ADMN 400 Final Exam

Sales Promotions

are marketing events or sales efforts—not including traditional advertising, personal selling, and public relations—that stimulate buying

Dividends

payments to stockholders from a corporation's profits

Just-In-Time (JIT)

based on the belief that materials should arrive exactly when they are needed for production, rather than being stored on-site. Manufacturers use computerized systems to determine what parts will be needed and when and then order them from suppliers, so they arrive in time.

Fixed Position Layout

In a _____ layout, the product or service stays in one place while workers and machinery move to it

Process

In a _____ layout, workers are grouped by task and theproducts pass from one workstation to another

Product

In a _____ layout, workstations or departments are arranged ina line with products moving along the line

Market penetration

Increase sales through effective marketing strategies within the current target market

Product Developement

Increase sales through new products/services

Vertical and Horizontal Integration Strategies

Integrative Growth Strategies include ____

Diversification Growth Stratgies

Investing in or acquiring products/businesses which are outside the core competencies and industries

Emotional

Is emotional or rational advertising more appealing to cinsumers?

Acquiring

Job Analysis, HR Planning, Employee Recruitment, and Employee Section are all a part of _____ talent.

Sales promotion

Marketing activities that stimulate consumer buying, including coupons and samples, displays, shows and exhibitions, demonstrations, and other types of selling efforts

Databases

Marketing, Sales, Operations, and Finance ________ all help businesses to obtain information to make more rational decisions.

Five Dynamics of a Successful Team

Psychological Safety, Dependability, Structure and Clarity, Meaning, Impact are Google's __________.

Horizontal Integration Strategy

Purchasing competitors within the current industry is an example of a ____.

Product, Price, Place, Promotion, and People

The 5 P's are...

Improving production and operations

The final stage of operations management focuses on developing more efficient methods of producing the firm's goods or services

Public Relations

The linking of organizational goals with key aspects of the public interest and the development of programs designed to earn public understanding and acceptance

corporate culture

The set of attitudes, values, and standards of behavior that distinguishes one organization from another

E-commerce

The use of a company's website to generate sales through online ordering, information, interactive components such as games, and other elements of the website

Social Media

The use of social media platforms such as Facebook, Twitter, Pinterest, Instagram, and blogs to generate "buzz" about a product or company.

Balancing Productivity and Quality

To compete effectively in today's business world, companies must keep production costs down while also producing/delivering the high-quality goods and services customers demand

Nurturing

Training, Development, Performance Evaluation, and Compensation are all apart of _____ talent.

Production Planning

Type of production process that will be used, Site selection, Facility layout, and Resource planning need to be decided in the ______ phase.

Critical Path Method

Using a chart for a Manager to identify all of the activities required to complete the project, the relationships between these activities, and the order in which they need to be completed

To drive business performance, obtain crucial information about a business, and change underperforming segments of the business

What are the purpose of KPIs?

Values (In Business)

______ reflect the essence of the company's identity. They educate customers, employees, and others about what the company is all about, and often serve as tools for recruitment, retention, and competitive advantage.

Wholesalers

channel members that buy finished products from manufacturers and sell them to retailers.

Data Warehouse

combines many databases across the whole company into one central database that supports management decision-making

Six Sigma

company-wide, quality-control program method that focuses on measuring the number of defects that occur and systematically eliminating them in order to get as close to"zero defects" as possible (DMAIC: Define, Measure, Analyze, Improve, and Control)

Performance Appraisal

comparison of actual performance with expected performance to determine an employee's contributions to the organization and to make decisions about training, compensation, promotion, and other job changes

Computerized Resource Planning

computerized systems used by many manufacturing companies to control the flow of resources and inventory

Total Quality Management (TQM)

emphasizes the use of quality principles in all aspects of a company's production and operations. It recognizes that all employees involved with bringing a product or service to customers—marketing, purchasing, accounting, shipping, manufacturing—contribute to its quality.

Wholesalers

firms that sell finished goods to retailers, manufacturers, and institutions (such as schools and hospitals). Historically, their function has been to buy from manufacturers and sell to retailers

Retailers

firms that sell goods to consumers and to industrial users for their own consumption

Mass Customization

goods are produced using mass-production techniques, but only up to a point. At that point, the product or service is custom-tailored to the needs or desires of individual customers

Industrial Distributors

independent wholesalers that buy related product lines from many manufacturers and sell them to industrial users

Securities

investment certificates that represent either equity (ownership in the issuing organization) or debt (a loan to the issuer)

Quality Control

involves creating quality standards, producing goods that meet them, and measuring finished goods and services against them

Mass Production

manufacturing many identical goods at once (e.g., canned goods, over-the-counter drugs, and household appliances)

Management Information Systems

methods and equipment that provide information about all aspects of a firm's operations

indirect pay

pensions, health insurance, vacation time, sick time, tuition or paid professional development, retirement contribution, unemployment compensation, worker's compensation, and Social Security are examples of ______.

