Test 1 Flashcards
Operations management
ensuring that goods and services are created and delivered successfully to customers (design, management and improvement)
3 issues at the core or operations management
efficiency, cost, quality
What does he say are some vc?
labor, taxes, etc
The economics of outsourcing
basically, what are the differences in the variable costs
COPQ
Cost of Port Quality (shoe example)
EDI
Electronic Data Interchange- how big retailers order products
problem with economic sustainability
it contradicts the short-term profit goals that most businesses strive for
In the example of a textbook, what is the good and what is the service
good=knowledge
service= delivery
Durable goods
last at least 3 years
Service management
integrates marketing, HR, and operations functions to deliver services
Service encounter
an interaction between the customer and the service provider
moments of truth
customer interaction with some part of the delivery system and an impression can be formed
Customer Benefit Package
goods and services that together provide value to customers
primary good or service
core offering that attracts customers
peripheral goods or services
not essential, but enhance the primary service
varient/value propisition
offering that is specific to the location or firm (fishingpond at car dealership for kids)
value creation process
focused on producing primary services
support processes
like manufacturing, managing inventory, health benefits, etc
general management processes
accounting and information systems, HR, marketing
sustainability
long-term strategy
financial measures
revenue, return on investment, operating profit, pretax profit margin, growth, revenue, earnings per share
customer measures
satisfaction, retention, complaints, warranty claims, loyalty
market measures
market share, business growth, new markets entered
quality
measures the degree to which the output of a process meets customer requirements
service quality
consistently meeting or exceeding customer expectations (external focus) and service delivery system performance (internal focus)
first batch yield
ability to make a product well the first time
time relates to two types of performance measures
the speed of doing it, the variability of the process
queue tie
wait time for the consumer
flexibility
ability to provide customized goods
volume flexibility
ability to respond to changes in the type of demand
dynamic capabilities
most important management thing is learning
productivity
output/input
operational efficiency
the ability to provide goods and services to customers with minimum waste and max use of resources
triple bottom line
environmental, social and economic sustainability
interlinking
the quantitative modeling of cause and effect relationships between both internal and external performance criteria
value of a loyal customer
total profit each customer generates
balanced scorecard model
financial, customer, innovation and learning, internal
