ADMN 400

Specific, Measurable, Attainable, Relevant, Timely this is to create a goal that is specific

What does SMART goals stand for?

The (TPS) transaction processing system

What type of information system is commonly used by workers in the retail or food/bev industry (e.g, POS)?

Management Information Systems

What are methods and equipment that provide informatio nabout all aspects of a firm’s operations (examples inlcuding transaction processing systems, decisions support systems, etc.)

Cognitive Biases

What is another term for mental shortcuts we take when making decision?

They are Key Performance Indicators or KPIs

What measures of business success that are (or should be directly linked to the business’ goals?

This is Operations management

What is the term referring to management of the conversion process of inputs to outputs?

Design, Management and Improvement

Operations can be categorized into what 3 major types of activities?

This is the Critical Path

What is the sequence of tasks for a project representing the fastest time possible for project completion?

This is Mass Customization

What is the production type in which goods are produced using mass production techniques up to a point. At that point, the product or service is custom tailored to the needs or desires of individual customers?

This is lean manufacturing

What is a quality control method that streamlines production by eliminating steps in the production process that do not add benefits customers want?

That is Integrated Marketing Campaign (or promotional mix)

What is the combination of multiple channels such as content, email, display advertising and social media in order to promote a consistent message to a specific audience?

This is Promotion or promotional strategy

An attempt by marketers to inform, persuade, or remind consumers and B2B users to influence their opinion or elicit a response is what?

This is wholesalers

What channel members buy finished products from manufacturers and sell them to retailer? (Note: retailers in turn sell the products to consumers)

This is traditional advertising

What is any paid form of nonpersonal promotion by an identified sponsor that is delivered through standard media channels?

1. Creating awarenss

2. Getting consumers to try products

3. Providing information

4. Keeping loyal customers

5. Increasing the amount and frequency of use

6. Identifying target customers

7. Teaching the customer

Can you name the 7 major goals of promotion?

They are dividends

What are payments to stockholders from a corporation’s profit?

if interest rate is greater than rate of return then pay down debt but if rate of return is greater than interest rate then invest

What is a simple formula for deciding whther to use earnings to pay off debt or to invest?

The safest investment would be CDs, bonds, and/or US Treasury Bills

What type of investment is considered the safest form of investing?

Perferred stockholders get their money back first

If a company goes bankrupt and sells its assets these holders get their money back first?

Market Development is the intesive grwoth strategy

Franchising is an example of what type of intensive growth strategy?

The core role of HR management is to leverage employees

What is the core role of HR management is to leverage what for competitive advantage?

This is job analysis

What is a study of tasks required to do a job well?

Internal applicants

What type of applicants are those currently employed within the organization?

External applicants

What applicants are those from outside the organization?

This is recruitment

What is the process of attracting qualififed people to form an applicant pool?

The correct order was:

job analysis

employee recruitment

Employee selection

Performance planning/evaluation

What is the correct order of the following activites?

Employee recruitment

Job analysis

Performance planning/evaluation

Employee selection

It is the tasks and responsibilities of a job

What is a job description?

This is the skills, knowledge, and abilities a person must have to fill a job (the required qualifications)

What is job specification?

Direct pay is considered to be a salary

What is direct pay?

Indirect pay is considered pensions, health insurance, vacation time, sick time, social security, etc.

What is in-direct pay?

You can offer competitive compensation and benefits, you can foster a positive company culture, you can provide meaningful work, you can provide opportunities for career development and growth, and you can also provide job security and stability

What are 5 ways to attain and retain employees?

They are Psychological safety, dependability, structure and clarity, meaning, and impact

What are Google’s 5 dynamics of a successful team?

Giving employees increased autonomy and discretion to make their own decisions, as well as control over the resources needed to implement those decisions

What is empowerment?

Employees buy-in to the organization and feel like they have a stake in the organizations success as well as failure

Why is empowerment important?

Diverse backgrounds, experiences, and perspectives = more effective problem-solving and idea generation for product/other improvements

Why does employee diversity matter?

They are communicated in a lot of ways like job objectives, schedules, deadlines, and product/service quality requirements

How are job expectations communicated?

