Vocabulary Flashcards
1
Q
A small firm that has great prospects for growth
A
High Potential Ventures (Gazelles)
2
Q
A small firm that provides substantial profits to its owner
A
Attractive Small Firm
3
Q
A small firm that provides minimal profits to its owners
A
Microbusiness
4
Q
Very small loans, often provided to entrepreneurs in developing countries
A
Microloans
5
Q
A business with growth potential that is small compared to large companies in an industry, has geographically localized operations, is financed by only a few individuals, and has a small management team
A
Small business
6
Q
An economically attractive and timely opportunity that creates value for interested buyers or end users
A
Entrepreneurial Opportunity
7
Q
A person who relentlessly pursues an opportunity, in either a new or an existing business, to create value while assuming both the risk and the reward for his or her efforts
A
Entrepreneur
8
Q
Doing more with less in terms of resources invested in a business, and, where possible, controlling the resources without owning them
A
Bootsrapping
9
Q
An entrepreneur who brings a new firm into existence
A
Founder
10
Q
An entrepreneur whose power is limited by a contractual relationship with a franchising organization
A
Franchisee
11
Q
Two or more people who work together as entrepreneurs on one endeavor
A
Entrepreneurial Team
12
Q
Entrepreneurial activity whose goal is to find innovative solutions to social needs, problems, and opportunities
A
Social Entrepreneurship
13
Q
A knowledgeable person who can offer guidance based on experience in a given field
A
Mentor
14
Q
A person who becomes an entrepreneur as a result of some severe hardship
A
Reluctant Enrepreneur
15
Q
A person who becomes an entrepreneur to escape an undesirable job situation
A
Corporate Refugee
16
Q
A change in how we fundamentally see a situation
A
Paradigm Shift
17
Q
A personality that focuses on an already developed technical skill, wants to be left alone to get the job done, and is primarily concerned about the present
A
Technician Personality
18
Q
A personality that is pragmatic and likes order and planning operations
A
Manager Personality
19
Q
A personality that focuses on the business as a whole and providing results for the customer
A
Entrepreneur Personality
20
Q
A specific group of customers with an identifiable but narrow range of product or service interests
A
Niche Market
21
Q
Material assets and intangible assets qualities passed on to both heirs and society
A
Entrepreneurial Legacy
22
Q
A microbusiness that permits the owner to follow a desired pattern of living
A
Lifestyle Business
23
Q
A general sense of honesty and reliability that is expressed in a strong commitment to doing the right thing, regardless of the circumstances
A
Integrity
24
Q
Individuals or groups who either can affect or are affected by the performance of the company
A
Stakeholders
25
A company's ethical obligations to the community
Social Responsibilities
26
Original intellectual creations, including inventions, literary creations, and works of art, that are protected by patents or copyrights
Intellectual Property
27
The belief that the ethical standards of one's own country can be applied universally
Ethical Imperialism
28
The belief that ethical standards are subject to local interpretation
Ethical Relativism
29
Beliefs that provide a foundation for ethical behavior in a firm
Underlying values
30
Official standards of employee behavior formulated by a business owner
Code of ethics
31
A profitable company that responds to customers needs while showing reasonable concern for the environment
Sustainable Small Business
32
The effort to protect and preserve the environment
Environmentalism
33
Identification of potential new products or services that may lead to promising businesses
Opportunity Recognition
34
Readiness to act on existing, but unnoticed, business opportunities
Entrepreneurial Alertness
35
New business ventures created from scratch
Startups
36
Startup ideas centered around providing customers with an existing product or service not available in their market
New Market Ideas
37
Startup ideas involving new or relatively new technology, centered around providing customers with a new product
New Technology Ideas
38
To refocus or recreate a startup if the initial concept turns out to be flawed
Pivot
39
Startup ideas centered around providing customers with new or improved products or services
New Benefit Idea
40
A facility for making desirable discoveries by accident
Serendipity
41
The broad environment, encompassing factors that influence most businesses in a society
General Environment
42
The environment that includes factors that directly impact a given firm and all of its competitors
Industry Environment
43
The environment that focuses on the strength, position, and likely moves and countermoves of competitors in an industry
Competitive Environment
44
The basic inputs that a firm uses to conduct its business
Resources
45
Those organizational resources that are visible and easy to measure
Tangible Resources
46
Those organizational resources that are invisible and difficult to assess
Intangible Resources
47
A company's routines and processes that can coordinate the combined use of its productive assets in order to achieve desired outcomes
Capabilities
48
Those capabilities that provide a firm with a competitive edge and reflect its personality
Core Capabilities
49
A benefit that exists when a firm has a product or service that is seen by its target market as better than those of competitors
Competitive Advantage
50
An assessment that provides a concise overview of a firm's strategic situation
