Production, Distribution, Consumption

Question 1

production synonym

Answer 1

manufacturing

Question 2

def production

Answer 2

converting raw materials into finished goods (input gets transformed into output)

Question 3

tr raw materials

Answer 3

surovine

Question 4

factory synonym 2

Answer 4

production facility, plant

Question 5

def labour intensive

Answer 5

a production that requires a lot of workforce

Question 6

def capital intensive

Answer 6

a production that requires a lot of finance

Question 7

def control of capacity

Answer 7

controlling bottlenecks and production volumes (how much can be produced)

Question 8

def control of stock (+synonym)

Answer 8

inventory

control of warehouses to prevent expiry dates + to keep liquid as a company

Question 9

def+tr lean production

Answer 9

vitka proizvodnja

producing exactly as much as you sell, minimising stock (of raw materials, WIPs, and finished goods)

Question 10

def JIT

Answer 10

just-in-time

it’s a synonym for lean production

Question 11

state risks of lean production (3)

Answer 11

• order fluctuation (big orders with short delivery times when there is not enough raw materials)
• supplier problems (logistics)
• workforce productivity fluctuates

Question 12

def TQM

Answer 12

total quality management

overall commitment to quality

Question 13

defect synonym x2

Answer 13

reject = faulty product

Question 14

what are zero defects?

Answer 14

minimal (none is impossible to achieve) faulty products

Question 15

def distribution +2 synonyms

Answer 15

supply chain management, logistics

= transporting goods to customers (to match the demand with supply with minimal inventory and in shortest time)

Question 16

what does distribution involve? (4)

Answer 16

1. physcial handling (packing, labelling, loading, unloading)
2. warehousing
3. documentation preparation and handling
4. transportation

Question 17

what are the three typical distribution channels?

Answer 17

1. producer - wholesaler - retailer - consumer
2. producer - retailer - consumer
3. producer - consumer

Question 18

def retailing

Answer 18

the business of selling small quantities to the general public (at retail prices)

Question 19

what are the 4 ways retailing is performed?

Answer 19

1. brick-and-mortar store (physcial store)
2. e-tailing (online store)
3. direct selling (in-house promotions; door-to-door selling)
4. automatic merchandising (vending machines)

Question 20

store synonym

Answer 20

outlet (has two meanings - it can also be a store with discounted prices)

Question 21

different types of stores (9)

Answer 21

• kiosk = newsstand = tobacconist
• convencience store (originally frozen food, now a normal grocery store) = groceries
• specialty stores (specializirane trgovine)
• discount stores
• store chain (same layouts, same prices)
• supermarkets -> hypermarkets -> super stores (size varies)
• department stores (organisation in departments - underwear, mens wear, womens wear, toiletries) (veleblagovnica, like Nama or Maximarket)
• shopping centres (malls) (different stores under the same roof)
• retail park (different stores in the same geographical location, but not all under same roof)

Question 22

how are prices set? (4 parts)

Answer 22

producers: production costs + markup
wholesalers: + markup
intermediaries / agents / distributors: + markup
retailers: + profit margin

Question 23

difference between markup and profit margin?

Answer 23

markup: (rabat, pribitek ceni) percentage difference between the actual cost and the selling price
profit margin: (marža) percentage difference between the selling price and the profit

Question 24

which products have the highest markups and profit margins?

Answer 24

luxury clothing and cosmetics (800% markups), car industry (1/3 of final price are the actual costs)

Question 25

def CRM

Answer 25

customer relationship managemeent management of customer interactions to increase spending + develop long-term relationship

Question 26

def customer care

Answer 26

the provision of service before, during, and after the purchase (information giving; high quality staff; complaint management)

Question 27

tr anticipate

Answer 27

predvideti

Question 28

why is it said that complaints are a tip of an iceberg?

Answer 28

only a few people have enough time and courage to complain

Question 29

what are the two main goals of retailers? what is the goal behind that?

Answer 29

- satisfy average customers - exceed expectations highest possible customer retention, minimal customer defection

Question 30

def customer defection +2 synonyms

Answer 30

attrition, churn (!!) | customer stops buying one brand and switches to another

Question 31

brand switchers synonym

Answer 31

transient customers

Question 32

what is the main reason for customer loyalty? (allegiance)

Answer 32

practicality

Question 33

tr repeat business

Answer 33

ponavljajoči se nakupi

Question 34

tr brand switchers

Answer 34

kupci, ki zamenjajo blagovno znamko

Question 35

when is the european consumer day?

