Kolokwium 1 Flashcards
Any of the pieces or parts that make up a product or machine
A component
Company’s reserves of raw materials, parts, work in progress, and finished products
Inventory
The maximum rate of output that can be achieved from a production process
Capacity
A collective word for all the buildings, machines, equipment and other facilities used in the production process
Plant
The geographical situation of a factory or other facility
Location
A network of organizations involved in producing and delivering goods or a service
Supply chain
Means buying products or processed materials from other companies rather than manufacturing them
Outsourcing
The cost saving arising from large-scale production
Economies of scale
The time needed to perform an activity such as manufacturing a product or delivering it to a customer
Lead time
able to move quickly and easily
agile
correct, exact, and without any mistakes
accurate
a statement of what is expected to happen in the future
forecast
a guess of what the size or amount of sth might be
estimate
done with the hands
manual
to fill sth up again
replenish
(of production) using small quantities and avoiding any waste
logistics
customers who buy various competing products rather than being loyal to a particular brand
brand switchers
the sales of a company expressed as a percentage of total sales in a given market
market share
surface in a store on which gods are displayed
shelves
the extent to which consumers are aware of a brand and know its name
recognition
wrappers and containers used to enclose and protect a product
packaging
a graphic image or symbol specially created to identify a company or a product
logo
businesses that sell goods or merchandise to individual consumers
retailers
all the different products, brands and items that a company sells
product mixes
all the companies or individuals (“middlemen”) involved in moving goods or services from producers to consumers
distribution channel
dividing a market into distinct groups of buyers who have different requirements or buying habits
market segmentation
making a product appear to be different from similar products offered by other sellers, by product differences, advertising, packaging
product differentation
possibilities of filling unsatisfied needs in sectors in which a company can profitably produce goods or services
market opportunities
setting a high price for a new product, to make maximum revenue before competing products appear on the market
market skimming
someone who contacts existing and potential customers, and tries to persuade them to buy goods
sales representatives
an intermediary that stocks manufacturers; goods or merchandise, and sells it to retailers and professional buyers
wholesaler
the attributes or characteristics of a product, such as size, shape, quality, price, reliability
product features
the extent to which supply or demand of a product responds to change of price
price elasticity
the strategy of setting a low price to try to sell a large volume and increase market share
market penetration
The Dell’s Theory of Conflict Prevention
no two countries that are part of a global supply chain will ever fight against each another; people don’t want to make old-time wars; they want to make on time deliveries and enjoy rising standards of living; being part of global supply chain is like striking oil that never runs out; dropping from such a chain by starting a war is like having your oil wells go dry
Push strategies
Production is based on estimates of future demand, and begins according to the planned production lead time
Pull strategies
A company manufactures according to current demand, which is satisfied from (a small) inventory. When pieces are removed from stock, replacements are automatically ordered from suppliers
Kanban system
Signal that items need to be replaced
Wal-Mart symphony
When a customer takes a product from their shelf and the cashier scan it, the supplier automatically gets a signal that the product has to be replaced
Quality is free
Products should be made properly in the first time. In other way, the company has to spend many on many quality- related costs and it’s detrimental for their reputation
Total Quality Managment (TQM)
An attitude to provide customers with products and services that satisfy their needs. TQM requires all staff to be involved in the search for the continuously improving quality.
Product line, product mixes
Product is everything that can be offered to a market. Manufacturers divide their products into product lines- groups of closely related products, sold to the same customer group
Branding
Companies use logos, symbols to make consumers remember product or service. Key of branding is to create a relationship of trust. Brand should me more than just a product or service; it should also be some kind of lifestyle and way of living
Branding strategies
Some brands give various names to the companies they manage. So on the market there is a variety of products but all in all profits go to the same brand
Brand value
It might be, and often is bigger than its books.
Henry Ford
Modern production life; paid huge salaries to his employees- everyone of them could afford a car; a manufacturer was a king and he decided about his products; the real goal of marketing is to own the market; smart marketing means defining the whole pie as yours; marketing is everything and everything is marketing
Guarantees; written promises to repair or replace products that develop a fault
Warranties
Getting rid of things which are no longer useful or wanted
Scrapping
Providing a large amount of good things
Bountiful
Things that cause difficulties
Headaches
Official rules or act of controlling sth
Regulation
Changing or improving a product or service
Reworking
To examine a machine and repair any faulty parts
Service
