FINALS REVIEWER Flashcards
Examination Test - 2nd Semester
Pertain to the interrelated business functions of production, procurement, and distribution of the goods/services
Operations
refers to the process of manufacturing a product or producing a service to be offered to target customers.
Production
refers to sourcing supplies required for production or service delivery, including the proper handling and storage of the inventory goods.
Procurement
refers to the physical transport of materials and communications involved in reaching the target customers.
Distribution
Refer to the clear, detailed, and well-organized procedures or systems involved in production.
Methods
Pertains to the workforce needed to perform the operations’ functions. - It is measured as the most serious and main factor of production.
Manpower
Discusses about manufacturing equipment used in the production of goods or delivery of services.
Machine
Pertains to all supplies and materials necessary to produce your product or perform your service.
Materials
are products and services bought by consumers for their personal consumption
Consumer Products
These are consumer products and services that buyers avail frequently, immediately, and with minimal comparisons and buying efforts
Convenience Products
These are consumer products and services that customers buy less frequently. Spend more time and effort in comparing them in terms of quality, style, suitability and prince
Shopping Products
These are consumer products and services with unique characteristics and brand identification
Specialty Products
These are products and services with unique characteristics and brand identification
Unsought Products
are products bought by individual and organizations that are used for further processing or for conducting business processes or activities.
Industrial Products
are agricultural products grown from farms (coffee beans, fruits, vegetables, livestock, corn) and natural products extracted from the natural resources(seaweed, fish, lumber, petroleum, mineral salt).
Raw materials
are parts consists of manufactured component materials (plastics, glass, iron, cement iron…) and manufactured component parts (tires, small motors, castings).
Manufactured Materials
These are industrial products, fixtures, and infrastructures for use in production or operations. Includes installations and accessory equipment. Includes installations and accessory equipment.
Capital Items
These group of industrial products refers to the convenience products in the industrial field because they are usually purchased with minimum effort and comparison
Supplies and Services
The essential motivational benefit the customer is purchasing. It’s what the customer wants the get most.
Core Customer’s Value/Core Products
The physical and intangible properties or characteristics the product takes on.
Actual Product
These are extra attributes and features that are not part of the actual product but may be offered to make the offering more attractive, to speed purchase decisions, and to match or differentiate the actual product from the competition.
Augmented Product
refers to the stages of developing and testing the product/service
Product Development
is the process of strategizing, brainstorming, planning, building, and releasing a product to market and then measuring its success
Product Development
Is a preliminary sample or a crude version (model) of the product or service that you want to test with users or customers based on their desired product and service attributes
Prototype
is a management approach focused on continuous improvement of processes, products, and services to achieve customer satisfaction.
Total Quality Management (TQM)
It is the ability of the product to perform its functions
Quality Level
It means being free from defects and consistent in delivering a targeted level of performance.
Quality Consistency
is a specific function or characteristic of a product that provides value to customers.
Product Features
refer to the aesthetic and functional elements of a product
Product Style and Design
also known as the service sector or tertiary sector, refer to businesses that provide services rather than tangible goods
Service Industries
Classifications of Services
a. Degree of Tangibility or Intangibility of the Service process
b. Direct Recipients of the Service Process
c. Place and Time of Service Delivery
d. Customization versus Standardization e. Nature and Relationship with Customers
involves tangible actions to people’s bodies. The customer is directly involves
People Processing
involves tangible actions to goods and other physical possessions of the customer.
Possession Processing
involves interactions with people’s minds, which can shape their attitudes and influence behavior
Mental Stimulus Processing
involves high dependency on the effective collection and processing of information.
Information Processing
This is the type of service the customer hopes to receive. It is the “wished-for” level, which is a combination of what the customer believe can and should be delivered in the context of their personal needs.
Desired Service
This is the minimum level of service that customers will accept without being dissatisfied.
Adequate Service
This is the level of service that customers actually anticipate on receiving.
Predicted Service Level
This is the extent to which customers are willing to accept a variation in their expectations of service performance between the desired service and the adequate service.
Zone Tolerance
Refers to the process of acquiring the materials, goods, or services from preferred suppliers or vendors that are needed for your business operations.
Procurement
Refers to the raw materials used in production as well as the goods produced that are available for sale.
Inventory
pertains to the volume of goods that suppliers have on stock available for selling.
Size of Suppliers
refers to their geographic area where the suppliers are found
Location
pertains to the assortment of products that the suppliers can offer.
Variety of Products
refers to the agreements that you can enter into with the suppliers such as credit, cash on delivery, and consignment.
Terms of Purchase
owned and managed by an individual, and financial liability rests only on the business owner.
Sole Proprietorship
owned and managed by two or more individuals, and financial liability is shared by the partners.
Partnership
a business organization where ownership is through shares of stocks with the purpose of operating for profit.
Corporation
– owned by many individuals having equal shares of ownership
Cooperative
partners share equally the responsibility for managing and financing the business
General Partnership
partners specify the limited the limited risks only in their investment in the business and are not subject to the same liabilities as a general partner provided that they do not participate in the management control of the enterprise.
Limited Partnership
A strategic management tool that helps entrepreneurs and business to develop and visualize their business models.
Business Model Canvas
is designed to solve a customer problem or meet a need. It answers the questions: Why do customer want to buy/use our product/services? What benefit does our product/service bring that differentiates them from our competitors?
Value Propositions
pertains to specific customer grouping(s) of the target market
Customer Segments
The VP is delivered through channels of communications, distributions and sales.
Channels
Pertains to building and maintaining good relationships with customers, and motivating them to invite others to try the product.
Customer Relationships
Pertains to specific activities that the company participates in to do the business
Key Activities
Pertains to the resources that you need to create the product and services, to develop the business, and to deliver the VP.
Key Resources
Entrepreneurs need to partner with suppliers, distributors, and associations because you need them to run your business effectively and efficiently
Key Partners
are the sales generated when you are successful in delivering your VP
Revenue Streams
Pertains to all expenses required to execute and run your business model.
Cost Structure
a forecasting technique that involves first estimating the revenue and costs from the smallest unit of sales and then building up from there.
Build-up Method
Understanding the value/supply chain pertaining to procurement activities is
Inbound Logistics
In understanding the value/supply chain pertaining to creating the product is
Operations
In understanding the value/supply chain, pertaining to distribution activities is
Outbound Logistics