It is a comparison of actual performance with expected performance to determine an employee’s contributions to the organization and to make decisions about training, compensation, promotion, and other job changes.

What is performance appraisal?

This database can track new orders and determine what products are selling best

What does a Marketing Database do?

This database can identify high-volume customers or contact customers about new or related products

What does a Sales Database do?

This database can use order information to obtain inventory and schedule production of the ordered products

What does an Operations database do?

This database can use sales data to prepare financial statements

What does a finance database do?

Transaction Processing System (TPS), Managing Support System (MSS), Decision Support System (DSS), Executive Information System (EIS) and Expert System

What are the different types of Management Information Systems?

This support system helps managers make decisions using interactive computer models that describe real-world processes.

What is the Decision Support System (DSS)?

It is a “centralized, integrated concept that articulates how data will enable and inspire business strategy” (MIT CISR Data Board). It sets the foundation for everything the organization does related to data.

What is a data strategy?

Provides direction and guidance for managers at all levels, helps the organization allocate resources, helps to define the corporate culture, helps managers to assess performance

What are the 4 purposes of goal setting?

Increase sales by 2% this year, increase sales by 3% in the next 2 years, doubling the amount of participating merchants in 10 years

What is an example of a short term, intermediate and long term goal?

This is a goal that can be achieved within a year or less.

What is considered a short term goal?

This is a goal that can be achieved in 1-5 years

What is considered an intermediate goal?

This is a goal that can be achieved in 5 years or more

What is considered a long term goal?

They drive the performance of your business, they provide crucial information on sales, marketing, finances and productivity, they also enable you to make changes to the segments of the business that may be underperforming.

What is the purpose of KPIs?

You select KPIs that are directly connected to your business goals and offer insight into how along you are into your goal

How do you select KPIs?

Before-Before, Before interview, day of interview, during interview, and after interview

What are the stages of an interview?

You do long term preparation, by looking for opportunities to practice talking about your skills, resume, and career goals like a networking event or doing mock interviews

What do you do before-before?

Figure out what you are going to wear and find answers to these questions: find out who is interviewing you Search LinkedIn to see if any alumni work there; ask for advice Write down your questions for them (at least 3) Drive-by of the location where you will be interviewing Get plenty of sleep

What do you do before the interview?

Get up early and plan to arrive early, BUT do not check in more than 10 minutes early. Things to bring: Extra copies of your resume + list of references Notebook or padfolio (in which your questions are written down) A pen (TAKE NOTES!). Also show your personality and smile a lot.

What do you do the day of the interview?

You overcome your nerves, common questions, and do and don’ts

What do you do during the interview?

You follow up with skype, phone calls and interview tips

What do you do after the interview?

It is a structured way of going into an interview

What is the STAR method?

Situation Task Action Result

What does STAR stand for?

Describe the context (of a specific situation or event) that you were in. The who, what, where, when, etc.

What should you talk about for the Situation part of the STAR method?

Describe your responsibility in that situation. Highlight any specific challenges or constraints. Perhaps you had to help your group complete a project under a tight deadline, or resolve a conflict with a coworker.

What should you talk about for the Task part of the STAR method?

Describe how you completed the task or endeavored to meet the challenge. Focus on what you did, rather than what your team, boss, or coworker did. Highlight the desirable traits the interviewer is looking for.

What should you talk about for the Action part of the STAR method?

Explain the outcomes or results generated by the action taken. You might emphasize what you accomplished, or what you learned.

What should you talk about for the Result part of the STAR method?

The way a good or service is created

What is the production process?

Mass production, mass customization and customization

What are the 3 most common types of production?

How inputs are converted into outputs and the timing of the process.

What are the 2 different types of processes for a production process?

This production is one for all, the same product produced multiple times with no customization

What is mass production?

Goods are produced using mass-production techniques, but only up to a point. At that point, the product or service is custom-tailored to the needs or desires of individual customers.

What is mass customization?

Company produces goods or services one at a time according to the specific needs or wants of individual customers (opposite of mass production).

What is customization?

