WEEK 3

Question 1

It refers to the process of managing the activities of a business to furnish desired outputs of products and services.

It involves planning, executing, and directing operations to convert raw materials into finished goods and services.

Answer 1

Production Management

Question 2

The division of production management functions into 5 P’s

Answer 2

✓ product
✓plant
✓ programme
✓ processes
✓ People

Question 3

the link between production and marketing.

Answer 3

Product

Question 4

should match the needs of the product; market, the worker and the organization.

Answer 4

Plant

Question 5

The plant is concerned with;

Answer 5

a. Design and layout of building and offices
b. Reliability, perfect, maintenance of equipment
c. Safety of operations
d. The financial constraint

Question 6

There are always number of alternative methods of creating a
product. But it is required to select the one best method, which
attains the objectives.

Answer 6

Process

Question 7

refers to the timetable of production.

Answer 7

Program

Question 8

Production depends upon people.
➢ The people vary in their attitudes, skill and expectations from the
work.

Answer 8

People

Question 9

initial idea to after its market release or its
commercialization.

Answer 9

Product Development

Question 10

also called new product management.

Answer 10

Product Development

Question 11

Series of Steps:

Answer 11

1. Idea Generation (Brain Storming);
2. Idea Screening/Validation;
3. Concept Development and Testing
   (Prototyping)
4. Market Strategy and Business Analysis
   (7Ps/FS)
5. Product Design and Development,
6. Market Testing;
7. Marketing Entry and Commercialization.

Question 12

It is the continuous and systematic
quest for new product
opportunities, including updating or
changing an existing product.

Answer 12

Idea Generation (Brain Storming)

Question 13

less wanted product
ideas out of the running.

Answer 13

Idea Screening/Validation

Question 14

must be tested on a true
customer base.

Answer 14

Concept Development and Testing (Prototyping)

Question 15

It is an analysis that identifies the product strategy of how to optimally market and sell a product or service.

Answer 15

Market Strategy and Business Analysis (7Ps/FS)

Question 16

7 P’s of marketing:

Answer 16

✓ product,
✓ price,
✓ Promotion,
✓ place;,
✓ People,
✓ Process, and
✓ Physical Evidence.

Question 17

yields information critical to the
product’s success.

Answer 17

Feasibility Analysis or Study

Question 18

It is a series of steps that includes the
conceptualization, design, development
and marketing of newly created or newly
rebranded goods or services.

Answer 18

Product Design and Development

Question 19

the goal is to validate the entire concept

Answer 19

Market Testing

Question 20

offering the product to a
random sample of the target market.

Answer 20

Test Market

Question 21

the product is introduced to the target market.

Answer 21

Market Entry and Commercialization

Question 22

broken down into seven steps that track how a product goes from an idea to a viable commercial good.

Answer 22

product development life cycle

Question 23

7 Steps in product development life cycle

Answer 23

initial product concept
➢ market research
➢ planning,
➢ prototyping,
➢ sourcing,
➢ assessing costs and prices, and
➢ a commercial introduction.

Question 24

from the time it is introduced in the market till it leaves the
market.

Answer 24

Product Life Cycle

Question 25

A product life cycle consists of four stages:

Answer 25

✓ introduction,
✓ growth,
✓ maturity, and
✓ decline.

Question 26

first time customers are introduced to the
new product.

Answer 26

Introduction Phase

Question 27

growing demand, an increase in production, and expansion in its availability. the product becomes more popular and recognizable.

Answer 27

Growth Stage

Question 28

is the most profitable stage,
the time when the costs of producing and marketing decline.

Answer 28

Maturity Stage

Question 29

increased competition as other
companies emulate its success, the product may lose market share and begin its decline.

Answer 29

Decline Stage

Question 30

is the process of controlling a
company’s operations to provide the services and products it
wants to produce. It comprises organizing, carrying out, and
managing processes that transform raw resources into
completed products and services

Answer 30

Production Management