Unit 3: Operations Flashcards

1
Q

Brand image

A

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.

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2
Q

Buffer stock

A

A stock of raw materials held in reserve to protect the production process from unforeseen shortages.

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3
Q

Cost

A

The money spent by a business on goods and services.

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4
Q

Customer Engagement

A

The relationship between the business and the customer that puts the customer’s
requirements at the centre of the operation to build brand loyalty

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5
Q

Disposal of waste

A

The removal, storage or destruction of unwanted material. Methods include recycling, burning and landfill sites.

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6
Q

E-Commerce

A

Business transactions carried out electronically on the internet

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7
Q

Economies of Scale

A

The cost advantage of producing on a large scale. As output increases the unit cost decreases

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8
Q

Export

A

Good/service sold to a customer in another country.

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9
Q

Fixed costs

A

The costs that stay largely the same, regardless of the business’ output

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10
Q

Flow production

A

Using a production line to make goods continuously and in large numbers

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11
Q

Good

A

Items that are produced from raw materials for sale to businesses or consumers

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12
Q

Import

A

Good/service bought from a supplier in another country

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13
Q

Induction

A

Training given to a new employee when they start a new job; it provides information about the business, its operation and working practices

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14
Q

Inspection

A

Testing/examining items to check that materials or items conform to the specified requirements/standards

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15
Q

Job Analysis

A

The process of determining what the job entails, including responsibilities and tasks

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16
Q

Job production

A

A method of creating a single product to meet an individual order

17
Q

Just In Case (JIC)

A

Organising procurement to ensure that the production process never runs out of stock, reducing the number of sales lost due to insufficient raw materials

18
Q

Just In Time (JIT)

A

Organising the ordering of raw materials and components to be delivered just before they will be used, reducing the need for storage

19
Q

Lean Production

A

Continually working to reduce the resources used to create products: raw materials, labour, machines and premises

20
Q

Logistics

A

Managing the movement of supplies and products to ensure the timely delivery of supplies to the production process and finished products to customers

21
Q

M-Commerce

A

Business transactions are carried out electronically by mobile phone

22
Q

Motivation

A

The reasons people are interested in and committed to their job

23
Q

Outsourcing

A

Contracting another business to carry out some of the business’ activities, often to reduce costs

24
Q

Post Sales Servicing

A

Maintenance or repair of equipment by the manufacturer or supplier during or after the warranty

25
Q

Primary Industry

A

A business that extracts the earth’s natural resources

26
Q

Procurement

A

The process of buying goods and services including dealing with:
• demand
• selection of suppliers
• analysing and negotiating prices
• making the purchase
• managing payments

27
Q

Product Knowledge

A

An in-depth understanding of the features, use and application of the good/service that will enable the person selling it to provide any information that the purchaser wants before committing to buy

28
Q

Product Recalls

A

The withdrawal from sale by the manufacturer of a defective or contaminated item

29
Q

Productivity

A

The amount produced by a worker/machine/factory in a given time; the ability to produce more output with fewer resources

30
Q

Raw Materials

A

Businesses that use raw materials that are heavy and/or bulky choose to locate close to their suppliers to reduce the cost of transport or storage

31
Q

Recycling

A

The conversion of waste into reusable material

32
Q

Supplier

A

a business that provides goods/services.

33
Q

Supply chain

A

The network of organisations, people, activities, information and resources that take the product/service from supplier to customer

34
Q

Total Quality Management (TQM)

A

A philosophy that involves everyone in the business in the quest for continual improvement in the attitudes, practices, structures and systems that combine to create a top-quality product

35
Q

Trade Credit

A

The process of buying items from a supplier and paying for them later; for example, 30 days after invoice date

36
Q

Wholesaler

A

A business or person that buys goods in large quantities from producers, stores them in warehouses and sells them on to retailers