SWOT Analysis
51
A plan of action that coordinates the resources and commitments of an organization to achieve superior performance
Strategy
52
A plan of action that requires a firm to hold down its costs so that it can compete by charging lower prices and still make a profit
Cast-based Strategy
53
A plan of action designed to provide a product or service with unique attributes that are valued by consumers
Differentiation-based strategy
54
A plan of action that isolates an enterprise from competitors and other market forces by targeting a restricted market segment
Focus Strategy
55
A preliminary assessment of a business idea that gauges whether the venture envisioned is likely to succeed
Feasibility analysis
56
A circumstance of development that alone could render a new business unsucessful
Fatal Flaw
57
A business model involving a business owner who licenses trademarks and methods to an independent entrepreneur
Franchise
58
The party in a franchise contract that specifies the methods to be followed and the terms to be met by the other party
Franchisor
59
An entrepreneur whose power is limited by a contractual relationship with a franchising organization
Franchisee
60
A franchise agreement granting the right to use a widely recognized product or name
Product and trade name franchising
61
A franchise arrangement whereby the franchisee obtains an entire marketing and management system geared to entrepreneurs
Business Format Franchising
62
The legal agreement between franchisor and franchisee
Franchise Contract
63
An independent firm or individual acting as a middleman or sales agent with the responsibility of finding new franchisees within a specified territory
Master Licensee
64
Ownership by a single franchisee of more than one franchise from the same company
Multiple-Unit Ownership
65
Individuals or firms that obtain the legal right to open several franchised outlets in a given area
Area Developers
66
The operation of a retail franchise within the physical facilities of a host store
Piggyback Franchising
67
The operation of several franchise organizations within a single corporate structure
Multibrand Franchising
68
Bringing two or more franchise brands together under one roof
Co-branding
69
Actions by franchisors to void the contracts of franchisees in order to sell the franchise to someone else and collect an additional fee
Churning
70
The franchisor's selling of another franchise location within the market area of an existing franchisee
Encroachment
71
A detailed statement that provides the accepted format for satisfying the franchise disclosure requirements of the FTC
Franchise Disclosure Document
72
A rule that prescribes that the franchisor must disclose certain information to prospective franchisees
Franchise Rule
73
Specialized brokers that bring together buyers and sellers of businesses
Business Brokers
74
The exercise of reasonable care in the evaluation of a business opportunity
Due Dilligence
75
An agreement in which the buyer promises the seller that he or she will not reveal confidential information or violate the seller's trust
Nondisclosure Agreement
76
The price at which the property would change hands between a willing buyer and willing seller, with both parties having reasonable knowledge of relevant facts
Fair Market Value
77
A group of people bound by a shared history and a commitment to share a future together, while supporting the development and well-being of individual members
Family
78
An organization in which either the individuals who established or acquired the firm or their descendants significantly influence the strategic decisions and life course of the firm
Family Business
79
A venture operated by a founding entrepreneur
Owner-Managed Business
80
A business in which children of the founder become owners and managers
Sibling Partnership
81
A business in third and subsequent generations, when children of the siblings take ownership and management positions
Cousin Consortium
82
The practice of employing relatives
Nepotism
83
Patterns of behaviors and beliefs that characterize a particular firm
Organizational Culture
84
Typical Fears include
```
Fear of Failure
Fear of success
Fear of commitment
Fear of disappointing your parents
Fear of disappointing others
```
85
Nonfinancial factors in a family firm that affect the commitment of family members to the business
Socioemotional Wealth
86
Couples teams who own and manage businesses
Co-Preneurs
87
Family members working in the firm are sometimes seen by relatives who work outside the company as predators, while family members outside the business are see as parasites, having ownership rights without contributing to its success
Predator/Parasite Conflict
88
An organized group of family members who gather periodically to discuss family related business issues
Family Council
89
A statement of principles intended to guide a family firm through times of crisis and change
Family Business Constitution
90
The process by which a more more experienced person guides and supports the professional progress of a new or less experienced employee
Mentoring
91
Passing ownership of a family business to the next generation
Transfer of ownership
92
A document that outlines the basic concept underlying a business and describes how
Business Plan
93
An abbreviated business plan that presents only the most important issues and projections for the business
Short Plan
94
A complete business plan that provides an in-depth analysis of the critical factors that will determine a firm's success or failure along with all the underlying assumption
Comprehensive Plan
95
Company name, logo, tagline, contact information, copy number, date prepared, and disclaimer if needed
