BA 161 Final

Consumer Market

Buyers who want the product for personal use.

Operations Management (OM)

Consist of all the activities involved in transforming a product idea into a finished product.

Clustering (Combining)

'Combining' segmentes to find the 'perfect' target market.

Safety and Health

The conditions workers are in, and how to the company takes care of incidents.

Marketing Mix

The four Ps (or 5) Product, Price, Place, Promoting, and Personalization.

Outsourcing

Having outside vendors manufacture parts of a good, saving money and space.

Describe the decisions made in planning the product delivery process in a service company.

Having to control operations planning, operations processes, facilities, site selection, size and layout, capacity planning, managing operations, scheduling, inventory control are all of the things that make delivering a service possible

Operational Efficiency

How fast to product or service is being provided to the customer, or how effective they are operating.

Make-to-Stock

Making a product to sell at a later time

Marketing Departments

Manage- plan organize, lead, and control -the organizations overall marketing efforts.

Operations Manager

Manager who directs the transformation from resources to a good or service.

Define the term marketing, marketing concept, and marketing strategy.

Marketing is an activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customer, clients, partners, and society at large Marketing concept is satisfying customer needs while meeting organizational goals.

Resources

Material, labor, information, money

Ethical Decisions

Entails a 'right-versus-wrong' decision, one being clearly right(ethical) and one clearly wrong(unethical or illegal).

Production Process

How the will manufacture will take place for the good or service

Food and Drug Administration (FDA)

Oversees the labeling of food products.

Discuss various branding strategies and explain the benefits of packaging and labeling

Private branding buying a brand and selling it under a different name. Generic branding is not attaching any brand info to the product except a description of its contents. Manufacturer branding a company sells one or more products under its own brand name Packaging and labeling influences the buyers decision to purchase a product on the companies reputation.

Computer-Aided Design (CAD)

Software package to design not only the engine but also the board itself and many other of its components.

Computer-Aided Manufacturing (CAM)

Software system determine the steps needed to produce the components and instructs the machines that do the work.

Material Requirements Planning (MRP)

Software that relies on sales forecasts and ordering lead times for materials to calculate the quantity of each component part needed for production and then determine when they should be ordered of made.

Brand

Some word, letter, sound, or symbols that would differentiate their product from similar products on the market.

Suppliers

Stakeholders in a company

Explain how to conduct marketing research

Start a looking at secondary date, data from other companies, then conduct primary data, data you gain yourself, by having surveys, conduct personal interviews, ands do a study with focus groups.

Equal Employee Opportunity Commission (EEOC)

The EEOC protects the minority worker in the work space.

Define business ethics and explain what it means to act ethically in business.

The application of ethical (to know right from wrong and know when your practicing one instead of the other) behavior in a business context. Acting ethically in business means following rules and regulations, being honest, doing no harm to other, competing fairly, and declining to put your own interests above those of your company.

Outline the tasks involved in selecting a target market

You need to identify a specific access to it, and who have the means to buy it, and you need to aim your efforts at it members. Where your products are going to be sold, what is your demographic, geographic, behavioral, and psychographic, or combine or cluster the segments.

Loyal

having or showing complete and constant support for someone or something

Identify ethical issues that you might face in business, such as insider trading, conflicts of interest, and bribery, and explain rationalizations for unethical behavior.

Along with insider trading, conflicts of interest, and bribery, there's conflicts of loyalty, and whistle-blowing. Giving rationalizations for unethical behavior is believing that your actions aren't illegal or immoral, that your actions are best for everyone, no one will caught you, your company will condone your actions and protect you.

Reputation

An idea held by the public about an organization.

Whistle-Blower

An individual who exposes illegal or unethical behavior in a organization.

Ethical Dilemmas

Are situations in which it is difficult for a individual to make decisions either because the right course of action is unclear or carries some potential negative consequences for the person or people involved.

Ethical Issues

Are the difficult social questions that involve some level of controversy over what is the right thing to do.

Owners

Are the stakeholders who invest risk capital in the firm in exceptions of a financial return.

Learn how to avoid an ethical lapse, and why you should not rationalize when making decisions.

Ask yourself if its legal, if its unfair to stakeholders, will you feel bad about it, will people be ashamed of you, you if said yes then its unethical. You shouldn't rationalizations because you're trying to justify misconduct.

Explain how manufacturing and service companies alike use total quality manufacturing and outsourcing to provide value to customers.

Both of them are here to satisfy customers needs, but the than they do make-to-order, have facilities, select which sites to use for what, and do capacity planning.

