Unit 3 Operations Key Words Flashcards
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
Buffer stock
A stock of raw materials held in reserve to protect the production process from unforeseen shortages
Cost
The money spent by a business on goods and services.
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.
Export
Good/service sold to a customer in another country
Flow production
Using a production line to make goods continuously and in large numbers.
Good
Items that are produced from raw materials for sale to businesses or consumers
Import
Good/service bought from a supplier in another country.
Induction
Training given to a new employee when they start a new job; it provides information about the business, its operation and working practices
Inspection
Testing/examining items to check that materials or items conform to the specified
requirements/standards
Job analysis
The process of determining what the job entails, including responsibilities and tasks
Job production
A method of creating a single product to meet an individual order.
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
Just in time (JIT)
Organising the ordering of raw materials and components to be delivered just before they will be used, reducing the need for storage
Lean production
Continually working to reduce the resources used to create products: raw materials, labour,
machines and premises
Logistics
Managing the movement of supplies and products to ensure the timely delivery of supplies to the production process and finished products to customers.
Motivation
The reasons people are interested in and committed to their job
Outsourcing
Contracting another business to carry out some of the business’ activities, often to reduce
costs
Post sales servicing
Maintenance or repair of equipment by the manufacturer or supplier during or after the
warranty.
Primary industry
A business that extracts the earth’s natural resources
Procurement
The process of buying goods and services including dealing with:
• demand
• selection of suppliers
• analysing and negotiating prices
• making the purchase
• managing payments.
Prodcut knowledge
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
Product recalls
The withdrawal from sale by the manufacturer of a defective or contaminated item
Productivity
The amount produced by a worker/machine/factory in a given time; the ability to produce
more output with fewer resources.
