Management Process Flashcards
Operations
The operations function of a business involves combining and transforming inputs to produce a final good or provide a service
Manufactured goods
Outputs that are tangible
Simply Transformed Manufactured Good (STM)
inputs undergo little transformation
Elaborately Transformed Manufactured Good (ETM)
inputs undergo many changes & transformations to produce the output
The Production Process
the steps & processes used to transform inputs into outputs
Inputs
raw materials, ingredients, parts & information
Inputs also include the facilities, equipment, technology & labour used to create the output
Quality Management
a strategy used by the business to ensure that the quality of the product meets the expectations of the business & consumer
Quality Control
involves establishing standards and measuring the outputs of a business against those standards
Quality Assurance
involves establishing and using a set of procedures that will prevent products from having quality problems
Total Quality Management (Kaizen)
Focuses on continuous improvement in all functional areas
Under TQM, small improvements are constantly made to improve quality outcomes
Marketing
Marketing connects the business to its consumers and is the main revenue-generating activity of the business
Target Market
the focus of the firm’s marketing strategy
Niche Market
a highly specialised market with a small number of potential customers
Market Segmentation
divides the market into geographic, demographic, psychographic and behavioural segments
Product
involves focussing on: Brand name Functionality Styling Quality Safety Packaging
Price
involves a focus on: Pricing Strategy Seasonal Pricing Price Flexibility Bundling Discounts
Place
involves a focus on: Distribution CHannels Warehousing Transportation Order Processing Logistics Inventory Management
Promotion
involves a focus on: Advertising Personal Selling & Sales Public Relations Marketing Communication
Cash Flow Statement
a report that summarises cash transactions (money flowing in and out of the business) over a period of time
Income Statement
A summary of all revenues generated and expenses incurred by a business over a specific period of time
Balance Sheet
A summary statement of the assets a business owns, the liabilities the business owes and the equity the owners have invested in the business
Recruitment
the stage in the human resource cycle that involves identifying staffing needs, seeking applications and selecting new employees
Job Description
a document listing the duties, tasks and responsibilities of a particular job
Job Specification
a written statement describing the key skills, experience and qualifications needed for a particular job
