Contemporary issues Management Exam Prep

Operations Management

Involves overseeing the production process, managing people and machinery.

Inventory Control

Ensures having enough stock to meet demand without excess inventory.

Perpetual Inventory Systems

Continuously monitor stock amounts and locations.

Vendor-Managed Inventory

Inventory control functions are delegated to suppliers.

Just-In-Time (JIT) System

Helps reduce the amount of inventory on hand.

Materials Requirement Planning

Assists in managing materials required for production.

Information Systems

Organized method for collecting, storing, and communicating information.

Operational Support Systems

Produce information on how an organization is performing.

Transaction Process Systems

Record and process business transaction data.

Process Control System

Monitors and controls physical processes.

Managerial Support Systems

Aid in making effective decisions.

Decision Support Systems

Provide support in the decision-making process.

Executive Support Systems

Allow senior executives to access relevant data for decisions.

Expert Systems

Program that imitates human thinking to solve problems.

Business Analytics

Tools and procedures to search and analyze complex data.

Mainframes

Largest computer systems with high storage capacity and processing speeds.

Midrange Systems

High-end networks for large-scale processing needs.

Personal Computers

Desktops, laptops, etc.

Hand-Held Devices

Smartphones and similar devices.

Business Products

Include capital items, expense items, installations, and supplies.

Types of Products

Goods and services designed to satisfy customer wants/needs.

Brand Loyalty

Ranges from brand recognition to brand insistence.

Positioning

refer to creating a unique identity for your brand in the market

Cybercrime Examples

Phishing attacks, cyberterrorism, computer viruses.

Product Life Cycle Stages

Introduction, growth, maturity, decline.

Brand Strategies

Manufacturer’s brand, private brand, family branding, individual branding.

Competition Strategies

Highlight product value, differentiate product, provide information, stabilize sales, increase sales.

Pricing Strategies

Skimming pricing, penetration pricing, everyday low pricing, discount pricing, competitive pricing.

Short-Term Funding Sources

Trade credit, short-term loans, line of credit, revolving credit, commercial paper.

Differentiation

Involves adding important, unique, and appealing service to make it stand out from competitors