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57 Cards in this Set
- Front
- Back
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Demand Forecast |
determine number of people needed by a future time; and estimating how many people in the organization will be available to fill jobs in the future (internal forecast)
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Human Resource Planning |
Job analysis(study of tasks)
Job description (tasks) Job specification (Skills andabilities) |
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Marketing |
the process of planning and executing the conception, pricing, promotion and distribution of goods and services to facilitate exchanges that satisfy individual organizational objectives.
The process of discovering the needs and wants of potential buyers and customers and then providing goods and services that meet or exceed their expectations |
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Core Value Proposition |
a statement of the tangible results a customer receives from using your products Idea Benefit Target Perception Outcome (Reward) |
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Total Product Offer |
everything that the consumer evaluates when deciding to buy- Includes both tangibles and intangibles (price, packaging, store surroundings, speed of delivery,buyers past experience, brand image, brand name, reputation of producer, etc.)
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The Marketing Concept |
- Customer Value: ratio of benefits to sacrifices
- Customer Satisfaction: feeling that product has met expectations - Building Relationships: long-term partnerships by offering value and satisfaction |
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Creating a customer-focused strategy |
1) Understanding the External Environment
2) Defining the Target Market 3) Creating a Competitive Advantage 4) Developing a Marketing Mix |
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The Marketing Mix (4 P's) |
1) Product: involves choosing a brandname, packaging, colours, a warranty, accessories, and a service program
2) Pricing: based on demand for theproduct and the cost of producing it 3) Place (Distribution) – creating meansby which a product flows from producer to the consumer 4) Promotion – covers personal selling,advertising, public relations, and sales promotion |
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4 types of consumer behaviour |
Individual,
Psychological, Socio-cultural, Situational |
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Business to business market |
- Purchase Volume
- Number of Customers - Location of Buyers - Direct Distribution |
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Market Segmentation |
- GEOGRAPHIC- DEMOGRAPHIC- PSYCHOGRAPHIC- BENEFIT- VOLUME
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Price Skimming |
initial high, lowers over time |
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Penetration Pricing |
Initial low price to penetrate market |
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Leader Pricing |
initial price below normal mark up to attract new customers |
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Prestige Pricing |
Higher price to indicate quality |
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Intermediaries |
organizations that assist in moving goods and services from producers to end-users
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Process Layout |
Work flows according to process |
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Cellular manufacturing |
small, self-contained production units |
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Materials requirement planning (MRP) |
Computerized system of controlling the flow of resources and inventory.
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Manufacturing Resource Planning II |
Complex computerized system that integrates data from many departments to allow managers to forecast and assess the impact of production plans on profitability more accurately.
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Enterprise Resource Planning |
Computerized resource-planning system incorporates information about the company’s suppliers and customers with its internally generated data.
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GANTT chart |
Production schedule planning |
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Total quality management |
Deming’s concept that emphasizes the use of quality principles in all aspects of a company’s production and operations
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Six Sigma |
Defining what needs to be done to ensure quality; measure and analyze results and ongoing improvement
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ISO 9000 |
Set of five technical standards of quality management to provide a uniform way of determining whether there is conformity to sound quality procedures.
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Lean Manufacturing |
Streamlining production – eliminating steps that do not add benefits for end users.
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Flexible Manufacturing |
Designing machines to do multiple tasks so that they can produce a variety of products
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Modular Production |
Allows for efficiency and can accommodate rapid change
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Accounting |
The process of collecting,recording, classifying, summarizing, reporting and analyzing financial activities (events and transactions)
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Managerial Accounting |
provides financial information that managers inside the organization can use to evaluate and make decisions(costs, budgets, controls
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financial accounting |
focuses on preparing external financial reports used by outside stakeholders.
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IFRS |
International Financial Reporting Standards
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ASPE |
Accounting Standards for Private Enterprises
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Bookkeeping |
Start of Accounting
Categorize Record/Journalize Mustbe Organized |
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Balance Sheet |
Financial position/condition at a specific point in time
‘What you own and what you owe on a certain day’ |
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Income Statement |
Revenue, expenses, taxes
Profit/loss statement ‘Changes in prices and costs over a period’ |
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Cash Flow Statement |
Tracks flow of money (in and out)
Receipts and payments Cash is king ‘The difference between cash coming in and going out’ |
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Fixed Assets (or capital assets) |
Will generate revenues for over a year Land, machinery, furniture |
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Current Assets |
Will be converted to cash within 12 months Cash, accounts receivable, inventory |
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Intangible Assets |
Patents, copyrights, trademarks, goodwill |
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Current vs. long-term liabilities |
will be paid off in a year - or paid off in longer than a year |
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Owners equity |
total net worth after all liabilities have been paid |
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Fundamental accounting equation |
Assets = Liabilities + Owner’s Equity
A = L + NWB |
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Income Statement |
Revenues - Expenses = net profit (or loss) |
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Gross sales |
total dollar amount of sales |
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net sales |
gross sales minus discounts, allowances and returns |
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Cost of goods sold |
The total expense of buying or producing the firm’s goods or services (ex. Raw materials)
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Cash flow statement |
Cash from operating, investing and financing activities |
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Ratio analysis |
The assessment of a firm’s financial condition and performance through calculations and interpretations of financial ratios developed from the firm’s financial statements.
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Ratio analysis: Liquidity |
measure a company’s ability to convert assets into cash
Current Ratio = Current Assets/CurrentLiabilities Should be >2 |
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Ratio analysis: Profitablity |
measure how effectively a firm is using its various resources to achieve profits
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Net working capital |
The amount obtained by subtracting current liabilities from total current assets
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Earnings per share - profit ratio |
net income/# of common shares |
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Net profit margin - profit ratio |
net income/revenue |
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return on equity - profit ratio |
net income/total owners equity |
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inventory turnover - activity ratio |
cost of goods sold/average inventory |
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debt (leverage) ratios |
Measures the degree and effect of a company’s use of borrowed funds to finance its operations.
Total liabilities/owner equity
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