Cover Page
96
Listing of the key sections of the business plan
Table of contents
97
One to three page overview of the significant points, intended to motivate the reader to continue reading
Executive Summary
98
Key characteristics of the industry, including the different segments, and the niche where you plan to compare
Industry, Target Customer, and Competitive Analysis
99
Company Objectives, the nature of the business, its primary product or service, its current status and history, and the legal form of organization
Company Description
100
Justification for why people will buy the product or service, based on its unique features
Product/Service Plan
101
Marketing strategy, including the methods of identifying and attracting customers, selling approach, type of sales force, distributions channels, types of sales promotion and advertising, and credit and pricing policies
Marketing Plan
102
Operating or manufacturing methods, operating facilities, quality control methods, procedures to control inventory and operations, sources of supply, and purchasing procedures
Operations and Development Plan
103
Description of the management team, outside investors and/or directors, and plans for recruiting and training employees
Management Team
104
Any known inherent risks in the venture
Critical Risks
105
How much capital the entrepreneur needs and how the money will be used
Offering
106
Ways an investor and the entrepreneur may be able to harvest their business investment
Exit Strategy
107
Contemplated sources of financing; any historical financial statements, if available; pro forma financial statements for three to five years, including income statements, balance sheets, cash flow statements, and cash budgets
Financial Plan
108
Various supplementary materials and attachments to expand the reader's understanding of the plan
Appendix of Supporting Documents
109
A section of the business plan that conveys a clear and concise overall picture of the proposed venture and creates interest in the venture
Executive Summary
110
A section of the business plan that describes the user benefits of the product or service and the type of market that exists
Marketing Plan
111
A sections of the business plan that offers information on how a product will be produced or a service provided, including descriptions of the new firm's facilities, labor, raw materials, and processing requirements
Operations and Development Plan
112
A section of the business plan that describes a new firm's organizational structure and the backgrounds of its key players
Management team
113
A section of the business plan that identifies the potential risks that may be encountered by an investor
Critical Risks
114
A section of the business plan that indicates to an investor how much money is needed, and when and how the money will be used
Offering
115
A section of the business plan that focuses on options for cashing out of the investment
Exit Strategy
116
A section of the business plan that projects the company's financial position based on well-substantiated assumptions and explains how the figures have been determined
Financial plan
117
Projections of a company's financial statements for up to five years, including balance sheets, income statements, and statements of cash flows, as well as cash budgets
Pro Forma Statements
118
An analysis of how a firm plans to create profits and cash flows given its revenue sources, it cost structures, the required size of investment, and sources of risk
Business Model
119
A component of the business model that identifies the different types o revenue streams a firm expects to receive
Revenue Model
120
A component of the business model that provides a framework for estimating the nature and types of costs and expenses a firm may incur
Cost Structures
121
A component of the business model that provides estimates of the types and amounts of investment required to achieve positive profits and cash flows
Maximum investment
122
A component of the business model that identifies risks in the model and how the model can adjust to them
Business Model Risk
123
Business Activities that direct the creation, development, and delivery of a bundle of satisfaction from the creator to the targeted user
Small Business Marketing
124
The fundamental benefit or solution sought by customers
Core Product/Service
125
The basic physical product and/or service that delivers those benefits
Actual Product/Service
126
The basic product and/or service plus any extra or unsolicited benefits to the consumer that may prompt a purchase
Augmented Product/Service
127
This emphasizes the product as the single most important part of the business
Production-oriented philosophy
128
This deemphasizes production efficiencies and customer preferences in favor of a focus on pushing product
Sales-oriented philospohy
129
This believes that everything, including production and sales, centers on the consumer and his or her needs
Consumer-oriented Philosphy
130
The process of locating and describing potential customers
Market Analysis
131
The combination of product/service, pricing, promotion, and distribution activities
Marketing Mix
132
A description of potential customers in a target market
Customer Profile
133
The gathering, processing, interpreting, and reporting of market information
Marketing Research
134
Market information that has been previously compiled
Secondary Data
135
New market information that is gathered by the firm conducting the research
Primary Data
136
A group of customers or potential customers who have purchasing power and unsatisfied needs
Market
137
