Term 2 acronyms Flashcards
vision goals and objectives
SMART GOALS
Specific
Measurable
Achievable
Realistic
Time-bound
achieving business goals
PMSSGE
Profits
Market share
Share price
Social
Growth
Environmental
STAFF INVOLVEMENT - IMMT
Innovation
Motivation
Mentoring
Training
management processes
KEY BUSINESS FUNCTIONS
Operations
Finance
Marketing
Human resources
COORDINATING KEY BUSINESS FUNCTIONS AND RESOURCES:
- refers to the interdependence between a business and its functions
eg operations rely on finance
operations - goods and services
GOODS AND SERVICES
GOODS: SCIPN
Standardized - mass-produced
Customised - varies according to the needs of a customer
Intermediate - finished goods that are then used in manufacturing eg screw
Perishable - operations must manage production quantities
Non-perishable - goods that are unlikely to decay or go off (operations must manage market and not overproduce)
SERVICES:
- intangible: only exist when being performed
- transform other businesses inputs into services
operations - the production process (goods)
inputs - transformation - outputs
Inputs = resources used in the production process eg time, labor, material
transformed resources = are changed and converted in the operations process eg wood to table
transforming = inputs that carry out the transformation process eg human resources skills and knowledge
outputs = customer service, warranties
operations the transformation process (services)
inputs - operation - outputs
input = shampoo, labor, time, hair dye
operation = hair being died
output = new hair color
operations - quality management
The process that a business undertakes to ensure consistency and reliability of a product.
- quality control - reduces problems and defects by inspecting at various points of the production process
- quality assurance - the use of aa system to ensure that standards are achieved in production
- quality improvement - involves improving quality outcomes at every stage
- continuous improvement (processes being more efficient and effective)
- total quality management (managing the total business to deliver quality)
identification of the target market
mass market - no target market aimed at a large range of customers
market segmentation - demographic, geographic, psychographic, behavioural
niche market - narrowly selected target market segment (micro market)
pricing methods (price)
CMC
Cost based - cost (cost x markup - percentange) = price
Market-based - setting prices according to levels of supply and demand
Competition based - choosing a price that is either below, equal or above compeditiors
pricing strategies (price)
SLPP
Skimming - consumers will pay more because of its novelty features and prestige status
Loss leader - a product is sold below cost price to attract customers
Price point - selling products at predetermined prices
Penetration - charges the lowest possible price to be below competitors
product
packaging: refers to how the physical appearance of a good is presented to a customer
branding refers to a name, term, symbol or design that recognises the product
promotion (marketing mix)
Relationship Marketing: the process of developing long-term relationships with customers to sell
Advertising: practice and techniques to bring attention to a good/service
place (marketing mix)
refers to the process of distributing the product from where it is made to the consumer
Distribution channel: direct/indirect
channel choice:
- intensive distribution
- selective distribution
- exclusive distribution
four main elements of human resources
- acquisition
- development
- maintenance
- seperation
acquisition (Human Resources cycle)
refers to the recruitment of staff
can be conducted:
- written
- testing
- interviews
- background checks
