Business Ch 19 and 20 Vocab

consumer panel

a group of people who offer opinions about a product or service

d. international competition

all of the following should be considered when deciding where to locate a manufacturing company except...

c. mass production

an assembly process that produces a large number of identical products is called...

marketing managers

are responsible for coordinating marketing functions across departments to meet customer needs

risk taking

assuming the risk of losses that may occur from fire, theft, damage, or other circumstances

a. custom manufacturing

buildings, bridges, and computer programs are all examples of...

wholesalers

businesses that buy products from businesses and sell them to other businesses

retailers

businesses that sell directly to final consumers

d. repetitive production

companies use this process do the same thing over and over to produce a product...

production-oriented

decisions about what and how to produce received the most attention

intangible

do not have a physical product, they cannot be seen or examined before purchase, and they do not exist after the consumer uses them.

grading and valuing

grouping goods according to size, quality, or other characteristics, and determining an appropriate price for products and services

storing

holding products until customers needs them.

c. the salaries of each worker

human resource planning determines all of the following except...

manufacturing

is a form of production in which raw and semi-finished materials are processed, assembled, or converted into finished products

marketing

is a set of activities that gets products from producers to consumers

repetitive production

is a type of mass production where the same thing is done over and over to product a product

mass production

is an assembly process that produces a large number if identical products

human resource planning

is determining the types of jobs required for each part of production, the number of people needed for each job, and the skills each person will need in order to do this job

pure research

is done without specific product in mind

production scheduling

is identifying the steps required in a manufacturing process, the time required to complete each step, and the sequence of the steps

inventory management

is planning the quantities of materials and supplies needed for production and the number of finished products required to fill customer orders

applied research

is research that studies existing product problems or possible design improvements for current products

quality management

is the process of assuring product quality by developing standards for all operations and products and measuring results against those standards

custom manufacturing

is the process used to design and build a unique product to meet the specific needs of the purchaser

marketing concept

keeping the needs of the consumer uppermost in mind during the design, production, and distribution of a product is called...

transporting

moving products from where they were made to where consumers can buy them

buying

obtaining a product to be resold.

a. building planning

product planning includes all of the following except...

financing

providing money to pay for the various marketing activities, financing includes obtaining credit when buying and extending credit when selling

selling

providing personalized and persuasive information to customers to help them buy the products and services they need

continuous processing

raw materials constantly move through specially designed equipment that changes their form to make them more usable for consumption or further manufacturing

c. pure research

research done without a specific product in mind is called...

researching

studying buyer interests and needs, testing products, and gathering facts needed to make good marketing decisions

customer-oriented

that is they direct the activities of the company toward satisfying customers

reliability

the ability to perform the promised service dependably and accurately

tangibles

the appearance of physical facilities, equipment, personnel, and promotional material

empathy

the caring and individualized attention the business provides its customers

assurance

the knowledge and courtesy of employees and their ability to convey trust and confidence

d. air, rail, truck, water, and pipeline

the major transportation methods include...

c. mass production

the manufacturing process that products a large number of identical products and usually involves an assembly line where employees at workstations continuously perform the same task to assemble the product is called...

product development

the process of creating or improving a product or service

a. intangibles

the servqual survey measures all of the following except...

responsiveness

the willingness to help customers and provide prompt service

sales- oriented

they emphasize widespread distribution and promotion to sell their products

c. Malcolm Baldridge National Quality Award

to encourage American companies to improve quality, Congress in 1987 created the...

intermittent processing

uses short production runs to make predetermined quantities of different products

d. a service cannot be stored or held

which of the following describes a service business accurately...