The facility’s location affects operating and shipping costs and, ultimately, the price of the product or service and the company’s ability to compete and mistakes with location can become expensive

Why does location matter in production?

Product layout, process layout and fixed position layout

What are the 3 main types of layouts?

Workstations or departments are arranged in a line with products moving along the line.

What is product layout?

Workers are grouped by task and the products pass from one workstation to another

What is process layout?

The product or service stays in one place while workers and machinery move to it

What is fixed position layout?

Decision whether a company will make its own production materials or buy them from outside sources (outsourcing)

What is a make or buy solution?

It is a decision whether a company will make its own production materials or buy them from outside sources (outsourcing)

What is inventory management?

Computerized systems used by many manufacturing companies to control the flow of resources and inventory

What is computerized resource planning?

Focuses on smoothing transitions along the supply chain, with the ultimate goal of satisfying customers with quality products and services

What is supply chain management?

The entire sequence of securing inputs, producing goods, and delivering goods to customers.

What is a supply chain?

On Time In Full

What does OTIF stand for?

Delivered in Full on Time

What is DIFOT stand for?

Manager identifies all of the activities required to complete the project, the relationships between these activities, and the order in which they need to be completed.

What is the Critical Path Method?

To compete effectively in today’s business world, companies must keep production costs down while also producing/delivering the high-quality goods and services customers demand.

What is balancing productivity and quality?

How well a product serves its purpose.

What is the consumer perspective of quality?

The degree to which the product conforms to a set of predetermined standards.

What is the manufacturers perspective of quality?

It involves creating quality standards, producing goods that meet them, and measuring finished goods and services against them.

What is quality control?

Emphasizes the use of quality principles in all aspects of a company’s production and operations. It recognizes that all employees involved with bringing a product or service to customers—marketing, purchasing, accounting, shipping, manufacturing— contribute to its quality.

What is Total Quality Management or TQM?

A company-wide, quality-control program method that focuses on measuring the number of defects that occur and systematically eliminating them in order to get as close to “zero defects” as possible (goal = every process produces no more than 3.4 defects per million).

What is Six Sigma?

DMAIC: Define, Measure, Analyze, Improve, and Control.

What is a key process of Six Sigma and what does it stand over?

Traditional advertising, Sales promotion, Personal selling, Public relations, Social media, E-commerce

What are the 6 comprised parts of the promotion piece of the 5 Ps?

A face-to-face presentation to a prospective buyer.

What is personal selling?

Marketing activities that stimulate consumer buying, including coupons and samples, displays, shows and exhibitions, demonstrations, and other types of selling efforts

What is sales promotion?

The linking of organizational goals with key aspects of the public interest and the development of programs designed to earn public understanding and acceptance. (e.g., lobbying, publicity, special events, internal publications, etc.)

What is public relations?

The use of social media platforms such as Facebook, Twitter, Pinterest, Instagram, and blogs to generate “buzz” about a product or company. (e.g., paying celebrities to wear a specific line of clothing and posting these images on Twitter or Instagram)

What is social media?

The use of a company’s website to generate sales through online ordering, information, interactive components such as games, and other elements of the website.

What is E-commerce?

Employee type and density, merchandise type and density, fixture type and density, sound and odors

What are influential factors when creating an atmosphere?

Supply chain management helps increase the efficiency of logistics service by minimizing inventory and moving goods efficiently from producers to the ultimate users

What is the distribution channel?

Sales representatives of manufacturers and wholesalers; Brokers are entities that bring buyers and sellers together. Both agents and brokers are usually hired on commission basis by either a buyer or a seller. Agents and brokers are go-betweens whose job is to make deals. They do not own or take possession of goods.

What are the marketing intermediate, agents?

Independent wholesalers that buy related product lines from many manufacturers and sell them to industrial users (e.g., aircraft manufacturing, mining, and petroleum industries).

What are the marketing intermediate, industrial distributors?

Firms that sell finished goods to retailers, manufacturers, and institutions (such as schools and hospitals). Historically, their function has been to buy from manufacturers and sell to retailers

What are the marketing intermediate, wholesalers?