MGMT Chapter 1 Notes

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

1980s

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

A call center

Goods/Servies Combination example:

Airlines, Automobiles

Which is an example of a goods producing business

An automobile manufacturer

A process in which one company studies the processes of another company for best practices is known as:

Benchmarking

The analysis of data to provide better solutions to business problems is known as:

Business Analytics

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

Effectiveness

True or False: Mass customization refers to the ability to produce generic products that appeal to a broad range of customers

False

Pure Goods example:

Food Products, Chemicals

What is an example of benchmarking?

Hiring a consultant to study customer satisfaction metrics with those of key competitors

Operations and supply chain management includes:

Improvement of systems that create the firm's primary products, design of delivery systems, operation of systems that create the firm's primary products

A process that cannot be weighed or measured is known as:

Intangible

Just-in-Time (JIT) production was pioneered by:

Japan

The technique which aims to reduce the setup costs, eliminate the waste, and work with minimum inventory is known as:

Just-In-Time

The ability to produce a unique product exactly to a particular customer's requirements is known as:

Mass Customization

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

Product-Service Bundling

An operations and supply chain manager's job consists of:

Selling products to customers

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

Sustainability

The introduction of electronic commerce was facilitated by:

The growth of the internet in the 1990s

What is true of services

They are intangible, they are perishable

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 it's goods and services

True

True or False: Electronic Commerce is defined as the use of the internet as an essential element of business activity

True

True or False: Most product offerings are a combination of goods and services

True

True or False: Product-Service budding occurs when a firm adds a service activity to a product

True

Pure Services

University, Medical

In the context of efficiency and effectiveness, ______ is abstractly defined as quality divided by price

Value

Operations and supply chain processes are activities that:

transform inputs into outputs