Q

Operations Management

A

The process of overseeing the production process by managing people and machinery in converting materials and resources into finished goods and services

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9
Q

Materials

A

a list of all of the equipment and supplies used to do the experiment.

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10
Q

Operations

A

Refers to the step-by-step actions or operations that are carried out in the production process

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11
Q

Effective production and operations management can:

A
  • lower a firm’s costs of production
  • boost the quality of its goods and services
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12
Q

Flexible production

A

Usually more cost-effective for producing smaller run than mass production

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13
Q

Physical Distribution

A

The movement of finished goods from a company’s distribution and fulfilment network to the end user

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14
Q

What are inputs?

A
  • resources
  • raw materials
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15
Q

What are the outputs?

A
  • goods
  • services
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16
Q

Raw materials

A

Products your taking to convert into the end material

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17
Q

Tangible

A

capable of being touched; real, concrete

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18
Q

Intangible

A

unable to be touched or grasped; not having physical presence

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19
Q

Customer driven production

A

Assesses customer demands to make the connection between the products that are manufactured, and the products people want to buy

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20
Q

analytic production system

A

Redduces a raw material to its component or individual parts to extract one or more marketable products

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21
Q

Synthetic production system

A

Combines two or more raw materials or parts, or transforms raw materials, to produce finished products

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22
Q

Continuous production process

A

creates finished products over a long period of time

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23
Q

Intermittent production process

A

Creates product in short period runs, shutting down or changing machines frequently to produce different products

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24
Q

Computer-aides design (CAD)

A

Process used by engineers to design parts and entire products on the computer

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25
Q

Computer-aided manufacturing (CAM)

A

Picks up where the CAD system leave off. A manufacturer can use CAM to analyze the steps a machine must take to produce a needed product or part

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26
Q

Flexible manufacturing system (FMS)

A

Is a production facility that workers can quickly change to manufacture different products

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27
Q

computer-integrated manufacturing (CIM)

A

Uses computers to help workers design products, control machines, handle materials, and control the production function

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28
Q

Quality

A

Goods or services being free of deficiencies

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29
Q

Benchmarking

A

The process of comparing one firm’s standards and practices with those of other firms

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30
Q

Quality control

A

Measuring output against quality standards

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31
Q

Process layout

A

Sets up production equipment along a product-flow line, and the work in process

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32
Q

A fixed-position layout

A

Places the product in one spot, and workers, materials, and equipment come to it

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33
Q

Customer-oriented layout

A

Arranges facilities to enhance the interactions between customers and its services

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34
Q

make, buy, or lease decision

A

Choosing whether to manufacture product or in-part house, buy it from an outside supplier, or lease it

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35
Q

Brand

A

a name, term, sign, symbol, design or some combination that identifies the products of one firm an shows how they differ from competitors offerings

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35
Q

Product line

A

A group of related products that share physical similarities or are targeted towards

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36
Q

Manufacturer’s brand

A

Brand that is offered and promoted by a manufacturer

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37
Q

Brand name

A

the part of the brand that is made up of words or letters that form a name

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38
Q

Family branding strategy

A

A single brand name used for several related products (arm & hammer)

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39
Q

Private brand

A

Product not linked to manufacturer; carriers a wholesaler or retailer’s label

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40
Q

perpetual: contuniously

Perpetual inventory systems

A

continually assess the amount of stock and where it is stored

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40
Q

Individual branding strategy

A

Giving a different brand name to each product within a product line

41
Q

Inventory control

A

a function that balances the costs of carrying inventory with the need to have stock on hand to meet demand

42
Q

Just-in-time (JIT) system

A

a broad management philosophy that reaches beyond the narrow activity of inventory control that affects all production and operations management

43
Q

Materials requirement planning (MRP)

A

a computer-based production planning system that ensures a firm has all the parts and materials it needs to produce its output at the right time and place and in the right amounts.

43
Q

Vendor-managed inventory

A

firm hands over inventory control functions to the suppliers

44
Q

Computer-based information systems

A

rely on computer and related technologies to store information electronically in an organized, accessible manner

44
Q

information system

A

an organized method for collecting, storing, and communicating past, present, and projected information on internal operations and external intelligence.

45
Q

Big data

A

the information changes on an ongoing basis and can be structured or unstructured, due mainly to the many sources from which it originates.

46
Q

Database

A

a centralized, integrated collection of data resources. A company designs its databases to meet the information processing and retrieval needs of its workforce.

47
Q

Business analytics

A

are standard tools and procedures designed to search and analyze the amount of complex data a business gathers.
Different types of computers

48
Q

Enterprise computing

A

became the norm when networking standards to integrate different types of networks throughout a company began to take place.

48
Q

cloud computing

A

powerful servers store application software and databases for users to access via the web using anything from a PC to a smartphone

49
Q

Speciality stores

A

offers a complete selection in a narrow line of merchandise ex. Bass pro shops

50
Q

Discount store

A

offers a wide selection of merchandise at low prices; off-price discounters

51
Q

Convenience store

A

offers staple convenience goods, easily accessible locations, extended store hours, and rapid checkouts

52
Q

Warehouse club

A

large, ware-house style store selling food and general merchandise ex. costco

53
Q

Brand recognition

A

strong awareness of a brand, but not strong enough for a customer to prefer it over other brands

53
Q

Brand preference

A

when a customer chooses one firm’s brand over that of another

54
Q

Brand insistence

A

ultimate degree of brand loyalty. Consumers will look for a product and go to another store if it doesn’t have it

55
Q

Brand equity

A

the added value that a respected and successful name given to a product. This value results from a combination of factors
Ex. Awareness, loyalty, perceived quality, feeling or images customers associated with the brand

56
Q

positioning

A

marketers try to establish their products in the minds of customers

56
Q

Brand awareness

A

wants you to think of them first

57
Q

fixed-position layout

A

places the product in one spot. The workers, materials, and equipment go to the product’s location. This approach suits very large, bulky, heavy, or fragile products.

