MGMT 346 Chapter 1 SmartBook

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Which of the following is an example of a goods producing business?

- A Car Manufacturer - An Automobile Manufacturer

Where does an automobile manufacturer fall on the goods-service continuum?

- Core Goods

Services generally vary from day to day and even hour to hour as a function of the attitudes of the customers and the servers. Which of the following are exceptions to this?

- Information Technologies - Hard Technologies

Total Quality Management (TQM) became popular during what time frame

1980s

A hospital wishes to improve its patient check in process by studying the check in process at the most renowned local hospital. What is this called?

Benchmarking

What involves the analysis of data to better solve business problems?

Business Analytics

An approach to improving business processes that seeks to make revolutionary changes as opposed to evolutionary (small) changes.

Business Process Reengineering

It takes a fresh look at what the organization is trying to do in all its business processes, and then eliminating non-value-added steps and computerizing the remaining ones to achieve the desired outcome.

Business Progress Reengineering

Which of the following is an example of a service business?

Call Center

Raw materials to finished product, to sells on credit, and then receives cash

Cash Conversion Cycle

Supply chain analytics involves leveraging the information for making decisions related to resources. Those resources include all of the following *except*

Cash Flow

Formula for Inventory Turnover

Cost of Goods Sold ----------------------- Average Inventory Value

The number of days that it takes for a company to collect cash from customers

Days Sales Outstanding

Doing the things that will create the most value for the company is known as

Effectiveness

Doing something at the lowest possible cost is known as

Efficiency

What refers to the use of the Internet as an essential element of business activity?

Electronic Commerce

Which of the following is not an efficiency measure used by Wall Street

Employee Turnover

Training of service personnel, consistency of service performance, availability and access to the service, and comprehensiveness of the service

Explicit Services

Which of the following is a characteristic of goods?

Homogeneous

A process that cannot be weighed or measured is known as

Intangible

It measures the average number of times inventory is sold and replaced during the fiscal year.

Inventory Turnover

Just-in-time (JIT) production was pioneered by which country?

Japan

To achieve high customer service with minimum levels of inventory investment.

Lean Manufacturering

A common set of financial indicators that Wall Street tracks to benchmark companies are called what?

Management Efficiency Ratios

The ability to produce a unique product exactly to a particular customer's requirements.

Mass Customization

A company known for delivering high-volume standardized goods and services is

McDonald's

When can a service innovation be patented?

Never

Works with people to figure out the best way to deliver the goods and services of the firm.

OSCM Manager

What is defined as the design, operation, and improvement of the systems that create and deliver the firm's primary products and services.

Operations and Supply Chain Management

Trends such as _______________ and mass customization are forcing companies to find flexible ways to meet customer demand.

Outsourcing

Measure indicates how quickly suppliers are paid by a company

Payables Period

One or more activities that transform inputs into outputs is/are called what?

Process

Product-service bundling refers to a company building service activities into it product offerings for its customers. Which of these service activities *would not* be included in the product-service bundle?

Product Design

Building service activities into a firm's product offering is known as

Product-Service Bundling

Plans and coordinates staff activities, such as new-product development, new-technology deployment, and new-facility location.

Project Manager

Manages the day-to-day aspects of purchasing, such as invoicing and follow-up

Purchasing Manager

__________ services may need little in the way of facilitating goods, but what they do use are critical to their performance.

Pure

Measures the number of times receivables are collected, on average, during the fiscal year

Receivables Turnover

Formula for asset turnover

Revenues (or sales) ------------------ Total Assets

Core __________ providers must integrate tangible goods.

Services

There are five essential differences between services and goods. Which of the following is *not one* of those differences?

Services are inherently homogeneous

Which of the following processes involves the selection of suppliers?

Sourcing

_____ involves the selection of suppliers that will deliver the goods and services needed to create the firm's product.

Sourcing

What feature of service is location, decoration, layout, architectural appropriateness, and supporting equipment?

Supporting Facility

The ability to meet current resource needs without compromising the ability of future generations to meet their needs is known as

Sustainability

True or false: A process is made up of one or more activities that transform inputs into outputs

TRUE

True or false: An operations and supply chain manager helps firms determine the best way to deliver its goods and services

TRUE

True or false: Many product offerings are a combination of goods and services.

TRUE

True or false: Operations and supply chain management is focused on the systems that create and deliver an organization's products and services.

TRUE

True or false: The receivables turnover ratio measures a company's efficiency in collecting its sales on credit.

TRUE

Aggressively seeks to eliminate causes of production defects

Total Quality Control


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