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25 Cards in this Set
- Front
- Back
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Design Mix |
Everything you need to think about when designing a new product : function, cost and appearance. |
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Cost (Design Mix) |
Where businesses need to think about the cost of producing new products. Will people buy them? Will they make a profit? |
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Function (Design Mix) |
Where businesses need to think about what their product does and how reliable it is. |
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Appearance (Design Mix) |
Where businesses need to think about how their product looks. |
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Product Differentiation |
Making your product seem different to that of the competitors, this can be done through product design. |
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Research and Development |
The process behind coming up with a product customers want. Sometimes called scientific research. |
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Scientific Research |
Using science to develop products, such as developing better ways to do things. |
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Innovation |
The process of transforming inventions into products that can be sold to customers. |
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Stock |
The materials that a business holds. Some could be raw materials waiting to be used, work-in-progress or finished goods waiting to be shipped off. |
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Stock Control |
The methods put in place to help ensure a business always has the correct amount of stock for demand. |
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Stock Graph |
A visual representation of how much stock a business has and is using. |
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Maximum stock level |
The highest amount of stock kept by a business. |
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Re-order level |
The level of stock reached when an order for new stock needs to be placed. |
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Buffer stock or Just in Case |
The lowest level of stock kept, tends to be just for emergencies. |
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Stock-piling |
Where a business builds up a pile of stock to help deal with demand (or because they are inefficient) |
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JIT (Just in Time) |
A stock management system where stocks are only delivered just as they are needed and stocks are kept to a minimum. |
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Lead Time |
The time taken from placing the order and it arriving. |
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Quality |
Achieving a minimum standard for a product or service which meets customers' needs. |
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Quality Control |
Ensuring that a product or service meets minimum standards, often through testing products after they have been made. |
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Quality Assurance |
Ensuring that quality is produced and delivered at every stage of the production process. Quality is seemed as everyone's responsibility. |
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Productivity |
This is output per worker. If it can be increased, then costs will fall. Calculated by Total Output / Number of workers |
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Customer Service |
The experience a customer has when dealing with a business, before, during and after the purchase. |
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Consumer Protection Legislation |
Laws that are in place to prevent businesses taking advantage of customers. |
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Sale of Goods Legislation |
This law says that what the customer buys should be of Saleable quality and if it's not they can get some form of compensation. |
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Trade Descriptions Legislation |
This law says that sellers must be honest about their products and not attempt to deceive customers. |
