unit 3 Flashcards
chapter 8 & 9
Operations management
is the area of management responsible for the activities necessary to produce goods and services
Conversion
Conversion is the process of changing and improving resources to create goods or services
Materials processing
Materials processing is changing the form of raw materials for another use
Mass production
Mass production is the manufacturing of goods in large quantities using standard techniques
Business purchasing
Business purchasing is the activity of acquiring materials, supplies, or services necessary to create a product
Perpetual inventory-
Perpetual inventory-control system is a method of counting inventory that always shows the quantity on hand
Periodic inventory-
Periodic inventory-control system is a method of measuring inventory that involves taking a physical count of merchandise at regular periods, such as weekly, monthly, or yearly
Just-in-time
Just-in-time (JIT) inventory-control system is a method of managing inventory that keeps a minimal number of raw materials on hand to meet production needs
Product planning
Product planning is the process of deciding which products will be most strategic for the organization to produce
Repositioning
Repositioning is marketing an existing product in a new way to create a new opinion or view of the product in the minds of customers to increase sales
Brand
Brand is a name, term, or design that sets a product or business apart from its competition
Prototype
Prototype is a working model of a new product for testing purposes
Test marketing
Test marketing introduces a new product to a small portion of the target market to learn how it will sell
Screening interview
Screening interview is the first interview
Compensation
Compensation is payment to an employee for work performed, including wages or salaries, incentives, and benefits
