Term
click below
click below
Term
Normal Size Small Size show me how
POB Chp8 Study Guide
Chapter 8 Production of Goods Study Guide
Term | Definition |
---|---|
operations management | The area of management responsible for the activities necessary to produce goods and services. |
Utility | Describes the characteristics of a product that satisfy wants and needs. |
productivity | The measure of a worker’s production in a specific amount of time is |
custom manufacturing | Converting resources to a product that fits the specifications of a particular customer. |
production process | All the activities required to create a product. |
Work in process inventory | Consists of products that are partially converted. |
perpetual | inventory-control system is a method of counting inventory that shows the quantity on hand at all times. |
inventory shrinkage | The difference between the perpetual inventory and the physical inventory. |
prototype | A working model of a new product for testing purposes. |
trade show | A large gathering of businesses for the purpose of displaying goods and services for sale. |
division of labor | Specialization of individuals who perform specific tasks. |
finished goods inventory | Assortment or selection of finished items for sale that a business has in stock. |
brand | Name, term, or design that sets a product or business apart from its competition. |
image | Idea that people have about someone or something. |
direct materials inventory | Raw materials needed to produce a finished product. |
materials processing | Changing the form of raw materials for another use. |
new product | Product that is different in some way from existing products. |
repositioning | Marketing an existing product in a new way. |
sourcing | Finding suppliers of materials needed for the production of a product. |
repackaging | Using new packaging on an existing product. |
test marketing | Introducing a new product to a small portion of the target market to learn how it will sell. |
conversion | The process of changing and improving resources to create goods or services. |
mass production | Manufacturing goods in large quantities using standard techniques. |
supplier | Business that sells materials, supplies, or services to an organization that creates product. |
inventory | The assortment or selection of items that a business has on hand at a particular point in time. |
product planning | The process of deciding which products will be most strategic for the organization to produce. |
production | Includes any activity related to making a product. |
business purchasing | The activity of acquiring materials, supplies, or services necessary to create a product. |
trial run | Used to test a new service. |