Radeki de Dovnic Manufacturing
Terms in this set (86)
product life cycle
describes the stages a new product goes through in the marketplace: introduction, growth, maturity, and decline
To make something, especially on a large scale using machinery.
Businesses not associated with government agencies.
a business firm that obtains income through the buying and selling of goods
the process by which organizations or businesses become owned and operated by the government
belonging to, funded by, and controlled by the government.
the part of the economy owned and controlled by businesses and individuals
Chief Executive Officer (CEO)
Corporate officer who has overall responsibility for managing the business and delegates responsibilities to other corporate officers.
The collection of products a business is currently marketing
the quantity of a good or service that consumers are willing and able to buy
goods and services
the objects (goods) and the actions (services) that people value and produce to satisfy human wants
A system by which goods and services are produced and distributed
communist nations closely allied with the Soviet Union
Relationship between countries that exchange goods
the basic physical and organizational structures and facilities (e.g., buildings, roads, and power supplies) needed for the operation of a society or enterprise.
Economic decisions are made by individuals or the open market.
A planned effort to enable employees to learn job-related knowledge, skills, and behavior
the general term for computer controlled machine tools and robots in manufacturing
transforms raw materials or inputs into goods and services
people who buy goods and services
a range of acceptable values established by engineering design or customer requirements
good or service offered by a business for customers to purchase
planning, recording, analyzing, and interpreting financial information
An organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders
The amount of money exchanged for a good or service
Any natural resource that is used to make finished products.
Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs
the set of tactical marketing tools - product, price, place, and promotion - that the firm blends to produce the response it wants in the target market
the part of an economy that is controlled by the government.
Producing a one-off item specially designed for the customer
Form of flow production whereby a product is assembled in various stages along a conveyor belt until a finished product is made
Cost of Goods Sold (COGS)
The expense corresponding to the cost of the inventory that is sold to customers.
the means by which you deliver the product or service to the customer
to hire and put to work for pay
an industry or business in which employees have formed a union to negotiate on their behalf with management in such matters as pay, working conditions, hours, and benefits
all the employees of an organization
manufactured in large quantities
Intermediaries who help to move goods between producers and retailers by buying goods from producers and selling them to retailers
the process by which businesses or other organizations develop international influence or start operating on an international scale.
Other organizations that market products that are similar to or can be substituted for a marketer's products in the same geographic area
Expenditures on equipment the business will use for many years.
all the patterns, networks, and systems of communication within an organization
customers use the Internet to self-configure products or services. Sellers then price them and fulfill them quickly.
the loss of potential gain from other alternatives when one alternative is chosen.
a worker who is hired to perform a job
senior operating officer or manager of an organization or corporation
the people whose interests are affected by an organization's activities
skilled manual worker
a worker with specialized experience or training
The reasons behind someones actions and feelings.
The physical and mental human effort used in the production process
the process of predicting an organization's future employment needs and the availability of current employees and external hires to meet those employment needs and execute the organization's business strategy
an establishment formed to carry on commercial enterprise
Different levels of management and staff, with higher levels exercising greater authority and control
groups of workers who meet to discuss ways of improving products or processes
Specialized tasks performed in a business organization, including manufacturing and production, sales and marketing, finance and accounting, and human resources.
The process of accomplishing the goals of an organization through the effective use of people and other resources.
democratic leadership style
sharing decision making with others and encouraging subordinates to be involved in setting goals
A leadership style where the leader makes decisions but takes into account the welfare of employees
The setting in which business operates. The five key components are: economic environment, competitive environment, technological environment, social environment, and global environment.
An new invention or improvement of an existing technological product, system, or method of doing something.
To lose your job because the company has no longer work available for you
the system an organization uses to get things done
the enduring behaviors, ideas, attitudes, and traditions shared by a large group of people and transmitted from one generation to the next
Corporate Social Responsibility (CSR)
A business's concern for the welfare of society.
When the product is priced in line with or just below competitors' prices to try to capture more of the market.
Chief Financial Officer (CFO)
a high-level corporate executive who manages a firm's finances and reports directly to the company's CEO
the site where production takes place
the area surrounding a service from which customers are attracted
management of money
The total value of capital raised from shareholders by the issue of shares
money sourced from financial institutions such as banks, with interest charged on the loan to be repaid
to move to a different location
Private Limited Company (Ltd)
Company owned by shareholders, but shares only sold privately, not on the stock exchange
Public limited company (Plc)
Often a large company, owned by shareholders who have limited liability. The company can sell its shares to the general public.
becoming a public limited company
the activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets
A strategy that determines the means for utilizing resources in the various functional areas to reach the organization's goals
an encompassing explanation of why the organization exists and where it's trying to head
an organization's broadest plan, developed as a guide for major policy setting and decision making
Those elements that are instantly recognized as representing a particular business or product. Eg, logo, symbols, packaging.
expresses what the organization should become, where it wants to go strategically
a short, specific written statement of the reason a business exists and what it wants to achieve
Operations Management plan
A specialized area in management that converts or transforms resources (including human resources) into goods and services.
human resources plan
Defines the management of the project
human resources, timing of use, and
enterprise environmental factors the project
manager must adhere to in the organization
when it comes to human resources
difference between a business's revenues and its expenses