The division of a market into several smaller groups with similar needs
Market Segmentation
138
The parameters used to distinguish one form of market behavior from another
Segmentation Variables
139
Specific characteristics that distinguish market segments according to the benefits sought by customers
Benefit Variables
140
Specific characteristics that describe customers, their purchasing power, their consumption patterns, and other factors
Demographic Variables
141
A strategy that defines the total market as the target market
Unsegmented Strategy (mass marketing)
142
A strategy that recognizes different preferences of individual market segments and develops a unique marketing mix for each
Multi-Segment Strategy
143
A strategy that recognizes the existence of several distinct market segments but focuses on only the most profitable segment
Single-Segment Strategy
144
A prediction of how much of a product or service will be purchased within a given market during a specified time period
Sales Forecast
145
A forecasting method that begins with a large-scope variable and works down to the sales forecast
Breakdown process
146
A forecasting method in which all potential buyers in a target market's submarkets are identified and the estimated demand is added up
Buildup Process
147
A forecasting method in which sales is the estimated variable
Direct Forecasting
148
A forecasting method in which variables related to sales are used to project future sales
Indirect Forecasting
149
Managers and other key persons who give a company its general direction
Management Team
150
An interconnected system of relationships with other people
Social Network
151
The advantage created by an individual's connections in a social network
Social Capital
152
A powerful sense of obligation to repay in kind for what another has done for or provided to us
Reciprocation
153
A business owned by one person, who bears unlimited liability for the enterprise
Sole Propietorship
154
Liability on the part of an owner that extends beyond the owner's investment in the business
Unlimited Liability
155
A legal entity formed by two or more co-owners to operate a business for profit
Partnership
156
A document that states explicitly the rights and duties of partners
Partnership Agreement
157
The liability of each partner resulting from any one partner's ability to legally bind the other partners
Joint and Several Liability
158
A business organization that exists as a legal entity and provides limited liability to its owners
Corporation
159
A business organization that is recognized by the law as having a separate legal existence
Legal Entity
160
An ordinary corporation, taxed by the federal government as a separate legal entity
C Corporation
161
A document that establishes a corporation's existence
Corporate Charter
162
A document specifying the number of shares owned by a stockholder
Stock Certificate
163
The right of stockholders to buy new shares of stock before they are offered to the public
Preemptive Right
164
A situation in which the courts conclude that incorporation has been used to perpetuate a fraud, skirt a law, or commit some wrongful act and thus remove liability protection from the corporate entity
Piercing the Corporate Veil
165
A partnership with at least one general partner and one or more limited partners
Limited Partnership
166
A partner in a limited partnership who has unlimited personal liability
General Partner
167
A partner in a limited partnership who is not active in it management and has limited personal liability
Limited Partner
168
A type of corporation that offers limited liability to its owners and passes taxable income income or losses on to stockholders
S Corporation
169
A form of organization in which owners have limited liability buy pay personal income taxes on business profits
Limited Liability Company
170
A form of corporation that shields owners from liability and is set up for individuals in certain professional practices
Professional Corporation
171
A form of corporation for enterprises established to serve civic, educational, charitable, or religious purposes; not for generation of profits
Nonprofit Corporation
172
Verification of whether a nonprofit organization is staying true to its stated purpose
Organizational test
173
An organizational relationship that links two or more independent business entities in a common endeavor
Strategic Alliance
174
The governing body of a corporation, elected by the stockholders
Board of Directors
175
A group that serves as an alternative to a board of directors, acting only in an advisory capacity
Advisory Board
176
An informal agreement between a borrower and a bank as to the maximum amount of funds the bank will provide at any one time
Line of Credit
177
Money loaned for a 5-10 year term, corresponding to the length of time the investment will bring in profits
Term Loan
178
A loan for which items of inventory or other movable property serve as collateral
Chattel Mortgage
179
A long-term loan with real property held as collateral
Real Estate Mertgage
180
The interest rate charged by commercial banks on loans to their most creditworthy customers
Prime Rate
181
The interest rate charged by London banks on loans to other London banks
LIBOR
182
1/100th of 1 percent when quoting an interest rate
Basis Point
183
A very large payment required about halfway through the term over which payments were calculated, repaying the loan balance in full
Balloon Payment
184
Bank imposed restrictions on a borrower that enhance the chance of timely repayment
Loan Covenants
185
An installment loan from a seller of machinery used by a business
Equipment Loan
186
