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| guides in developing an understanding of the macro-economic environment- polical, economic, societal, technological, environmental, legal |
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| a detailed, immediate term set of objectives and corresponding tactics designed to achieve a specific business initiative |
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| the level of financial and operational commitment an organization incurs asa a result of implementing the organization's strategies |
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| 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 |
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| 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. |
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| refers to expanding the focus of a product to similar and related market segments that share a positive affinity for the product offering |
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| the reduction in sales of an existing product due to the launch of a new, similarly targeted product offering |
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| occurs when customers move to a competitive offering due to a change in brand or product commuincation message focus |
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| an organization's strategic and tactical decisions relating to its product/service offerings, pricing, distribution, and marketing communication efforts and approaches |
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| predetermined purchase list |
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| refers to the ranking of products that purchasers develop for all the options available when making a purchase decision |
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| the change in demand that is anticipated to occur at various price points the organization is considering for its product |
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| refers to the maximum price point that the customer is willing to pay for a product |
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| represents the length of time required to recover or earn back the cost of an investment |
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| 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 |
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| refers to an organization that assists a company in the distribution and delivery of goods or services to its customers |
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| 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 |
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| products that are created by one company for sale by another company under this latter company's own brand name |
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| a good example of Intensive distribution arrangements |
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| Intensive distribution arrangements |
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Definition
| a decision to distribute the product through as many locations or channel outlets as possible |
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| goods purchased by customers on a regular basis with minimum effort and little emotional connection |
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| Selective distribution arrangements |
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Definition
| a decision by an organization to sell its products through a limited number of channel intermediaries. |
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| Exclusive distribution arrangements |
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Definition
| a decision to offer products through a single market representative |
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| inefficiencies within an organization's marketing mix that result in margin erosion and loss of profit |
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| a focused message, driven by a well-defined and developed value proposition, that is targeted specifically at a defined audience |
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| they are directly tied to the manufacturing of a product or the delivery of a service depending on the type of business being assessed. |
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| 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. |
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| 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. |
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| 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 |
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| 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 |
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| product/service management |
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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 |
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| refers to maximizing the benefits (price/quality comparison) that an individual or set of customers will realize as a result of using a product |
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| the specific activities through which the development and transformation of a product or service occurs as it is produced and delivered to the marketplace |
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| 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. |
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| 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. |
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| 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 |
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| 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 |
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| the design and utilization of common platforms and common task sequencing to produce/develop a variety of products or services |
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| the design and utilization of a minimum number of tasks when developing products and/or services |
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| 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 |
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| a methodology used to schedule the steps associated with a project and the time required to complete each step |
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| refers to the management of the inputs required in order to develop the products that the organization is intent on delivering to the marketplace |
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| facility design and layout |
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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 |
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| 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. |
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| a methodology that focuses on the philosophy of total improvement |
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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. |
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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 |
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| managerial decisions that do not take into consideration the cross-organizational impact that such decisions will have |
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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 |
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| The formal framework around which tasks are organized and responsibilities allocated within an organization |
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| 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 |
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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. |
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| refers to dividing the organization’s work units into defined functional areas |
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| 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. |
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• employee interaction
• risk allowance
• control protocols
• competitive emphasis |
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Definition
| 4 zones of cultural influence |
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Definition
| refers to the degree of entrepreneurship that is embedded into the organization |
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Definition
| refers to the rigidity or flexibility associated with the application of and adherence to rules policies and procedures within the organization |
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| 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 |
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| 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 |
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| Refers to the number of subordinates a manger will have reporting to him or her |
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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 |
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Definition
| refers to an individual who provides capital to a business venture for start up or expansion purposes |
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market analysis
value analysis
financial analysis
operations an.
management competency an.