58
Q

competitive differentiation

A

the unique mix of a company’s abilities and resources that set it apart from its competitors

59
Q

differentiate

A

a firm’s offerings from the competition

60
Q

Profitability

A

objectives are the most common goals listed in most firms’ strategic plans. Marketers know that profits are the revenue the company brings in, minus its expenses

61
Q

meet competitors

A

A third set of pricing objectives tries to meet competitors’ prices so that price becomes a non-issue.

61
Q

volume objectives

A

bases pricing decisions on market share, the percentage of a market controlled by a certain company or product.

62
Q

Prestige

A

pricing sets a relatively high price to develop and maintain an image of quality and exclusiveness

63
Q

skimming pricing

A

strategy sets an intentionally high price relative to the prices of competing product

64
Q

penetration pricing strategy

A

sets a low price as a major marketing tactic. Businesses may price new products much lower than competing products when they enter new industries that have dozens of competing brands.

65
Q

Everyday low pricing (EDLP)

A

is a strategy of maintaining continuous low prices instead of using short-term price-cutting tactics such as cents-off coupons, rebates, and special sales

66
Q

discount pricing

A

hope to attract customers by dropping prices for a set period of time.

67
Q

Odd pricing

A

a pricing method that uses uneven amounts to make prices appear to be less than they really are

67
Q

competitive pricing strategies

A

These firms try to reduce the emphasis on price competition by matching other firms’ prices and by focusing their own marketing efforts on the product, distribution, and promotional elements of the marketing mix.

68
Q

Cybercrime

A

is stealing or altering data in several ways.

68
Q

phishing attack

A

uses deception to acquire sensitive personal information by impersonating an official-looking email or instant message.

69
Q

malware

A

Viruses, worms, Trojan horses, and spyware, collectively are malicious software programs designed to infect computer systems.

70
Q

Cyberterrorism

A

can involve deliberate threats to information systems and can be associated with terroris

71
Q

Trojan horse

A

a program that claims to do one thing but in reality does something else, usually something malicious. For example, a Trojan horse might claim, and even appear, to be a game.

71
Q

Spyware

A

is software that secretly gathers user information through the user’s internet connection without their knowledge, usually for advertising purposes.

72
Q

family brand

A

a single brand name used for several related products. lululemon, Kraft, KitchenAid, Johnson & Johnson, Hewlett-Packard, and Arm & Hammer use a family name for their entire line of products

73
Q

Pricing strategies

A

Skimming pricing: Sets an intentionally high price relative to the prices of competing products.
*Penetration pricing: Sets a low price.
*Everyday low pricing (EDLP): Maintaining continuous low prices instead of using short-term price-cutting tactics.
oDiscount pricing: Dropping prices for a set time period.
*Competitive pricing: Matching other firms’ prices and focuses on their own marketing efforts.

74
Q

Skimming pricing

A

Sets an intentionally high price relative to the prices of competing products.

75
Q

Penetration pricing

A

Sets a low price.

76
Q

Everyday low pricing (EDLP)

A

Maintaining continuous low prices instead of using short-term price-cutting tactics.

77
Q

Discount pricing

A

Dropping prices for a set time period.

77
Q

Competitive pricing

A

Matching other firms’ prices and focuses on their own marketing efforts.

78
Q

Competition strategies

A

Competition
prediction
Differentiation
Innovation
Branding
Market expansion
Customer focus

79
Q

short term funding

A

Trade credit
commercial banks
Factoring
commercial paper
Short-term loans

80
Q

Trade credit

A

is extended by suppliers when a firm receives goods or services and agrees to pay for them at a later date.

81
Q

short-term bank loans

A

lines of credit and revolving credit agreements

82
Q

commercial banks

A

are a significant source of short-term financing for businesses. Businesses often use these loans to finance inventory and accounts receivable

83
Q

Factoring

A

another form of short-term financing that uses accounts receivable.

83
Q

Commercial paper

A

an unsecured, short-term debt instrument issued by corporations. It’s typically used to finance short-term liabilities such as payroll, accounts payable, and inventories, usually issued at a discount from face value.

84
Q

Facility Layout

A

Process layout, product layout and fixed-position layout

85
Q

Process layout

A

groups machinery and equipment according to their functions. The work in process moves around the plant to reach different workstations. A process layout often makes it easier to produce a variety of non-standard items in relatively small batches. Its purpose is to process goods and services that have a variety of functions.

86
Q

product layout

A

called an assembly line, sets up production equipment along a product-flow line. The work in process moves along this line past workstations. This type of layout efficiently produces large numbers of similar items, but it may be inflexible, with room for only a few product variations.

87
Q

fixed-position layout

A

places the product in one spot. The workers, materials, and equipment go to the product’s location. This approach suits very large, bulky, heavy, or fragile products

88
Q

cybercrimes

A

identity thef, phishing, malware

89
Q

identity thef

A

happens when someone takes your name and personal information (like your social security number) and uses it without your permission to do things like open new accounts, use your existing accounts, or obtain medical services.

90
Q

Malware

A

refers to any intrusive software developed by cybercriminals (often called hackers) to steal data and damage or destroy computers and computer systems.

91
Q

phishing

A

targets individuals through email, text, phone calls as well

intro to business (1 decks)

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