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COMM 200 FINAL
exam
144
Business
Undergraduate 4
12/08/2013

Additional Business Flashcards

 


 

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Term
PESTEL analysis
Definition
guides in developing an understanding of the macro-economic environment- polical, economic, societal, technological, environmental, legal
Term
operating plan
Definition
a detailed, immediate term set of objectives and corresponding tactics designed to achieve a specific business initiative
Term
directional lock in
Definition
the level of financial and operational commitment an organization incurs asa a result of implementing the organization's strategies
Term
positioning
Definition
the ability of an organization to develop a unique, credible, sustainable, and valued place in the minds of our customers for its brand, products, and services
Term
target marketing
Definition
the process whereby organizations determine which market segments represent the strongest cluster of potential customers who are msot likely to purchase the product and who have the capacity to do so.
Term
segmentation stretch
Definition
refers to expanding the focus of a product to similar and related market segments that share a positive affinity for the product offering
Term
cannibalism
Definition
the reduction in sales of an existing product due to the launch of a new, similarly targeted product offering
Term
customer desertion
Definition
occurs when customers move to a competitive offering due to a change in brand or product commuincation message focus
Term
marketing mix
Definition
an organization's strategic and tactical decisions relating to its product/service offerings, pricing, distribution, and marketing communication efforts and approaches
Term
predetermined purchase list
Definition
refers to the ranking of products that purchasers develop for all the options available when making a purchase decision
Term
price elasticity
Definition
the change in demand that is anticipated to occur at various price points the organization is considering for its product
Term
consumer price threshold
Definition
refers to the maximum price point that the customer is willing to pay for a product
Term
payback period
Definition
represents the length of time required to recover or earn back the cost of an investment
Term
direct distribution
Definition
refers to connecting directly with customers and handling the finale sale of products and the delivery of services without the assistance of a channel intermediary
Term
channel intermediary
Definition
refers to an organization that assists a company in the distribution and delivery of goods or services to its customers
Term
indirect distribution
Definition
implies the use of a channel intermediary, such as a broker, whole-saler, or retailer to facilitate the sales of an organization's products to the customer
Term
private label brands
Definition
products that are created by one company for sale by another company under this latter company's own brand name
Term
convenience goods
Definition
a good example of Intensive distribution arrangements
Term
Intensive distribution arrangements
Definition
a decision to distribute the product through as many locations or channel outlets as possible
Term
convenience goods
Definition
goods purchased by customers on a regular basis with minimum effort and little emotional connection
Term
Selective distribution arrangements
Definition
a decision by an organization to sell its products through a limited number of channel intermediaries.
Term
Exclusive distribution arrangements
Definition
a decision to offer products through a single market representative
Term
profit leaks
Definition
inefficiencies within an organization's marketing mix that result in margin erosion and loss of profit
Term
message rifling
Definition
a focused message, driven by a well-defined and developed value proposition, that is targeted specifically at a defined audience
Term
variable costs
Definition
they are directly tied to the manufacturing of a product or the delivery of a service depending on the type of business being assessed.
Term
fixed (indirect) costs
Definition
These costs represent an expense that is for the most part uncontrollable in the near term. This means that managers have little ability to change the amount of the expense.
Term
operations management
Definition
all about the effective design, development, and management of the processes, procedures, and practices embedded within an organization’s business system for the purpose of achieving its strategic intent.
Term
process management
Definition
The design and development of the work flow and connectivity of the operational requirements needed to ensure that an organization’s products and services are efficiently produced and effectively delivered to the marketplace
Term
supply chain management
Definition
the management of interdependencies among suppliers, manufacturers, and distributors. it seeks to develop the terms and conditions that will enable all parties to efficiently and effectively meet their obligations to one another due to their business relatinoships
Term
product/service management
Definition
Refers to the variety of activities that commence with the design and development of potential new products in R&D and extend to the post-purchase support of products now in the hands of customers
Term
value maximization
Definition
refers to maximizing the benefits (price/quality comparison) that an individual or set of customers will realize as a result of using a product
Term
primary activities
Definition
the specific activities through which the development and transformation of a product or service occurs as it is produced and delivered to the marketplace
Term
inbound logistics
Definition
The management of supplier relationships relating to those parts or finished products that are brought into the organization in order to manufacture finished products for delivery to the marketplace.
Term
operations
Definition
The manufacturing and/or product change processes set up to ensure that the final product the organization is manufacturing or handling is ready for the marketplace.
