Unit 3 Business Operations Flashcards
Flow Production
Using a production line to make goods continuously and in large numbers.
Product Recalls
The withdrawal from sale by the manufacturer of a defective or contaminated item.
Disposal of waste
The removal, storage or destruction of unwanted material. Methods include recycling, burning and landfill sites.
Customer Engagement
The relationship between the business and the customer that puts the customer’s requirements at the centre of the operation to build brand loyalty.
Motivation
The reasons people are interested in and committed to their job.
Job Analysis
The process of determining what the job entails, including responsibilities and tasks.
Trade Credit
The process of buying items from a supplier and paying for them later; for example, 30 days after invoice date.
Procurement
The process of buying goods and services including dealing with: • demand • selection of suppliers • analysing and negotiating prices • making the purchase • managing payments.
Supply chain
The network of organisations, people, activities, information and resources that take the product/service from supplier to customer.
Cost
The money spent by a business on goods and services.
Fixed Costs
The costs that stay largely the same, regardless of the business’ output.
Economies of Scale
The cost advantage of producing on a large scale. As output increases the unit cost decreases.
Recycling
The conversion of waste into reusable material.
Brand Image
The consumers’ perception of the brand; its character, qualities and shortcomings. It is developed over time and operates as a consistent theme through advertising campaigns.
E-Commerce
Business transactions carried out electronically on the internet.
Productivity
The amount produced by a worker/machine/factory in a given time; the ability to produce more output with fewer resources.
Inspection
Testing/examining items to check that materials or items conform to the specified requirements/standards.
Just In Case (JIC)
Organising procurement to ensure that the production process never runs out of stock, reducing the number of sales lost due to insufficient raw materials
Logistics
Managing the movement of supplies and products to ensure the timely delivery of supplies to the production process and finished products to customers.
Post Sales Servicing
Maintenance or repair of equipment by the manufacturer or supplier during or after the warranty.
Good
Items that are produced from raw materials for sale to businesses or consumers.
Induction
Inspection
Export
Good/service sold to a customer in another country.
Import
Good/service bought from a supplier in another country.
