Unit 3 Flashcards
Chapters 8 & 9 (25 cards)
Operations Management
The area of management responsible for the activities necessary to produce goods and services
Conversion
The process of changing and improving resources to create goods or services
Materials processing
Changing the form of raw materials for another use
Mass production
The manufacturing of goods in large quantities using standard techniques
Business purchasing
The activity of acquiring materials, supplies, or services necessary to create a product
Perpetual inventory-control system
A method of counting inventory that always shows the quantity on hand
Periodic inventory-control system
A method of measuring inventory that involves taking a physical count of merchandise at regular periods, such as weekly, monthly, or yearly
Just-in-time (JIT) inventory-control system
A method of managing inventory that keeps a minimal number of raw materials on hand to meet production needs
Product planning
The process of deciding which products will be most strategic for the organization to produce
Repositioning
Marketing an existing product in a new way to create a new opinion or view of the product in the minds of customers to increase sales. Ex: Baking soda
Brand
A name, term, or design that sets a product or business apart from its competition
Prototype
A working model of a new product for testing purpose
Test marketing
Introduces a new product to a small portion of the target market to learn how it will sell
Human resources
The employees who work for a business
Human resources management (HRM)
The process of hiring, training, and developing employees
Recruiting
A strategy to find qualified people
Screening interview is the first interview
Screening interview
The first interview
Compensation
Payment to an employee for work performed, including wages or salaries, incentives, and benefits
Competitive wages
Wages that are at least equal to those paid by similar businesses in the area.
Professional development
Education for people who have already completed their formal schooling and training
Incentives
A type of compensation based on performance; pay for performance
Piecework
A wage based on a rate per unit of work completed
Diversity
Having representatives from different backgrounds, cultures, or demographics in a group
Ergonomics
A science concerned with designing and arranging things people use so that they can interact efficiently and safely
