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assembly line process
makes a product or service at the lowest cost with the least amount of customization
automation
anything that helps someone do a task faster, easier, or with less effort
batch process
makes a product or service at increased volumes than a job shop with less variety and customization at a lower cost
buy decision
the activity of purchasing a product or service from a supplier or the market
capacity planning
the activity used to ensure that enough production capability is ready to meet customer demand
centralized inventory
holding the products at a centralized distribution center
decentralized inventory
the holding of products at the store level and using the distribution center to replenish what has been sold at the store
decoupling demand
the ability to make a product ahead of customer demand and inventory the product until it is needed
demand planning
the activity that focuses on getting the customer to buy the service when the business would like them to
DMAIC
define, measure, analyze, improve, and control
six sigma methodology
finished goods
items that are sellable to the customer
hybrid process
combination of job shop, batch, and assembly line prices to provide low prices and high customization
inspection
detection of a defect or problem in a product or service after it has been produced
inventory
goods that a company makes and buys to be able to provide a good or service
job shop
the process that provides the highest level of customization and variety with the highest price
Lean
identification of waste anywhere in a process and removing it
make decision
production of a good or providing of a service by a business
operations management
organizing the processes that turn inputs, such as labor, raw materials, purchased goods, and capital into products or services that a business can sell
outsourcing
another term for buying where a business finds that it is easier to buy a service or product from another business
prevention
attempt to reduce the likelihood a problem occurring before a product or service started
productivity
ratio of how much time, energy, materials, and labor is needed to produce or provide a service
products
goods that can be physically touched and inventoried
quality
the meeting or exceeding of customer expectations
raw materials
basic elements that a business buys for their products or services
services
something intangible and cannot be touched or put on a shelf
six sigma
a methodology designed to reduce variation in a process so it is consistent and does not deviate from the expected outcome
work in process (WIP)
items that a business has started to process but are not yet able to be sold (highest risk)
cash flow
movement of money across members to finance the supply chain
distribution channels
one or several businesses or individuals that take part in the flow of goods and services from the manufacturer to the end user or consumer
distributor
intermediaries between manufacturers and stores that deliver the finished products
information flows
movement of information up and down the supply chain for members to make informed decisions, minimize risks, adapt changes, and quickly detect problems
integrity
a strong adherence to values
manufacturer
business who produces goods and wants them to distribute them to its consumers
product flow
movement of raw materials and products across the supply chain
shipper
an agent or business who ships products by means of transportation
suppliers
also known as vendors, are the individuals or businesses who provide goods or services to the manufacturer for their production
supply chains
consists of all the internal and external partners who participate, beginning with raw materials or supplies and ending with the final consumer making use of the product or service
supply chain management
planning and administration of all activities needed to source and purchase, convert, and all logistics management activities
warehouse
a place, such as a room or building, where finished products are stored until their distribution is for sale
ANAR
sales qualification method that stands for authority, needs, afford, and receptive
buyers
the individuals responsible for making an organizational purchase
derived demand
secondary demand for labor, raw materials, buildings, etc. that is originated from the direct demand for goods
direct (autonomous) demand
the amount of a product or service consumers will want to acquire
influence
having the ability to personally affect the actions, decisions, opinions, or thinking of others
lead
an unqualified contact or business who might eventually become a buyer
personal sales
the assessment and presentation by a business’ sales force with the goal of completing a sale and building customer relationships
prospect
an individual who agrees to consider the solution the salesperson represents
prospecting
the process of locating potential buyers for a product or service
qualify
to judge whether the products or services the salesperson represents would be a good fit for the lead
salesperson
individuals representing a company in charge of completing a sale and supporting buyers
sales process
a consistent series of steps taken to provide value and close a sale; that is turn a prospect into a customer
UDEA
a simple yet effective framework that aligns values, experience, and talent to achieve breakthrough results that stands for understanding, digging deep, evidence, and agreement
unique value
the statement that defines how a company provides value in a unique or different way that competitors do not
value
the perceived usefulness, importance, or worth of an offering, through the solutions they present
value proposition
a form of communication that addresses what a company does in terms of the buyer’s value by explaining how a business, or a person, will address their buyer’s goals and challenges
ad
an announcement or message done in a public medium
advertising campaign
a group of ads aligned to meet a goal
brand
defined as any name, symbol, term, design, etc. that identifies the manufacturer of a product or service
creative idea
central theme of an advertising campaign
differentiation
selection of benefits our target market finds valuable
diversification strategy
focuses on targeting a new market with a new product
homogenous
the characteristic that individuals within a segment share such as similar preferences, demographics, or needs between them
loyalty
consist of the positive feelings associated with the offer, such as happiness and an emotional connection, as well as the commitment that accompanies such feelings
macroenvironment
consists of all the larger societal forces that impact the microenvironment
MASDA
criteria to determine whether the identified segments have been effectively identified and are relevant to the business; it stands for measurable, accessible, substantial, differentiable, actionable
market
consists of current and potential customers for a product or service
market development strategy
guides business growth by taking what it already offers to a new target to generate sales
market penetration strategy
focuses on achieving growth by increasing the sales of current products in a current market
marketing
the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
marketing environment
the forces outside marketing that have an impact on marketings ability to build and maintain profitable relationships with target customers (micro and macro environments)
marketing lead generations
creating opportunities to find potential customers and capture their info so the business can follow up with them to eventually achieve a sale
marketing mix
tools available that provide a roadmap to execute our strategy and achieve the response we desire from a target market
marketing strategy
planning and directing of the operations needed to achieve a business’ goals and objectives
microenvironment
involves the forces close to the company that impact its ability to profitably serve its customers
perceived customer value
the set of benefits customers see and will gain if they opt for a company’s offer after having compared it against other offers in the marketplace
place
where the customer can buy the product or service
positioning
the selection of the perception that will be created in the customer’s minds about our offer
price
sum of values a customer must give up to receive in exchange for the set of benefits promised in the offer
product(s)
a product, service, or experience becomes the offer a business provides to customers to capture value in return
product development strategy
generates growth by selling a new product to the business’ current target market
promotions
designed as a tool to help anyone, such as large or small businesses, governments, or non-profit organizations to be able to send a message to persuasively communicate with their target market, while establishing or maintaining relationships with them
satisfaction
positive emotions customers experience when an offer meets their expectations
segmentation
the process of dividing a market into customer groups that share characteristics between them
targeting
the selection of what segment(s) the company will choose to serve
macroenvironment factors
demographic, environment, natural, technological, political, cultural
microenvironment factors
companies, suppliers, intermediaries, competitors, public, customers
