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POB Chp8 Study Guide

Chapter 8 Production of Goods Study Guide

TermDefinition
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.
Created by: mrstephens
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