Production, Distribution, Consumption Flashcards
production synonym
manufacturing
def production
converting raw materials into finished goods (input gets transformed into output)
tr raw materials
surovine
factory synonym 2
production facility, plant
def labour intensive
a production that requires a lot of workforce
def capital intensive
a production that requires a lot of finance
def control of capacity
controlling bottlenecks and production volumes (how much can be produced)
def control of stock (+synonym)
inventory
control of warehouses to prevent expiry dates + to keep liquid as a company
def+tr lean production
vitka proizvodnja
producing exactly as much as you sell, minimising stock (of raw materials, WIPs, and finished goods)
def JIT
just-in-time
it’s a synonym for lean production
state risks of lean production (3)
- order fluctuation (big orders with short delivery times when there is not enough raw materials)
- supplier problems (logistics)
- workforce productivity fluctuates
def TQM
total quality management
overall commitment to quality
defect synonym x2
reject = faulty product
what are zero defects?
minimal (none is impossible to achieve) faulty products
def distribution +2 synonyms
supply chain management, logistics
= transporting goods to customers (to match the demand with supply with minimal inventory and in shortest time)
what does distribution involve? (4)
- physcial handling (packing, labelling, loading, unloading)
- warehousing
- documentation preparation and handling
- transportation
what are the three typical distribution channels?
- producer - wholesaler - retailer - consumer
- producer - retailer - consumer
- producer - consumer
def retailing
the business of selling small quantities to the general public (at retail prices)
what are the 4 ways retailing is performed?
- brick-and-mortar store (physcial store)
- e-tailing (online store)
- direct selling (in-house promotions; door-to-door selling)
- automatic merchandising (vending machines)
store synonym
outlet (has two meanings - it can also be a store with discounted prices)
different types of stores (9)
- kiosk = newsstand = tobacconist
- convencience store (originally frozen food, now a normal grocery store) = groceries
- specialty stores (specializirane trgovine)
- discount stores
- store chain (same layouts, same prices)
- supermarkets -> hypermarkets -> super stores (size varies)
- department stores (organisation in departments - underwear, mens wear, womens wear, toiletries) (veleblagovnica, like Nama or Maximarket)
- shopping centres (malls) (different stores under the same roof)
- retail park (different stores in the same geographical location, but not all under same roof)
how are prices set? (4 parts)
producers: production costs + markup
wholesalers: + markup
intermediaries / agents / distributors: + markup
retailers: + profit margin
difference between markup and profit margin?
markup: (rabat, pribitek ceni) percentage difference between the actual cost and the selling price
profit margin: (marža) percentage difference between the selling price and the profit
which products have the highest markups and profit margins?
luxury clothing and cosmetics (800% markups), car industry (1/3 of final price are the actual costs)
def CRM
customer relationship managemeent
management of customer interactions to increase spending + develop long-term relationship
def customer care
the provision of service before, during, and after the purchase
(information giving; high quality staff; complaint management)
tr anticipate
predvideti
why is it said that complaints are a tip of an iceberg?
only a few people have enough time and courage to complain
what are the two main goals of retailers? what is the goal behind that?
- satisfy average customers
- exceed expectations
highest possible customer retention, minimal customer defection
def customer defection +2 synonyms
attrition, churn (!!)
customer stops buying one brand and switches to another
brand switchers synonym
transient customers
what is the main reason for customer loyalty? (allegiance)
practicality
tr repeat business
ponavljajoči se nakupi
tr brand switchers
kupci, ki zamenjajo blagovno znamko
when is the european consumer day?
15th march
what are the 10 basic principles of consumer protection?
- buy what you want
- send it back if it doesnt work
- high safety standards for food
- know what you’re eating
- contracts should be fair to consumers
- consumers can change their mind
- comparison of prices (full prices are clearly displayed - with VAT, unit prices = price per kilo; websites)
- consumers should not be misled (prohibited since 07)
- protection while on holiday
- effective redress for cross-border disputes
redress def
a sum of money paid for compensation for loss, damage, or injury
what do unfair commercial practices include? (3)
- aggressive practices (undue influence = exploiting a position of power over the consumer)
- misleading advertising
- aggressive doorstep selling
def exceed
to be better than expected
def to defect
to leave / stop being loyal
def order fulfilment
making sure that a customer gets the right goods at the right time
def distribution channel
the chain of firms or intermediaries through which a product passes until it reaches the consumer
what is one of the main concepts in pricing?
mark-up
final consumer synonym
end-user
tr širitev proizvodnega programa
product diversification
tr razlikovanje izdelka od konkurence
product differentiation
mark_ _ able + product
marketable
to r_ll out a product
roll out
do_ _ _tically produced product
domestically
def finished goods
intended for sale
def fast-moving consumer goods
bought often, consumed quickly, usually not very expensive
def consumer durables
bout occasionally, consumed slowly, more expensive
def industrial goods
bought by other companies for their own use
def consumer goods
bought by individuals
tr FMCG + meaning
blago široke potrošnje
fast moving consumer goods
tr deal with complaints
reševati pritožbe
meaning + tr JIT
just in time; proizvodnja ob pravem času
meaning + tr TQM
total quality management; celostno obvladovanje kakovotsti
meaning + tr CRM
customer relationship management;
upravljanje odnosov s strankami (kupci)
meaning + tr ISO
international standardisation organisation;
mednarodna organizacija za standardizacijo
meaning + tr USP
unique selling point;
posebna prodajna vrednost
simplify the process 2 synonyms
rationalize, streamline
spare capacity synonym
excess capacity
dispose of stock 2 synonyms
get rid of, reduce
replace stock synonym
reorder
tr supply chain
oskrbna veriga
tr capital intensive
stroškovno intenziven
tr labour intensive
delovno intenziven
tr capacity utilization
izkoriščenost zmogljivosti
tr retailer
prodajalec na drobno
tr wholesaler
grosist (prodajalec na debelo)
tr bottleneck
ozko grlo
tr intermediary
posrednik
tr price sensitive
cenovno občutljiv
tr perishable goods
hitro pokvarljivo blago
tr e-tailing
spletna prodaja
tr veleblagovnica
department store
tr nakupovalno središče
retail park
tr veliko naročilo
bulk order
tr razlikovalni dejavnik
differentiating factor
tr odhajanje kupcev
customer defection
tr telefonska linija za pomoč kupcem
customer helpline
tr naročanje
order placement
def lax
antonym of tough, strict
def furlough
paid leave of absence
def stimulous (payouts)
bonus for dangerous professions in covid times (e.g. doctors)