Term
outbound logistics
Definition
refers to getting the finished product to the customer via a distribution channel that is accessible, convenient, and able to minimize stockouts and other sales impediment factors
Term
operations cycle
Definition
the alignment of the operational tasks within an organization by its management team in order to meet the strategic outcomes defined in its business strategy
Term
process standardization
Definition
the design and utilization of common platforms and common task sequencing to produce/develop a variety of products or services
Term
process simplification
Definition
the design and utilization of a minimum number of tasks when developing products and/or services
Term
PERT Chart
Definition
a scheduling methodology that focuses on task sequencing and the identification of the critical path of steps that will most greatly impact the ability to complete a project and the length of time needed for completion
Term
Gantt Chart
Definition
a methodology used to schedule the steps associated with a project and the time required to complete each step
Term
materials management
Definition
refers to the management of the inputs required in order to develop the products that the organization is intent on delivering to the marketplace
Term
facility design and layout
Definition
refers to the infrastructure layout and related facility components that will be required to house and support the processes and materials used by the organization
Term
cash operating cycle
Definition
the amount of time it takes for an organization to recover the cash it has paid out for the development, product, and distribution of products.
Term
six sigma
Definition
a methodology that focuses on the philosophy of total improvement
Term
personal power
Definition
power as a result of his/her leadership competencies. It is the ability to motivate, facilitate, demonstrate empathy, and collaborate with staff in order to meet organization expectations.
Term
position power
Definition
power due to the title he/she has within the organization. This power is derived on the basis of expertise, legitimacy of rank, the ability to control rewards and resources, and the obligation to assess performance
Term
silo mentality
Definition
managerial decisions that do not take into consideration the cross-organizational impact that such decisions will have
Term
value chain
Definition
the term for the processes and initiatives needed to support and direct the product transformation within the organization, the creation of the value proposition applicable to such products, and the distribution, marketing, sales and service in support of these products
Term
structure
Definition
The formal framework around which tasks are organized and responsibilities allocated within an organization
Term
customer intimacy
Definition
the term for the interactions and connectivity that organizations seek to foster with their customers in order to meet their expectations for contact, service and support
Term
work efficiencies
Definition
Refers to the need for the organization to fully analyze the type, number, and responsibilities of the various positions within the organization and align these to the tasks required to support the design, development, marketing and distribution and sale of the organization’s products in the most efficient and effective manner possible.
Term
departmentalization
Definition
refers to dividing the organization’s work units into defined functional areas
Term
culture
Definition
defines how the individuals within the organization behave and how the organization as a whole will react to both internal and external challenges and stimuli.
Term
• employee interaction
• risk allowance
• control protocols
• competitive emphasis
Definition
4 zones of cultural influence
Term
risk allowance
Definition
refers to the degree of entrepreneurship that is embedded into the organization
Term
control protocols
Definition
refers to the rigidity or flexibility associated with the application of and adherence to rules policies and procedures within the organization
Term
competitive emphasis
Definition
refers to the extent to which the organization rewards and reinforces goal achievement, emphasizes competitiveness, and defines its success on the basis of market superiority
Term
managerial hierarchy
Definition
refers to the number of levels of management deem necessary to effectively manage the organization and the sequential ranking of the managerial positions in relationship to one another
Term
span of control
Definition
Refers to the number of subordinates a manger will have reporting to him or her
Term
restructuring
Definition
generally occurs when companies recognize a disconnection to their intended strategy as a result of disruptions that have occurred either internally or from the external marketplace
Term
venture capitalist
Definition
refers to an individual who provides capital to a business venture for start up or expansion purposes
Term
market analysis
value analysis
financial analysis
operations an.
management competency an.
exit options
Definition
6 phases of venture analysis
Term
litmus test
Definition
Refers to a process or something that is used to make a judgment or draw conclusions about the acceptability of an opinion
Term
cash flow positive
Definition
the point where cash inflows finally exceed cash outflows
Term
capitalization well
Definition
refers to a framework for assessing the full capital requirements of a business venture
Term
undercapitalization
Definition
the situation where a company lacks the required funding to continue business activities
Term
organic growth
Definition
implies growing a business from within, using its existing business lines as a basis for such growth
Term
operational synergies
Definition
refers to maximization of productivity and efficiency through the combining of resources
Term
purpose, markets, products + services, resources, business system configuration, responsibility +accountability
Definition
6 core elements for assessing business strategy
Term
corporate level strategy
Definition
defines What the organization intends to accomplish. it is considered the high level strategy that guides the organization's overall activities, the big picture
Term
business level strategy
Definition
defines How the organization intends to accomplish and compete in the market
Term
market penetration
Definition
focus on growing the sales revenue of the organization's existing products through its existing customer base
Term
product/service development
Definition
focus on identifying and developing new products for the existing markets within which it competes or existing customer base it serves
Term
market development
Definition
focus on identifying and cultivating new customers for existing products
Term
diversification
Definition
focus on the development of new markets served by new products
Term
distribution strategy
Definition
marketing pillar that focuses on ensuring customers have convenient and accessible ways of purchasing products
Term
growth/share matrix made popular by the Boston Consulting Group
Definition
Suggests that managers should focus on the growth potential of a product relative to the product strength that it currently possesses in the marketplace. Focused on the core cost/benefit trade-offs.