Industrial Market

Buyers who want the product for use in making other products.

Site Selection

Choosing a location for the business.

Psychographic Segmentation

Classifies consumers on the basis of individual lifestyles as they're reflected in peoples interests, activities, attitudes, and values.

Mass Customization

Combines the advantages of customized products with those of mass production.

Employees

Companies are responsible for providing employees with safe, healthy places to work, a sexual harassment free zone and all other types of discrimination.

Explain how manufacturing companies use technology to produce and deliver good in an efficient, cost-effective manner.

Computer-aided design (CAD) can see every aspect of the deign and track what changes have been made Computer-aided manufacturing (CAM) uses the design changes made in CAD to make the product Computer-integrated manufacturing (CIM) takes CAD and CAM to higher level, by expanding the capabilities. Taking on order entry, inventory control, warehousing, and shipping

Define corporate social responsibility and explain how organizations can prevent behavior like sexual harassment.

Corporate social responsibility refers to the approach that an organization takes in balancing its responsibilities toward different stakeholders when making legal, economic, ethical, and social decisions. To minimize the risk of sexual harassment, the company should devise a formal anti-harassment policy describing prohibited conduct, asserting it objections to the behavior, and detailing penalties for violating the policy, companies have an obligation to investigate complains about harassment.

Rationalizations

Excuses for justifying misconduct.

Conflict of Interest

Occur when individuals must choose between taking actions that promote their personal interests over the interests of other taking actions that don't.

Federal Trade Commission (FTC)

Enforces consumer-protection laws.

Consumer Product Safety Commission

Enforces laws protecting consumers from the risk of product related injury.

Benefits

"Bonuses" companies give to compete with others, including medical, dental, vision care, and saving programs

Identify the four (or 5) Ps of the marketing mix

1) Developing a product that meets the needs of the target market 2) Setting a price for the product 3) Disturbing the product - getting it to a place where customers can buy it 4) promoting the product - getting potential buyers about it 5) personalization

Identify steps you can take to maintain your honesty and integrity in a business environment.

1) define the problem 2) identify feasible options 3) Assess the effects of each option on stakeholders 4)Est. criteria for determining the most appropriate action 5) Select the best option based on the est. criteria

Ethical Dilemmas

A morally problematic situation; you must choose between two or more acceptable but often opposing alternatives that are important to different groups.

Policy

A proposed or adopted course or principle of action.

Describe the elements of the promotion mix

Advertising - Paid, non-personal communication designed to create an awareness of a product or company. Personal selling - Refers to one-on-one communication with customers or potential customers. Sales promotion - One of the many way that sellers provide incentives for customers to buy Publicity - Free publicity is getting your company or your product mentioned or pictured in a newspaper or on TV.

Production Control

Once the production process is under way, managers must continually schedule and monitor the actives that make up that process. They must solicit and respond to feedback and make adjustment where needed. At this stage they also oversee the purchasing of raw materials and the handling of inventories.

Forecasting

Decision of the quantity of a product.

PERT Charts (Program Evaluation and Review Technique)

Designed to diagram the activities required to produce a good, specify the time required to perform each activity in the process, and sequence of activities that will entail the greatest amount of time.

Diverse

Different people from other backgrounds, expanding the company into different ideas and area.

Demographic Segmentation

Divides the market into groups based on such variables as age, martial status, gender, ethic background, income, occupation, and education.

Geographic Segmentation

Dividing a market according to such variables as climate, region, and population density.

Behavioral Segmentation

Dividing consumers by such variables as attitude toward the product, user status, or usage rate.

Production Planning

During production planning, managers determine how goods will be produced, where production will take place, and how manufacturing facilities will be laid out.

Gantt Charts

Easy-to-use graphical tool that helps operations managers determine the status of projects.

Balanced Scorecard

Finding a balance between profitability, customer satisfaction and associate satisfaction.

E-procurement

Finding a supplier over the internet to provide the needed materials.

Inventory Control

Finding the balance between losing production time because they've run out of materials and wasting money because they're carrying too much inventory.

Supplier Selection

Finding the right person to supply the materials need for a product.

Explain how to create and use both PERT and Gantt charts.

Gantt - shows that several activities must be completed before the next event can happen. List of activities on vertical axis and time on the horizontal axis, keeps track of what is done and what still has to be done and when. PERT - Program Evaluation and review technique, designed to diagram the activities required to produce and good, specify the time required to perform each activity in the process, and organize activities in the most efficient sequence, identifies a critical path: the sequence of activities that entail the greatest amount of time.