A line of credit secured by working capital assets
Asset-Based Loan
187
Obtaining cash by selling accounts receivable to another firm
Factoring
188
Obtaining cash from a lender who, for a fee, advances the amount of the borrower's cost of goods sold for a specific customer order
Purchase order financing
189
Private individuals who invest in others' entrepreneurial ventures
Business Angels
190
Funds provided by wealthy private individuals to high-risk ventures
Informal Venture Capital
191
Individuals who form limited partnerships for the purpose of raising venture capital from large institutional investors
Formal Venture Capitalists
192
A loan program that helps small companies obtain financing through a guaranty provided by the SBA
7a Loan Guaranty Program
193
An SBA loan program that provides long-term financing for small businesses to acquire real estate or machinery and equipment
Certified Development Company 504 Loan Program
194
An SBA Loan program that provides short-term loans of up to $50,000 to small businesses and not for profit child care centers
7m Microloan Program
195
Privately owned banks regulated by the SBA that provide long term loans and/or equity capital to small businesses
Small Business Investment Companies
196
An SBA program that helps to finance companies that plan to transform laboratory research into marketable products
Small Business Innovative Research Program
197
A lender that uses funds from federal, state, and private sources to provide financing to small businesses in low-income communities
Community based financial institution
198
The sale of a firm's capital stock to select individuals
Private Placement
199
The issuance of stock o be traded in public financial markets
Initial Public Offering
200
The process of raising very small investments from a large number of investors via the internet
Crowdfunding
201
The extent to which a good or service is perceived by a customer as meeting his or her needs or wants measured by the customer's willingness to pay for it
Value
202
A specification of what a seller requires in exchange for transferring ownership or use of a product or service
Price
203
An agreement between a buyer and a seller that allows for delayed payment for a product or service
Credit
204
An approach in which the total cost for a given period is divided by the quantity sold in that period to set a price
Average Pricing
205
The degree to which a change in price affects the quantity demanded
Elasticity of demand
206
Demand that changes significantly when there is a change in the price of a product or service
Elastic Demand
207
Demand that does not change significantly when there is a change in the price of a product or service
Inelastic Demand
208
An approach based on setting a high price to convey an image of high quality or uniqueness
Prestige Pricing
209
The examination of cost revenue relationship and the incorporation of sales forecasts into the analysis
Break even Analysis
210
Sales volume at which total sales revenue equals total costs and expenses
Break Even Point
211
The difference between the unit selling price and the unit variable costs and expenses
Contribution Margin
212
An approach based on applying a percentage to a product's cost to obtain its selling price
Markup Pricing
213
A technique that sets lower than normal prices to hasten market acceptance of a product or service or to increase market share
Penetration Pricing Strategy
214
A technique that sets very high prices for a limited period before reducing them to more competitive levels
Skimming Price Strategy
215
A technique that uses a particular competitor as a model in setting prices
Follow-the-leader Pricing Strategy
216
A technique that sets more than one price for a product or service in order to offer price concessions to certain customers
Variable Pricing Strategy
217
A technique that sets a range of several distinct merchandise price levels
Price Lining Strategy
218
A technique that places different values on a product or service for customers with different needs
Adaptive Pricing
219
Financing granted by retailers to individuals who purchase for personal or family use
Consumer Credit
220
Financing provided by suppliers to client companies
Trade Credit
221
A line of credit that allows the customer to obtain a product or service at the time of purchase with payment due when billed
Open Charge Credit
222
A line of credit that requires a down payment with the balance paid over a specified period of time
Installment Credit
223
A line of credit on which the customer may charge purchases at any time, up to a pre-established limit
Revolving Charge Account
224
An alternative to cash whose use provides assurance to a seller that a buyer has a satisfactory credit rating and that payment will be received from the issuing financial institution
Credit Card
225
An alternative to cash whose use results in an immediate withdrawal from the buyer's bank account to pay for products or services
Debit Card
226
Privately owned organizations that collect credit information on businesses
Trade Credit Agencies
227
Privately owned organizations that summarize a number of firms' credit experiences with particular individuals
Credit Bureaus
228
A categorization of accounts receivable based on the length of time they have been outstanding
Aging Schedule
229
The ratio of bad debts to credit sales
Bad-debt ratio
230
Marketing communications that inform and persuade consumers
Promotion
231
A blend of nonpersonal, personal, combine, and special forms of communication aimed at a target market
Promotional Mix
232
Social networking and microblogging websites as well as other means of online communication where users share personal messages, information, videos, and other content