Term
variable costs
Definition
In general, the more the cost base is composed of _________, the more control manager have over the actual management of this cost base on a day-to-day basis.
Term
fixed costs
Definition
The more the cost base is composed of _________, the more difficult it is for manager to use cost-reduction strategies to protect the organization’s profitability in response to decreased in demand for products and their corresponding reductions in revenue.
Term
process management, supply chain management, product/service management
Definition
3 categories of responsibility for operations managers
Term
process management
Definition
Assessed with respect to time, quality, and cost requirements/constraints.
A key outcome is the determination of how the transformation process for products will be designed
Term
process management
Definition
Looks at the specific tasks that need to be accomplished and orders them to result in the most effective work flow
Term
supply chain management
Definition
Includes the development of a responsive network for dealing with defective merchandise or unsold items
Term
value chain
Definition
business concept first proposed by Michael Porter in 1985
Term
value maximization
Definition
root concept of value chain analysis is
Term
value maximization
Definition
Best assessed by asking the question, What is it that we must do to deliver maximum value to our customers?
Term
primary and supporting activities
Definition
In managing value chain, manager must look at the connectivity between two key areas of business system activity-
Term
support activities
Definition
Some examples are HR, r&d, engineering, finance, Legal, environmental safety
Term
process standardization and process simplification
Definition
If the organization’s desired strategic position is to focus on low price and acceptable quality, then the operations cycle will more likely place an emphasis on _____________ and __________
Term
1. process design, layout, and execution
2. materials management
3. facility design and layout
4. capital asset evaluation
Definition
4 core decision areas of process management
Term
DICE- Define, Identify, Create, Execute
Definition
An easy way to remember the key fundamentals associated with process design, layout, and execution is by the acronym _______.
Term
customers, suppliers, transportation and logistics companies, distributors, retailers
Definition
5 supply chain partners
Term
Supply Chain Management
Definition
Assist the organization in reducing its cost base and offsetting market pressures towards lower prices . it does this by trying to make the most effective use possible of dollars it must invest and striving to maximize the financial performance of the organization through superior management
Term
culture, performance standards
Definition
A key weapon in this ongoing challenge to preserve quality and maintain product standards lies in the organization’s _____ and the development of _______________.
Term
ISO (International Organization for Standardization) certification
Definition
an essential first step in ensuring customer expectations are met. Developed more than 18000 standards, focus is to make the manufacturing of products safer, more efficient, and more socially responsible.
Term
Toyota’s development of TPS
Definition
a good ex of an organization developing standards to embed within its culture a sense of discipline toward uncompromising quality
Term
1. DMAIC- define, measure, analyze, improve, control
2. DMADV - define, measure, analyze, design, verify
Definition
Based on _______ for existing operations or _____ for new operations, Six Sigma guides managers to map the processes being used, align these with customer needs and then seek to improve such processes and implement the necessary controls for maintaining the heightened quality levels.
Term
Six Sigma
Definition
It was developed by Motorola in the 1980s and made famous by GE, it gets its name from its statistical orientation of deviation from the mean
Term
Total Quality Management (TQM)
Definition
a broad-based approach to managing quality that challenges the organization to be customer focused and strive for total employee involvement.
Term
Business Processing Engineering
Definition
focuses on how organizations transform production and manufacturing processes to improve the way people work.
Term
conceptual,
leadership,
technical + analytical,
human relations
Definition
4 key skill sets for managers
Term
organizational structure, culture, and management approach
Definition
relates to the formal framework around which the business system is designed and how such a structure directs and influences collaboration, the exchange of knowledge, the communication and sharing of ideas and the work environment surround the accomplishments of tasks and the meeting of responsibilities
Term
control systems to manage strategic intent
Definition
defines the managerial evaluation and control processes utilized to determine the success of the organization in meeting its strategic and operational goals and objectives.
Term
mechanisms for effective talent management
Definition
refers to the decision making hierarchy, the delegated span of control within an organization, and the allocation of position power within it
Term
operational processes and market support and alignment
Definition
focuses on the processes and initiatives needed to support and direct product/service transformation within the organization, the creation of the value proposition applicable to such product/services, and the distribution, marketing, sales and service in support of these products.
