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Management 302 - Chapters 1 & 2
Terms in this set (37)
The creation of goods and services.
Operations Management (OM)
Activities that relate to the creation of goods and services through transformation of inputs and outputs.
A global network of organizations and activities that supply a firm with goods and services.
10 Strategic OM Decisions
Design of goods and services, managing quality, process strategy, location strategies, layout strategies, human resources, supply-chain management, inventory management, scheduling, and maintenance.
Economic activities that typically produce an intangible product (such as education, entertainment, lodging, government, financial, and health services).
The segment of the economy that includes trade, financial, lodging, education, legal, medical, and other professional occupations.
The ratio of outputs (goods and services) divided by one or more inputs (such as labor, capital, or management).
Indicates the ratio of one resource (input) to the goods and services produced (outputs).
Indicates the ratio of many or all resources (inputs) to the goods and services produced (outputs).
The three factors critical to productivity improvement - labor, capital, and the art and science of management.
A society in which much of the labor force has migrated from manual work to work based on knowledge.
Those with a vested interest in an organization, including customers, distributors, suppliers, owner, lenders, employees, and community members.
Mexican factories located along the U.S. - Mexico border that receive preferential tariff treatment.
World Trade Organizations (WTO)
An international organization that promotes world trade by lowering barriers to the free flow of goods across borders.
North American Free Trade Agreement (NAFTA)
A free trade agreement between Canada, Mexico, and the United States.
European Union (EU)
A European trade group that has 27 member states.
The purpose or rationale for an organization's existence.
How an organization expects to achieve its missions and goals.
The creation of a unique advantage over competitors.
Distinguishing the offerings of an organization in a way that the customer perceives as adding value.
Engaging a customer with a product through imaginative use of the five sense, so the customer can "experience" the product.
A set of values related to rapid, flexible, and reliable performance.
A method managers use to evaluate the resources at their disposal and manage or alter them to achieve competitive advantage.
A way to identify those elements in the product/service chain that uniquely add value.
Five Force Model
A method of analyzing the five forces in the competitive environment.
A method of determining internal strengths and weaknesses, and external opportunities and threats.
Key Success Factors (KSFs)
Activities or factors that are key to achieving competitive advantage.
A set of skills, talents, and capabilities in which a firm is particularly strong.
A graphical link of competitive advantage, KSFs, and supporting activities.
Transferring a firm's activities that have traditionally been internal to external suppliers.
Theory of Comparative Advantage
A theory which states that countries benefit from specializing in (and exporting) goods and services in which they have relative advantage, and they benefit from importing goods and services in which they have relative disadvantage.
A firm that engages in cross-border transactions.
Multinational Corporation (MNC)
A firm that has extensive involvement in international business, owning or controlling facilities in more than one country.
A strategy in which global markets are penetrated using exports and licenses.
A strategy in which operating decisions are decentralized to each country to enhance local responsiveness.
A strategy in which operating decisions are centralized and headquarters coordinates the standardization and learning between facilities.
A strategy that combines that benefits of global-scale efficiencies with the benefits of local responsiveness.
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