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Business Test 3

Operations Management

Management of people and machinery that convert materials into goods and services

What are inputs?

Raw Materials, resources

What does the conversion process do to the inputs

Add value

What are the outputs of the conversion process

Goods and services

Give an example of transformation process

Retail store.
1. Building, display, scanner

2. Attract customers, stores goods, sells things

3. Merchandise sold

What is tangible, and used/consumed after it's made

Product

consumer/used as it is produced, human element

Service

Planning the product steps

1. Market research (needs/wants)
2. Research and Development turn ideas into workable designs

3. Operation managers plan for materials, people, processes

What are the 2 operational systems

1. Mass production
2. Flexible production

What is mass production

large quantitites of standardized products

What is flexible production

smaller runs of similar products

What are the 4 productions process

1. Analytic
2. Synthetic

3. Continuous

4. Intermittent

What is analytic process

Breaking apart materials and turning it into something

What is synthetic process

Take pieces and components and turn them into something

What is continuous process

Ongoing improvemtns of products

What is Intermittent process

Machines produce different things at different times (lawyer)

What is the main question when deciding to produce somethig?

Whether to rely on people or machines (capital vs labour intensive)

List some things a business needs to consider when finding a new location.

1. proximity to suppliers, warehouses, services
2. Cost of insurance and taxes

3. Labour availability

4. Services that meet the employees needs

5. Space for current and future growth

6. Distance to market

7. Transportation links

8. Receptiveness of the community

9. Climate and environment

10. Energy services

11. Government incentives

12. Job of production managers

4 steps of production managers

1. Plan the overall production process
2. Select the most appropirate layout

3. Carry out the production plan

4. Control the production process

How do you plan the overall production process

put ideas into final plans, design the most efficient layout

What are the different layouts

1. Process
2. Product

3. Fixed position

4. Customer oriented

What is a process layout

Putting people in groups based off of similar skills

What is a product layout

Assembly line (cars)

What is a fixed position

The project is in one place, people go to it (boat, operation table)

What is a customer oriented layout

The company interacts with the customers

How do you carry out the production plan

1. purchasing the right materials and the right quantity, make or buy decision (make engines or buy them), value analysis (hwo can we improve)
2. Selecting and building relationships with suppliers

3. Managing Inventory (goal, ordering, materials)

Controlling the production process

production planning, rounting, scheduling, dispatching, follow up

What is quality

degree to which a good/service meets the demands/ requirements or the customer

How does our christian view affect quality

can be more restrivice (we cant provide some services), more expensive (we strive to give the best we can), golden rule (do unto others)

What is productions roles

planning and capacity, scheduling, floor management, safety

What is materials managements roles

right amount of materials, space, supplier considerations

Details about Maitenence

Schedule it, plan it, don't comprimise

Main purpose of operations

Make money, add value, meet the needs of stakeholders

People

Give regular feedback, define roles and responsibilities, empower your staff

What is marketing

Communicating, delivering and creating value to customers that benefit the company
includes the 4 p's

What is exchange

one thing for another, the heart of business, 4 p's

What is marketing strategy

Selecting a target market and developing an appropriate mix

What is marketing research

process to collect info about potential customers, primary and secondary sources, business intelligence

What are the bases for segmentation

geographical, demographic, psychographic, product-related, end-use

What is geographical segmentation

Region, populations, density, markets, geographically concentrated industries

What is demographic segmentation

Age, gender, income, education, family size, occupation, sales revenue, business markets

What is psychographic segmentation

Lifestyle, attitudes, opinions, behaviour, patterns, values

What is product-related segmentation

Comfort, safety, luxury, economy, convenience

What is end-use segmentation

Product design specifications for performance, design and price

What is consumer behaviour

Decision processes and actions of people who purchase and use products

What is the decision process of a consumer

1. Recognition of problem (new car)
2. Search for a product

3. Evaluate alternatives (gas, safety, space)

4. Purchase decision

5. Purchase act (buy it)

6. Post-purchase evaluation

What are the psychological determinants of marketing strategy

Perception, Learning, Attitude, Personality

What is perception

a person selects, organizes and interprets info from their senses (feeling, clothes, hearing)

What is learning

Brings changes in behaviour based on info and experience

What is attitude

Positive or negative feeling about something

What is personality

Individuals distinguishing character traits, attitudes or habits

Social determinants that impact marketing

Social roles, reference groups, social classes, culture

What are social roles

set of expectations based on position

What are reference groups

Groups with whom buyers identify and whose values or attitudes they adopt

What are social classes

ranking people into higher or lower positions positions of respect

What is culture

Integrated, accepted pattern of behaviour

What is relationship marketing

developing and maintaining relationships with partners
-customers are all unique

-buyer behaviour is not unique

What are the 4 p's

Product, place (distribution), price, promotion

What is product

A bundle of physical, service, and symbolic characteristics made to satisfy customer wants

Responsibilities as Christians for products

- show love to customers, so make good products that reflect our faith (no dating app, gun)
-cultural mandate and stewardship

What are competitive strategies

Price and Differentiation (product)

How do you classify products

-length of purchasing process
convenience (toothpaste), Shopping (jeans), Specialty (ethnic food)

Product life-style

1. Introduction
2. Growth

3. Maturity

4. Decline

5. New product development process

How to identify products

Branding - loyalty, image, emotions, design (nike)

What does packaging provide

attention, information, contents, convenience, economy, reduce enviro footprint

What is product quality

The degree a good/service/idea meets the demand of the cutomer

What is Placement

A plan that distributes the goods/services to customers

What are distribution strategies

Channels, Retailers, Wholesalers, Direct to customer

What is Promotion

The function of informing, persuading and influencing a purchase decision

What is the promotion mix

Personal selling and non personal selling (sales promotion, advertising)

What are the objectives of promotion

Provide information, stabilize sales, increase sales, differentiate product, remind, reinforce

What is advertising

Paid form or nonpersonal communication, the most important tool, efficient,

What are the 2 types of advertising

Primary demand: trying to sell all brands (milk in general)
Institutional: NFL could promote NFL in general

What is sales promotion

Direct inducements offering added value or some other incentives for buyers, support personal selling or advertising, convenient

Personal Selling

direct, 2 way communication with buyers and potential buys, contacts only likely prospects

Personal selling compared to advertising

effective, can be more expensive, harder to say no

What is public relations (PR)

communications and relationships with various public audiences

What does public relations do

publicity, greater impact, crisis managements, event marketing and sponsorships

What are the 2 different promotion strategies

Push: push the product on the consumer
Pull: Let society push the consumer in wanting the product themselves

What is Price

exchange value of a good/service

Common price objectives

Profit, Market share volume, meeting competition, image, survival, social/ethical considerations

What are cost-based strategies

break-even point, the price is great enough to cover costs

What does price have to do with competition

1. Follow the leader (let the dominant company make the price)
2. Adjust the price based on customer loyalty

3. Variation (competitors drop us too, market domination, customary pricing)

What is psychological pricing

1. Quality or premium pricing
2. Price lining (all tops are...)

3. Odd pricing ($3.87 vs. $4)

4. Multiple pricing (buy 3 get 1 free)

5. Bait and Switch (deal, but don't have product so buy more)

What is price discounting

1. Everyday low pricing
2. Price matching (competitors)

3. Trade discounts

4. Quantity discounts

5. Seasonal discounts

6. Promotional discounts

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