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MANGT 421
EXAM 1
| Term | Definition |
|---|---|
| Production | the creation of goods and services |
| Operations management (OM) | the set of activities that create value in the form of goods and services by transforming inputs into outputs |
| 3 major functions of a business or organization | 1. Marketing (generates demand) 2. Production/operations (creates the product) 3. Finance/accounting (tracks how well business is doing and deals with money) |
| Every business is like a... | 3 legged stool (every part is equally important) |
| Supply chain | A global network of organizations and activities that supply a firm with goods and services |
| Productivity | the ratio of outputs (goods and services) divided by the inputs (resources such as labor and capital) |
| Multifactor productivity | output/(labor + materials + energy + capital + miscellaneous) |
| Productivity improvement in services is difficult to calculate because... | Labor intensive, focused on individual desires, difficult to evaluate quality |
| Supply > Demand | Wasteful and costly |
| Supply < Demand | Opportunity lost, customer dissatifaction |
| Supply = demand | ideal |
| Boeing (global strategies of companies) | Sales and supply chain are worldwide |
| Benetton (global strategies of companies) | moves inventory to stores around the world faster than its competition by building flexiblity into design, production and distribution |
| Sony (global strategies of companies) | Purchases components from suppliers in Thailand, Malaysia, and around the world |
| Reasons to globalize | 1. Improve the supply chain 2. Reduce costs and exchange rate risks 3. Improve operations 4. Understand markets 5. Improve products 6. Attract and Retail Global talent |
| Improve the supply chain (reason to globalize) | Locating facilities closer to unique resources |
| Mission | statements tell an organization where it is going (boundaries and focus) |
| Strategy | How to achieve the mission statement |
| Strategies for competitive advantage | 1. Differentiation - better, or at least different 2. Cost leadership - cheaper 3. Response - more responsive |
| Competitive advantage of southwest airlines | Low cost (no seat assignments, no meals, more flights) |
| Outsourcing | transferring activities that traditionally been internal to external suppliers |
| Risks of ousourcing | Increased costs, loss of control, etc |
| Multidomestic global operations strategy | High local responsiveness, low cost reduction |
| Global operations strategy | High cost reduction, low local responsiveness |
| International strategy | Low cost reduction, low local responsiveness (Harley davidson) |
| Transnational strategy | High cost reduction, high local responsiveness |
Created by:
sekavecr
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