topic 2 management process part 1: operations and marketing

Question 1

name the 4 main business functions

Answer 1

operations
marketing
finance
human resources

Question 2

what does STM stand for

Answer 2

simply transformed manufactured

Question 3

what does ETM stand for

Answer 3

Elaborately transformed manufactured

Question 4

what is STM

Answer 4

inputs that undergone little transformation or an immediate good

Question 5

what is an immediate good

Answer 5

a good that is used by other businesses in the next stage of manufacturing

Question 6

what is an ETM

Answer 6

a much more complex good that goes through many stages of value adding

Question 7

what is quality management

Answer 7

is a strategy used by the business to ensure that the quality of the product meet the expectations of the business and customer

Question 8

what is quality control

Answer 8

checking the product for defects

Question 9

what is quality assurance

Answer 9

stopping defects from happening in every stage of the process through using methods that ensure maximum quality.

Question 10

how to identify a specific target in the market

Answer 10

market segmentation

Question 11

what is market segmentation

Answer 11

the division of the total market into small segments based on the similar/common characteristics

Question 12

what is the marketing mix

Answer 12

a process of developing a product that meets the needs of the consumer

Question 13

name the 4 Ps in the marketing mix

Answer 13

product
place
price
promotion

Question 14

what does the product stage involve(4)

Answer 14

packaging
branding
features
positioning

Question 15

what does the price stage involve

Answer 15

choosing a price that will be compatible with the marketing and finance objectives of the business

Question 16

list 3 pricing methods used by bussinesses

Answer 16

cost plus margin
competitor based pricing
market pricing

Question 17

list 3 pricing strategies

Answer 17

loss leader
price penetration
price skimming

Question 18

what is the cost plus margin method

Answer 18

cost of production + profit margin

Question 19

what is the competitors pricing method

Answer 19

adjust price depending on competitors

Question 20

what is the market pricing method

Answer 20

price dependant on demand of product

Question 21

what is the loss leader startegy

Answer 21

selling at a loss to get customers in

Question 22

what is the price penetration strategy

Answer 22

low price in order to gain customer loyalty

Question 23

what is the price skimming strategy

Answer 23

place price initially due to hype of product.

Question 24

what is Total quality management (TQM)

Answer 24

continuous improvement of quality

Question 25

what happens in the promotion phase

Answer 25

the process of creating and maintaining consumer awareness and interest.

Question 26

name 3 promotion startegies

Answer 26

sales promotion advertising product placement

Question 27

what happens in sales promotion

Answer 27

the business offers special offers to get customers to buy products

Question 28

what happens in advertising

Answer 28

promotion of a product through media

Question 29

what happens in product placement

Answer 29

the product is demonstrated by actors in a TV show or movie

Question 30

what happens during the placement phase

Answer 30

how a product is made available to the market and journey it takes to get to the consumers

Question 31

what is the classical distribution chain

Answer 31

manufacturer wholesaler retailer consumer