Answer 35

15th march

Question 36

what are the 10 basic principles of consumer protection?

Answer 36

1. buy what you want 2. send it back if it doesnt work 3. high safety standards for food 4. know what you're eating 5. contracts should be fair to consumers 6. consumers can change their mind 7. comparison of prices (full prices are clearly displayed - with VAT, unit prices = price per kilo; websites) 8. consumers should not be misled (prohibited since 07) 9. protection while on holiday 10. effective redress for cross-border disputes

Question 37

redress def

Answer 37

a sum of money paid for compensation for loss, damage, or injury

Question 38

what do unfair commercial practices include? (3)

Answer 38

1. aggressive practices (undue influence = exploiting a position of power over the consumer) 2. misleading advertising 3. aggressive doorstep selling

Question 39

def exceed

Answer 39

to be better than expected

Question 40

def to defect

Answer 40

to leave / stop being loyal

Question 41

def order fulfilment

Answer 41

making sure that a customer gets the right goods at the right time

Question 42

def distribution channel

Answer 42

the chain of firms or intermediaries through which a product passes until it reaches the consumer

Question 43

what is one of the main concepts in pricing?

Answer 43

mark-up

Question 44

final consumer synonym

Answer 44

end-user

Question 45

tr širitev proizvodnega programa

Answer 45

product diversification

Question 46

tr razlikovanje izdelka od konkurence

Answer 46

product differentiation

Question 47

mark_ _ able + product

Answer 47

marketable

Question 48

to r_ll out a product

Answer 48

roll out

Question 49

do_ _ _tically produced product

Answer 49

domestically

Question 50

def finished goods

Answer 50

intended for sale

Question 51

def fast-moving consumer goods

Answer 51

bought often, consumed quickly, usually not very expensive

Question 52

def consumer durables

Answer 52

bout occasionally, consumed slowly, more expensive

Question 53

def industrial goods

Answer 53

bought by other companies for their own use

Question 54

def consumer goods

Answer 54

bought by individuals

Question 55

tr FMCG + meaning

Answer 55

blago široke potrošnje | fast moving consumer goods

Question 56

tr deal with complaints

Answer 56

reševati pritožbe

Question 57

meaning + tr JIT

Answer 57

just in time; proizvodnja ob pravem času

Question 58

meaning + tr TQM

Answer 58

total quality management; celostno obvladovanje kakovotsti

Question 59

meaning + tr CRM

Answer 59

customer relationship management; | upravljanje odnosov s strankami (kupci)

Question 60

meaning + tr ISO

Answer 60

international standardisation organisation; | mednarodna organizacija za standardizacijo

Question 61

meaning + tr USP

Answer 61

unique selling point; | posebna prodajna vrednost

Question 62

simplify the process 2 synonyms

Answer 62

rationalize, streamline

Question 63

spare capacity synonym

Answer 63

excess capacity

Question 64

dispose of stock 2 synonyms

Answer 64

get rid of, reduce

Question 65

replace stock synonym

Answer 65

reorder

Question 66

tr supply chain

Answer 66

oskrbna veriga

Question 67

tr capital intensive

Answer 67

stroškovno intenziven

Question 68

tr labour intensive

Answer 68

delovno intenziven

Question 69

tr capacity utilization

Answer 69

izkoriščenost zmogljivosti

Question 70

tr retailer

Answer 70

prodajalec na drobno

Question 71

tr wholesaler

Answer 71

grosist (prodajalec na debelo)

Question 72

tr bottleneck

Answer 72

ozko grlo

Question 73

tr intermediary

Answer 73

posrednik

Question 74

tr price sensitive

Answer 74

cenovno občutljiv

Question 75

tr perishable goods

Answer 75

hitro pokvarljivo blago

Question 76

tr e-tailing

Answer 76

spletna prodaja

Question 77

tr veleblagovnica

Answer 77

department store

Question 78

tr nakupovalno središče

Answer 78

retail park

Question 79

tr veliko naročilo

Answer 79

bulk order

Question 80

tr razlikovalni dejavnik

Answer 80

differentiating factor

Question 81

tr odhajanje kupcev

Answer 81

customer defection

Question 82

tr telefonska linija za pomoč kupcem

Answer 82

customer helpline

Question 83

tr naročanje

Answer 83

order placement

Question 84

def lax

Answer 84

antonym of tough, strict

Question 85

def furlough

Answer 85

paid leave of absence

Question 86

def stimulous (payouts)

Answer 86

bonus for dangerous professions in covid times (e.g. doctors)