Test wdz Flashcards
Share Matrix categorizes products/business units into four quadrants based on their market share and market growth rate
The BCG Growth
Stars
High market share, high market growth. Require significant investment to maintain growth
Cash Cows
High market share, low market growth. Generate strong cash flow, requiring minimal investment.
Question Marks
Low market share, high market growth. Require significant investment to gain market share. High risk, high potential reward.
Dogs
Low market share, low market growth. Generate little cash and have limited growth potential. Often considered for divestment.
, also known as the fishbone diagram or cause-and-effect diagram, is a visual tool used to identify the root causes of a problem.
The Ishikawa diagram
Structure (The Ishikawa diagram)
It resembles a fish skeleton, with the “head” representing the problem and “bones” branching out to represent potential categories of causes (e.g., people, processes, machines, materials, methods, environment).
Purpose (The Ishikawa diagram)
To systematically explore and identify the various factors contributing to a specific problem.
A payoff matrix
is a visual representation of the possible outcomes of a strategic decision
SWOT
Strengths - internal factors that are favorable for achieving organization’s objective
Weaknesses - internal factors that are unfavorable for achieving organization’s objective
Opportunities - external factors that are favorable for achieving organization’s objective
Threats - external factors that are unfavorable for achieving organization’s objective
Strengths
internal factors that are favorable for achieving organization’s objective
Weaknesses
internal factors that are unfavorable for achieving organization’s objective
Opportunities
external factors that are favorable for achieving organization’s objective
Threats
external factors that are unfavorable for achieving organization’s objective
TQM (Total Quality Management)
is a management philosophy that focuses on continuous improvement in all aspects of an organization. The term “total quality” was first used by Armand Feigenbaum in 1969.
TQM (Total Quality Management)
Customer focus: Meeting customer needs and expectations.
Employee involvement: Engaging all employees in quality improvement efforts.
Continuous improvement: Striving for constant enhancement in products, processes, and systems.
Quality
the customer and delivering customer satisfaction in the creation of products and services.
Material requirements planning (MRP)
is a computer-based inventory management system designed to improve productivity for businesses. Companies use material requirements-planning systems to estimate quantities of raw materials and schedule their deliveries.
Muda
any activity that adds no real value to the product or service being created or delivered.
7 wastes
Muda, overproduction, time on hand, transportation, processing, movement, defective products
Overproduction
producing more than your customer is requesting or before they request it.
Time on hand
waiting done by customers or by employees.
Transportation
unnecessary conveyance of products, from one location to another, or handoff from one employee to another.
Processing
unnecessary manual work that does not contribute value to the product.
Movement
unnecessary physical or mental motion often associated with searching.
Defective products
a mistake which reaches the customer.
Stock on hand (Inventory)
more materials or information than is required.
A process
is a stream of activities that transforms input elements into output elements.
Decision problem
a situation in which it is necessary to choose between two or more courses of action that differ from each other.
Decision
a conscious choice among identified and considered possible options for future action.
Due to the conditions for decision-making:
Decisions made under conditions of certainty
Decisions made under risk
Decisions made under conditions of uncertainty
Types of decisions:
Due to the conditions for decision-making:
Due to the weight of decision-making:
Due to the weight of decision-making:
Strategic decisions
Operational decisions
Marketing Plan
product specific, market specific, or company-wide plan that describes activities involved in achieving specific marketing objectives within a set timeframe.
Payoff
is a positive or negative outcome corresponding to a particular pair of a given decision and a given state of nature; in business it is usually monetary.
