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44 Cards in this Set
- Front
- Back
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Brand |
Name, term, or symbol that differentiates a product from competitors |
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Factors of production |
Natural resources, labor, capital, entrepreneurship |
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Natural resources |
Products that are useful in their natural state |
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Outsouring |
Hiring outside vendors for the production of goods previously performed in house |
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Strategic alliance |
Partnership formed to create a competitive advantage for a business |
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Distribution strategy |
Deals with getting the right good to the company’s customers |
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What is the product life cycle |
Introduction, growth, maturity, and decline |
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Trademark |
Brand that has been given legal protection |
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Computer based information systems |
Information systems that rely on computers to store information in an organized manner |
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Spyware |
Software that secretly gathers user information usually for advertising purposes |
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What is benchmarking |
Looking at how other companies make a product and comparing it to your own operations |
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What is the goal of six sigma |
To produce error free products 99.9997% of the time |
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What is the critical path on a PERT chart |
Process that takes longest to complete |
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What is the last step in production control |
Managers look at potential problems and propose solutions |
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4 tasks of production managers |
Plan production process, determine the best layout, implement the production plan, control the production processes |
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What is production |
Use of resources such as people and machinery to convert materials into finished products |
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Main disadvantage to mass production |
Lack of motivation due to repetition |
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What is an analytic production system |
Reduces raw material to its component parts in order to extract one or more marketable products |
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Synthetic production |
Combined a number of raw materials to produce finished products |
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What does the term right to profit mean |
The owner is legally guaranteed the right to the profits of their business |
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What are the two types of nonprofits |
Public and private and public use government funding |
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What is nearshoring |
Is the outsourcing of production to a location near a firms home base |
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What are business ethics |
Moral values regarding to wrong actions in a work environment |
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What steps are involved in implementing a production plan |
1. Deciding whether to make or lease 2. Selecting the best suppliers for materials 3.controlling inventory to keep enough on hand |
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What is routing |
Determines the sequence of work throughout the facility |
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What is a product |
Physical object or service that is designed to satisfy a buyers wants |
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What classifications of products apply to business goods and services |
Installation and accessory equipment |
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What are the stages of the product life cycle |
Intro, growth, maturity, decline |
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What is a speciality product |
Products that consumers are willing to make a special effort to obtain |
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What are raw materials |
Natural items that are used in producing other products |
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Who are the marketing intermediaries |
Wholesaler |
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Who are the marketing intermediaries |
Wholesaler |
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What is the supply chain |
Complete sequence of suppliers that contribute to creating a good or service and delivering it to business users and final consumers |
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What is data |
Raw facts and figures |
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What is an operating system |
Software that controls basic workings of a computer |
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Mainframe computer |
Largest type of computer system |
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What is an application service provider |
Outside supplier used for providing computer and program support |
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What is a wide area network |
A network that ties geographic locations together using a satellite |
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Who is the chief information officer |
Head computer guy |
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What is disaster recovery planning |
Designing how to prevent failures |
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What method of transportation is most common |
Trucks |
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What is a shopping product |
Product that you need to research before you buy |
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What is a product line |
Different products under the same brand |
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When did assembly lines become common |
Production era |