Retained Earnings

profits that have been reinvested in the business are ____.

Intermediate Goals

Goals that take 1-5 years to achieve

Long-Term Goals

Goals that take 5 or more years to achieve

Short-Term Goals

Goals that take less than 1 year to achieve

Vertical Integration Strategy

Growing upward/downward within the distribution channel is an example of _____.

Pay down the debt

If the interest rate of a loan is greater than the rate of return on an investment. What should you do?

Invest in the investment

If the rate of return on an investment is greater than interest rate of a loan. What should you do?

Data Strategy

A centralized, integrated concept that articulates how data will enable and inspire business strategy and sets the foundation for everything the organization does related to data.

Make or Buy Decision

A decision whether a company will make its own production materials or buy them from outside sources (outsourcing)

Personal Selling

A face-to-face presentation to a prospective buyer.

Decision Support System (DSS)

A management support system that helps managers make decisions using interactive computer models that describe real-world processes.

Key Performance Indicators (KPI)

A measurement of performance for an organization (i.e., it's a value that indicates how well the organization is achieving its key

Common Stock

A security that represents an ownership interest in a corporation.

production planning

Allows the company to consider the competitive environment and its own strategic goals to find the best production methods. At First, Decisions facing operations managers come at the planning stage. At this stage, managers decide where, when, and how production will occur. They determine site locations and obtain the necessary resources

Integrated Market Communications

Always #LikeAGirl and Snickers you aren't you when your hungry are both examples of

Database

An electronic filing system that collects and organizes data and information.

Preferred Stock

An equity security for which the dividend amount is set at the time the stock is issued and the dividend must be paid before the company can pay dividends to common stockholders.

management support system (MSS)

An information system that uses the internal master database to perform high-level analyses that help managers make better decisions.

Traditional Advertising

Any paid form of non-personal promotion by an identified sponsor that is delivered through traditional media channels

production control

At this stage, the decision-making process focuses on controlling quality and costs, scheduling, and the actual day-to-day operations of running a factory or service facility

Growing Globally

Bringing a product or service to a new country to exploit opportunities in an international arena

Specific, Measurable, Achievable, Relevant, and Time-bound

Business Goals should be SMART

Customization

Company produces goods or services one at a time according to the specific needs or wants of individual customers (opposite of mass production).

Guide Employee behavior

Corporate Culture is suppose to ____.

specific; measurable

Data Strategies are usually based upon _____ and _____ goals.

Inventory Management

Deciding how much of each type of inventory to keep on hand and the ordering, receiving, storing, and tracking of it

more

Diverse backgrounds, experiences, and perspectives lead to ____ effective problem-solving and idea generation for product/other improvements

Market Developement

Expand sales through expanding geographic representation, licensing, and/or franchising

Supply-Chain Management

Focuses on smoothing transitions along the supply chain, with the ultimate goal of satisfying customers with quality products and services

(Employee) Empowerment

Giving employees increased autonomy and discretion to make their own decisions, as well as control over the resources needed to implement those decisions

Job Analysis

a study of the tasks required to do a job well as well as information used to specify essential skills, knowledge, and abilities required for the job

Transaction processing System (TPS)

a system that supports transaction processing (involving the collection, modification and retrieval of all business transaction data)

Integrated Marketing

an approach to creating a unified and seamless experience for consumers to interact with the brand/enterprise; it attempts to meld all aspects of marketing communication such as advertising, sales promotion, public relations, direct marketing, and social media, through their respective mix of tactics, methods, channels, media, and activities, so that all work together as a unified force.

Promotion

an attempt by marketers to inform, persuade, or remind consumers and B2B users to influence their opinion or elicit a response

Agents

sales representatives of manufacturers and wholesalers; Brokers are entities that bring buyers and sellers together. Both agents and brokers are usually hired on commission basis by either a buyer or a seller. Agents and brokers are go-betweens whose job is to make deals.They do not own or take possession of goods

Lean manufacturing

streamlines production by eliminating steps in the production process that do not add benefits customers want. In other words, non-value-added production processes are cut so that the company can concentrate its production and operations resources on items essential to satisfying customers

Investing

the act of using money (i.e., capital) to generate returns in the form of interest, dividends, or through the appreciation of the investment product

Promotional Mix

the combination of traditional advertising, personal selling, sales promotion, public relations, social media, and e-commerce used to promote a product

production

the creation of products and services

Supply Chain

the entire sequence of securing inputs, producing goods, and delivering goods to customers

recruitment

the process of attracting qualified people to form an applicant pool

Human resource (HR) management

the process of hiring, developing, motivating, and evaluating employees to achieve organizational goals

job specification

the skills, knowledge, and abilities a person must have to fill a job

job description

the tasks and responsibilities of a job

Production Process

the way a good or service is created through mass production, mass customization, or customization

Primary Market

where new securities are sold to the public, usually with the help ofinvestment bankers

Secondary Market

where old (already issued) securities are bought/sold/traded, among investors (think New York Stock Exchange)