exit options |
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Definition
| 6 phases of venture analysis |
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Definition
| Refers to a process or something that is used to make a judgment or draw conclusions about the acceptability of an opinion |
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Definition
| the point where cash inflows finally exceed cash outflows |
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Definition
| refers to a framework for assessing the full capital requirements of a business venture |
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Definition
| the situation where a company lacks the required funding to continue business activities |
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Definition
| implies growing a business from within, using its existing business lines as a basis for such growth |
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Definition
| refers to maximization of productivity and efficiency through the combining of resources |
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| purpose, markets, products + services, resources, business system configuration, responsibility +accountability |
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Definition
| 6 core elements for assessing business strategy |
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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 |
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| defines How the organization intends to accomplish and compete in the market |
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Definition
| focus on growing the sales revenue of the organization's existing products through its existing customer base |
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| product/service development |
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Definition
| focus on identifying and developing new products for the existing markets within which it competes or existing customer base it serves |
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Definition
| focus on identifying and cultivating new customers for existing products |
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Definition
| focus on the development of new markets served by new products |
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Definition
| marketing pillar that focuses on ensuring customers have convenient and accessible ways of purchasing products |
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| growth/share matrix made popular by the Boston Consulting Group |
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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. |
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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. |
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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. |
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| process management, supply chain management, product/service management |
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Definition
| 3 categories of responsibility for operations managers |
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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 |
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Definition
| Looks at the specific tasks that need to be accomplished and orders them to result in the most effective work flow |
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Definition
| Includes the development of a responsive network for dealing with defective merchandise or unsold items |
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Definition
| business concept first proposed by Michael Porter in 1985 |
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Definition
| root concept of value chain analysis is |
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Definition
| Best assessed by asking the question, What is it that we must do to deliver maximum value to our customers? |
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| primary and supporting activities |
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Definition
| In managing value chain, manager must look at the connectivity between two key areas of business system activity- |
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Definition
| Some examples are HR, r&d, engineering, finance, Legal, environmental safety |
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| process standardization and process simplification |
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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 __________ |
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Term
1. process design, layout, and execution
2. materials management
3. facility design and layout
4. capital asset evaluation |
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Definition
| 4 core decision areas of process management |
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| DICE- Define, Identify, Create, Execute |
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Definition
| An easy way to remember the key fundamentals associated with process design, layout, and execution is by the acronym _______. |
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| customers, suppliers, transportation and logistics companies, distributors, retailers |
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Definition
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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 |
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| culture, performance standards |
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Definition
| A key weapon in this ongoing challenge to preserve quality and maintain product standards lies in the organization’s _____ and the development of _______________. |
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Term
| ISO (International Organization for Standardization) certification |
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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. |
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| Toyota’s development of TPS |
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Definition
| a good ex of an organization developing standards to embed within its culture a sense of discipline toward uncompromising quality |
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Term
1. DMAIC- define, measure, analyze, improve, control
2. DMADV - define, measure, analyze, design, verify |
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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. |
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Term
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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 |
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| Total Quality Management (TQM) |
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Definition
| a broad-based approach to managing quality that challenges the organization to be customer focused and strive for total employee involvement. |
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| Business Processing Engineering |
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Definition
| focuses on how organizations transform production and manufacturing processes to improve the way people work. |
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Term
conceptual,
leadership,
technical + analytical,
human relations |
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Definition
| 4 key skill sets for managers |
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Term
| organizational structure, culture, and management approach |
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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 |
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| control systems to manage strategic intent |
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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. |
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| mechanisms for effective talent management |
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Definition
| refers to the decision making hierarchy, the delegated span of control within an organization, and the allocation of position power within it |
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| operational processes and market support and alignment |
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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. |
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Definition
| operational and market support processes are commonly referred to as _______________ |
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Definition
| the level of sales revenue or volume that is required for the organization to cover all of its costs |
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Term
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Definition
| __________ is considered to be the minimum acceptable position for the business in the short term |
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Term
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Definition
| a strategy that reflects a reduced commitment to a particular market given its perceived weak future or profitability potential |
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structure
culture
management approach |
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Definition
| 3 key considerations when developing an organization's framework |
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Term
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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. |
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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. |
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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 |
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Definition
| often referred to as the 'chain of command' |
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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 |
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Term
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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. |
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Term
| market fit, industry, customer, environment |
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Definition
| 4 key metrics for market analysis |
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Term
price discounting
price skimming |
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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 |
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Term
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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 |
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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 |
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Term
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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 |
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Definition
| the tendency for expenses associated with the organization's various cost lines to rise due to inflationary pressures, union negotiated contracts, etc |
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Term
segmentation,
target marketing |
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Definition
| ___________ defines the level of need and ___________ defines who will pay for the need |
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Term
optimal price point
mark-up pricing |
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Definition
| 2 common types of pricing models |
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Term
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Definition
| Costs and desired profit are used as a basis for computation |
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Term
| segmentation, target market, positioning |
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Definition
| 3 major components of marketing strategy |
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Term
transformational
transactional |
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Definition
| leadership relates to _________ capabilities while management relates to _____________ capabilities |
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Term
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Definition
| the challenge for managers is finding the right balance between organizational design & structure, ________, and ______________ while responding to growing pressures relating to ____________ |
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Term
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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 |
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Term
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Definition
| Entrants that are new to the market typically can have the advantage with branding |
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Term
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Definition
| How much sweat equity, finances, hardship have you invested? |
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Term
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Definition
| a Small Business is an independently owned and operated business that is not dominant in it competitive area and employs less than ____ people |
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Term
| Personal␣Savings, Credit␣Cards, 2nd Mortgages, Suppliers/Customers |
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Definition
| bootstrapping early sources of funding options for start ups |
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Term
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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 |
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Term
total base cost
value (actual or perceived)
price sensitivity of the market
effectiveness of marketing effort |
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Definition
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Definition
| the total costs associated with delivering the organizations products to the marketplace |
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Term
| planning, operating execution, performance evaluation |
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Definition
| 3 ongoing responsibilities of supply chain managers |
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Term
1. maximum utilization of the capital asset base
2. minimization of the time involved within the COC |
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Definition
| what are 2 critical outcomes of supply chain performance evaluation? |
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Term
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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 |
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Definition
| structured organized around departments |
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Term
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Definition
| an important first step in defining how long a new ventures burn rate will last |
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Term
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Definition
| in capsim, 1 pt increase in automation cuts _____% of labour costs |
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Term
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Definition
| the capsim simulation charges __ % inventory carrying cost |
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Term
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Definition
| in capsim, each training hour costs $___ per worker |
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