Market Segments

Groups of potential customers with common characteristics that influence their buying decisions.

List the characteristics that distinguish service operations from manufacturing operations and identify the activities undertaken to manage operations in a service organization.

In the manufacturing process, you have a tangible product, you never meet the person buying the product you're producing, you have to plan to make the product, decide how its going to be produced, mass produce, or mass customize. In the service process, you have intangible goods, you have to plan operations, process how they want to do operations, the layout of their business, and managing the operations, schedule, widely customized, you talk to your customers

Total Quality Management (TQM)

Includes all the steps that a company takes to insure that its goods or service are of sufficiently high quality to meed customers' needs.

Good or services

Item made from resources

Service Sector

Non manufacturing jobs

Customizing

Making a good or service for specifically for one customer

Just-in-Time (JIT)

Manufacturer arranges for materials to arrive at production facilities just in time to enter the manufacturing process, cutting the cost of 'holding' inventory.

Marketing

Marketing is an activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customer, clients, partners, and society at large.

Explain how companies manage customer relationships

Marketing strategy that focuses on using info about current customers to nurture and maintain strong relationships with them.

Statistical Process Control

Monitor prodcution quality by testing a sample of the output to see whether goods in process are bring made according to predetermined specification.

Mass Production

Producing high volumes of identical goods at a cost low enough to price them for large numbers of customers.

Describe the decision and activities of the operations manager in overseeing the production process in a manufacturing company.

Production planning - managers determine how goods will be produced, where production will take place, how manufacturing facilities will be laid out. Production control - Once the production process is under way, manager must continual schedule and monitor the activities that make up the process. They must solicit and respond to feedback and make adjustments where needed, oversee the purchasing of raw materials and handling inventories. Quality control - involved in efforts to ensure that good are produced according to specification and that quality standards are maintained.

Make-to-Order

Products customized to meet the needs of the buyers who ordered them.

Identify the advantages and disadvantages of social media marketing

Pros: Create brand awareness Connect with customers and potential customers by engaging them in two-way communication Build brand loyalty by providing opportunities for a target audience to participate in company-sponsored activities, such as contests Offer and publicize incentives, such as discounts or coupons Gather feedback and ideas on how to improve products and marketing initiatives Allow customers to interact with each other and spread the word about a company's products or marketing initiatives Takes advantage of low-cost marketing opportunities by being active ion free social media sites Cons: Negative feed back Potential for embarrassment Time Intensive

Philanthropy

Providing money to support humanitarian or social goals.

Corporate Social Responsibility

Refers to the approach that an organization takes in balancing its responsibilities toward different stakeholders when making legal, economic, ethical, and social decisions.

Sexual Harassment

When an employee make "unwelcome sexual advances, requests for sexual favors, and other verbal or physical conduct of a sexual nature" to another employee.

Managers

Responsible for safeguarding the company's assets and handling its funds in a trustworthy manner.

Marketing Concept

Satisfying customer needs while organizational goals.

Manufacturers

Set out to perform the same basic function: to transform resources into finished goods.

Computer-Intergrated Manufacturing (CIM)

The integration of the computer-aided design and manufacturing to a higher level, expanding the capabilities of CAD/CAM, handling order entry, inventory control, warehousing, and shipping.

Capacity Requirements

The maximum number of goods that it can produce over a given time under normal working conditions.

Quality Control

The operations manager is directly involved in efforts to ensure that goods are produced according to specifications and that quality standards are maintained.

Communities

The place where a company is located, also a stakeholder

Bribe

The practice of offering a gift, usually money, to gain some sort of advantage

Purchasing (Procurement)

The process of acquiring the materials and services to be used in production.

Integrity

The quality of being honest and having strong moral principles; moral uprightness.

Honesty

The quality, condition, or characteristic of being fair, truthful, and morally upright.

Critical Path

The sequence of activities that will entail the greatest amount of time.

Define operations mangament and discuss the role of the operations manager in a manufacturing company.

The upper-lever manager who directs this, converting resources into goods or services, transformation process. Manage the process that transforms inputs into outputs.

Minimum Wage

The very least a company can pay an employee, set by the federal government.

Stakeholders

Those with a legitimate interest in the success or failure of the business and the policies it adopts.

Explain why we study business ethics.

To pass on to the next generations how to deal with ethical issues that arise in business more often than not

Ethical Behavior

behavior conforming to generally accepted social norms concerning beneficial and harmful actions.