Social Media
233
Interacting online with other users who share common interests
Social Networking
234
Posting short messages or photos on a blog or social networking site
Microblogging
235
Delivery of a firm's message by electronic mail
E-Mail Promotion
236
A word, phrase, or image that a user may click on to go to another part of a document or website or to a new document or website
Hyperlink
237
An online journal that offers a writer's experiences, opinions, etc
Blog
238
A generic term used to refer to a variety of wireless handheld computing devices that allow people to access information from wherever they are
Mobile Device
239
Abbreviation for a software application for business or entertainment
App
240
A square bar code that connects to a website, a video, or some other web content
Quick Response (QR) Code
241
A face to face meeting with a customer
Personal Selling
242
A systematic process of continually looking for new customers
Prospecting
243
A presentation designed to make potential customers aware of a specific product or service and create a desire for it
Product advertising
244
A presentation of information about a particular firm, designed to enhance the firm's image in order to make its product advertising more credible and effective
Institutional Advertising
245
An inclusive term for any promotional technique other than personal selling and advertising that stimulates the purchase of a particular product or service
Sales Promotion
246
A promotional strategy that provides visibility for a business at little or no cost
Publicity
247
The processes used to create and deliver a product or service
Operation
248
The planning and control of a conversion process that includes turning inputs into outputs that customers desire
Operations Management
249
Manufacturing operations designed for short production runs of small quantities of items
Job Shops
250
Manufacturing operations used to create unique but similar products
Project Manufacturing
251
Manufacturing operations designed for long production runs of high-volume, standardized products
Repetitive Manufacturing
252
A form of repetitive manufacturing with output that more closely resembles a product stream than individual products
Continuous Manufacturing
253
Manufacturing operations that usually involve computer controlled equipment that can turn out products in smaller or more flexible quantities
Flexible manufacturing Systems
254
Operational strategies used to stimulate customer demand when it is normally low
Demand Management Strategies
255
An index that determines the quantity to purchase in order to minimize total inventory costs
Economic Order Quantity
256
A method of controlling inventory that uses a targeted service level, allowing statistical determination of the appropriate amount of inventory to carry
Statistical Inventory Control
257
A system of classifying items in inventory by relative value
ABC Method
258
A method of reducing inventory carrying costs by making or buying what is needed just as it is needed
Just-in-time Inventory System
259
A method that provides for periodic counting of items in inventory
Physical Inventory System
260
A method for counting different segments of the physical inventory at different times during the year
Cycle Counting
261
A method for keeping a running record of inventory
Perpetual Inventory System
262
A method of inventory control based on the use of two containers for each item in inventory, one to meet current demand and the other to meet future demand
Two-bin Inventory System
263
The features of a product or service that enable it to satisfy customers' stated and implied needs
Quality
264
An all-encompassing management approach to providing high-quality products and services
Total Quality Management
265
The examination of a part or a product to determine whether it meets quality standards
Inspection
266
A proactive approach to quality management that seeks to mistake proof a firm's operations
Poka-Yoke
267
The use of a random, representative portion of products to determine the acceptability of an entire lot
Acceptance Sampling
268
Product or service parameters that can be counted as being present or absent
Attributes
269
Measured parameters that fall on a continuum, such as weight or length
Variables
270
The standards governing international certification of a firm's quality management procedures
ISO 9000
271
A choice that companies must make when they have the option of making or buying component parts for products they produce
Make-or-buy Decisions
272
Contracting with a third party to take on and manage one or more of a firm's functions
Outsourcing
273
An organization in which small businesses combine their demand for products or services in order to negotiate as a group with suppliers
Cooperative Purchasing Organizaiton
274
A list of critical factors that provides a helpful starting place when assessing a supplier's performance
Supply Chain Operations Reference Model
275
Forecasting that considers a variety of variables to determine expected sales
Associative Forecasting
276
An approach that emphasizes efficiency through elimination of waste in a company's operations
Lean Production
277
An approach that recognizes the interdependence of assets and activities and manages them to optimize the entire firm's performance
Synchronous Management
278
Any point in the operations process where limited capacity reduces the production capability of an entire chain of activities
Bottleneck
279
The most restrictive of bottlenecks, determining the capacity of the entire system
Constraint