Term
the value chain
Definition
operational and market support processes are commonly referred to as _______________
Term
break even point
Definition
the level of sales revenue or volume that is required for the organization to cover all of its costs
Term
BEP
Definition
__________ is considered to be the minimum acceptable position for the business in the short term
Term
harvesting
Definition
a strategy that reflects a reduced commitment to a particular market given its perceived weak future or profitability potential
Term
structure
culture
management approach
Definition
3 key considerations when developing an organization's framework
Term
matrix style structure
Definition
takes into consideration that individuals will have specific expertise related to defined departmental areas and that this expertise can be considered fluid in that different types of expertise may be needed for each project the organization has on the go.
Term
matrix style structure
Definition
In this situation, the organization defines project managers who then draw on the resources and expertise of various dept to successfully complete the projects designed. Ex are engineering firms, construction companies and large project driven organizations.
Term
competitive emphasis
Definition
can be also thought of as the degree of passion that the organization communicates to its employees and also includes the effective use of logos and other visual representations by the organization
Term
managerial hierarchy
Definition
often referred to as the 'chain of command'
Term
narrower
Definition
The more the manager has to be involved in the day to day interactions of an area of responsibility and the more complex the tasks associated with the responsibility assigned, the _______ the span of control will be
Term
fatal flaws
Definition
A key to the assessment of new business ventures lies in the search and identification of _________ that could potentially derail a venture in its early stages.
Term
market fit, industry, customer, environment
Definition
4 key metrics for market analysis
Term
price discounting
price skimming
Definition
if not cost related, the price differential could be the desire of one of the organizations to take a ____________ approach to drive market share or increase volume, or a __________ approach, where the emphasis is on maximizing the profit margin on each of the units sold
Term
price skimming
Definition
the utilization of a premium price strategy in order to maximize the margin return on the sale of each individual unit of a particular product
Term
psychological pricing
Definition
the utilization of pricing tactics that are designed to respond to the psychological tendencies of purchasers. ex of pricing at 29.99 versus 30
Term
rebate
Definition
refers to a temporary price reduction offered on a product in order to stimulate sales. they can be offered at the point of sale or on a deferred basis
Term
expense creep
Definition
the tendency for expenses associated with the organization's various cost lines to rise due to inflationary pressures, union negotiated contracts, etc
Term
segmentation,
target marketing
Definition
___________ defines the level of need and ___________ defines who will pay for the need
Term
optimal price point
mark-up pricing
Definition
2 common types of pricing models
Term
optimal price point
Definition
Costs and desired profit are used as a basis for computation
Term
segmentation, target market, positioning
Definition
3 major components of marketing strategy
Term
transformational
transactional
Definition
leadership relates to _________ capabilities while management relates to _____________ capabilities
Term
strategy, operations
risk
Definition
the challenge for managers is finding the right balance between organizational design & structure, ________, and ______________ while responding to growing pressures relating to ____________
Term
supply chain management
Definition
how resources are moved to and from the transformation processes of the firm. it is the connection and integration of all parties within the distribution system in order to satisfy the end consumer's needs
Term
first mover advantage
Definition
Entrants that are new to the market typically can have the advantage with branding
Term
Skin in the Game
Definition
How much sweat equity, finances, hardship have you invested?
Term
500
Definition
a Small Business is an independently owned and operated business that is not dominant in it competitive area and employs less than ____ people
Term
Personal␣Savings, Credit␣Cards, 2nd Mortgages, Suppliers/Customers
Definition
bootstrapping early sources of funding options for start ups
Term
mark up
Definition
the addition to the manufacturer's price that distributors add to the price of a product to ensure that their own direct and indirect costs are covered and that their profit margin is achieved
Term
total base cost
value (actual or perceived)
price sensitivity of the market
effectiveness of marketing effort
Definition
4 price impact factors
Term
cost base
Definition
the total costs associated with delivering the organizations products to the marketplace
Term
planning, operating execution, performance evaluation
Definition
3 ongoing responsibilities of supply chain managers
Term
1. maximum utilization of the capital asset base
2. minimization of the time involved within the COC
Definition
what are 2 critical outcomes of supply chain performance evaluation?
Term
six sigma
Definition
this methodology seeks to integrate within an organization's culture an organized approach for the analysis of processes, with the intent of minimizing the occurrence of defects
Term
functional
Definition
structured organized around departments
Term
cash flow positive
Definition
an important first step in defining how long a new ventures burn rate will last
Term
10
Definition
in capsim, 1 pt increase in automation cuts _____% of labour costs
Term
12
Definition
the capsim simulation charges __ % inventory carrying cost
Term
20
Definition
in capsim, each training hour costs $___ per worker
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