Final Flashcards
The 4 p’s of marketing
Product
Price
Place
Promotion
Solutions to consumer wants and needs
Product
Value, good quality at fair price
Price
Accessible ease of being reached
Place
To inform influence or persuade a purchase decision
Promotion
The process used to accomplish organizational goals through planning organizing leader and controlling people
Management
Making managerial decisions without consulting others
Autocratic leadership
Managers and employees work
Together to make decisions
Participative or democratic leadership
Managers set objectives and employees are free to do whatever is appropriate to meet them
Free rein leadership
Levels of management
Top management
Middle management
Supervisory management
Non supervisory
Types of planing
Strategic-senior-should we acquire new company
Tactical-middle- should we invest in new equipment
Operational-first line-how should employees be scheduled
Setting of broad long range goals by top managers
Strategic planning
The identification of specific short range objectives by lower level managers
Tactical planning
Backup plan in case primary plans fall
Contingency planning
Setting Of work standards and schedules
Operational planning
Swot analysis
Strengths weaknesses opportunities threats
The process of determining human resource needs and then recruiting selecting developing motivating…
Human resource management
Challenges of human resource management
Layoffs
Wage gap
Older workers
Younger workers
Transferring or promoting employees within the company
Internal recruiting
Looking for employees outside the firm
External recruiting
Include part time and temporary workers seasonal workers independent contractors and
Contingent workers
Why hire contingent workers
Full time on leave
Save on benefits
Peak
The management of systems or processes that create goods and or provide services
Operations management
Three basic functions
Finance
Operations
Marketing
Long production runs turn out finished goods overtime
Continuous process
Production runs are short and the producer adjusts machines frequently to make different products
Intermittent process
The part of production that physically or chemical changes materials
Process manufacturing
The part of production that puts together components
Assembly process
The use of computers in the design of products
Computer aided design CAD
Use of computers in manufacturing of products
Computer aided manufacturing CAM
Designing machines to do multiple tasks so they can produce a variety of products
Flexible manufacturing
Using less of everything than in mass production
Lean manufacturing
And human activity that consumes resources but produce no value
Waste
Forms of waste
Scrap Excess transportation Over processing Excessive walking Excessive inventory
5 principles of lean
Value Value stream Flow Pull Perfection
