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Entrepreneurship > FINALS REVIEWER > Flashcards

FINALS REVIEWER Flashcards

Examination Test - 2nd Semester

1
Q

Pertain to the interrelated business functions of production, procurement, and distribution of the goods/services

A

Operations

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2
Q

refers to the process of manufacturing a product or producing a service to be offered to target customers.

A

Production

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3
Q

refers to sourcing supplies required for production or service delivery, including the proper handling and storage of the inventory goods.

A

Procurement

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4
Q

refers to the physical transport of materials and communications involved in reaching the target customers.

A

Distribution

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5
Q

Refer to the clear, detailed, and well-organized procedures or systems involved in production.

A

Methods

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6
Q

Pertains to the workforce needed to perform the operations’ functions. - It is measured as the most serious and main factor of production.

A

Manpower

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7
Q

Discusses about manufacturing equipment used in the production of goods or delivery of services.

A

Machine

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8
Q

Pertains to all supplies and materials necessary to produce your product or perform your service.

A

Materials

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9
Q

are products and services bought by consumers for their personal consumption

A

Consumer Products

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10
Q

These are consumer products and services that buyers avail frequently, immediately, and with minimal comparisons and buying efforts

A

Convenience Products

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11
Q

These are consumer products and services that customers buy less frequently. Spend more time and effort in comparing them in terms of quality, style, suitability and prince

A

Shopping Products

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12
Q

These are consumer products and services with unique characteristics and brand identification

A

Specialty Products

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13
Q

These are products and services with unique characteristics and brand identification

A

Unsought Products

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14
Q

are products bought by individual and organizations that are used for further processing or for conducting business processes or activities.

A

Industrial Products

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15
Q

are agricultural products grown from farms (coffee beans, fruits, vegetables, livestock, corn) and natural products extracted from the natural resources(seaweed, fish, lumber, petroleum, mineral salt).

A

Raw materials

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16
Q

are parts consists of manufactured component materials (plastics, glass, iron, cement iron…) and manufactured component parts (tires, small motors, castings).

A

Manufactured Materials

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17
Q

These are industrial products, fixtures, and infrastructures for use in production or operations. Includes installations and accessory equipment. Includes installations and accessory equipment.

A

Capital Items

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18
Q

These group of industrial products refers to the convenience products in the industrial field because they are usually purchased with minimum effort and comparison

A

Supplies and Services

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19
Q

The essential motivational benefit the customer is purchasing. It’s what the customer wants the get most.

A

Core Customer’s Value/Core Products

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20
Q

The physical and intangible properties or characteristics the product takes on.

A

Actual Product

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21
Q

These are extra attributes and features that are not part of the actual product but may be offered to make the offering more attractive, to speed purchase decisions, and to match or differentiate the actual product from the competition.

A

Augmented Product

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22
Q

refers to the stages of developing and testing the product/service

A

Product Development

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23
Q

is the process of strategizing, brainstorming, planning, building, and releasing a product to market and then measuring its success

A

Product Development

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24
Q

Is a preliminary sample or a crude version (model) of the product or service that you want to test with users or customers based on their desired product and service attributes

A

Prototype

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25
Q

is a management approach focused on continuous improvement of processes, products, and services to achieve customer satisfaction.

A

Total Quality Management (TQM)

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26
Q

It is the ability of the product to perform its functions

A

Quality Level

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27
Q

It means being free from defects and consistent in delivering a targeted level of performance.

A

Quality Consistency

28
Q

is a specific function or characteristic of a product that provides value to customers.

A

Product Features

29
Q

refer to the aesthetic and functional elements of a product

A

Product Style and Design

30
Q

also known as the service sector or tertiary sector, refer to businesses that provide services rather than tangible goods

A

Service Industries

31
Q

Classifications of Services

A

a. Degree of Tangibility or Intangibility of the Service process
b. Direct Recipients of the Service Process
c. Place and Time of Service Delivery
d. Customization versus Standardization e. Nature and Relationship with Customers

32
Q

involves tangible actions to people’s bodies. The customer is directly involves

A

People Processing

33
Q

involves tangible actions to goods and other physical possessions of the customer.

A

Possession Processing

34
Q

involves interactions with people’s minds, which can shape their attitudes and influence behavior

A

Mental Stimulus Processing

35
Q

involves high dependency on the effective collection and processing of information.

A

Information Processing

36
Q

This is the type of service the customer hopes to receive. It is the “wished-for” level, which is a combination of what the customer believe can and should be delivered in the context of their personal needs.

A

Desired Service

37
Q

This is the minimum level of service that customers will accept without being dissatisfied.

A

Adequate Service

38
Q

This is the level of service that customers actually anticipate on receiving.

A

Predicted Service Level

39
Q

This is the extent to which customers are willing to accept a variation in their expectations of service performance between the desired service and the adequate service.

A

Zone Tolerance

40
Q

Refers to the process of acquiring the materials, goods, or services from preferred suppliers or vendors that are needed for your business operations.

A

Procurement

41
Q

Refers to the raw materials used in production as well as the goods produced that are available for sale.

A

Inventory

42
Q

pertains to the volume of goods that suppliers have on stock available for selling.

A

Size of Suppliers

43
Q

refers to their geographic area where the suppliers are found

A

Location

44
Q

pertains to the assortment of products that the suppliers can offer.

A

Variety of Products

45
Q

refers to the agreements that you can enter into with the suppliers such as credit, cash on delivery, and consignment.

A

Terms of Purchase

46
Q

owned and managed by an individual, and financial liability rests only on the business owner.

A

Sole Proprietorship

47
Q

owned and managed by two or more individuals, and financial liability is shared by the partners.

A

Partnership

48
Q

a business organization where ownership is through shares of stocks with the purpose of operating for profit.

A

Corporation

49
Q

– owned by many individuals having equal shares of ownership

A

Cooperative

50
Q

partners share equally the responsibility for managing and financing the business

A

General Partnership

51
Q

partners specify the limited the limited risks only in their investment in the business and are not subject to the same liabilities as a general partner provided that they do not participate in the management control of the enterprise.

A

Limited Partnership

52
Q

A strategic management tool that helps entrepreneurs and business to develop and visualize their business models.

A

Business Model Canvas

53
Q

is designed to solve a customer problem or meet a need. It answers the questions: Why do customer want to buy/use our product/services? What benefit does our product/service bring that differentiates them from our competitors?

A

Value Propositions

54
Q

pertains to specific customer grouping(s) of the target market

A

Customer Segments

55
Q

The VP is delivered through channels of communications, distributions and sales.

A

Channels

56
Q

Pertains to building and maintaining good relationships with customers, and motivating them to invite others to try the product.

A

Customer Relationships

57
Q

Pertains to specific activities that the company participates in to do the business

A

Key Activities

58
Q

Pertains to the resources that you need to create the product and services, to develop the business, and to deliver the VP.

A

Key Resources

59
Q

Entrepreneurs need to partner with suppliers, distributors, and associations because you need them to run your business effectively and efficiently

A

Key Partners

60
Q

are the sales generated when you are successful in delivering your VP

A

Revenue Streams

61
Q

Pertains to all expenses required to execute and run your business model.

A

Cost Structure

62
Q

a forecasting technique that involves first estimating the revenue and costs from the smallest unit of sales and then building up from there.

A

Build-up Method

63
Q

Understanding the value/supply chain pertaining to procurement activities is

A

Inbound Logistics

64
Q

In understanding the value/supply chain pertaining to creating the product is

A

Operations

65
Q

In understanding the value/supply chain, pertaining to distribution activities is

A

Outbound Logistics

Entrepreneurship (2 decks)

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