UCI Management 1 Final Study Guide

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The U.S. economy is dominated by the

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104 Terms

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The U.S. economy is dominated by the

Service Sector

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production management

how to use resources to produce goods (manufacturing)

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Operations Management

how to use resources to produce goods and provide services GOAL: satisfy customers

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Form Utility

the value producers add to materials in the creation of finished goods and services

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Process Manufacturing

that part of the production process that physically or chemically changes materials

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Assembly Process

that part of the production process that puts together components

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continuous process

a production process in which long production runs turn out finished goods over time

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intermittent process

a production process in which the production run is short and the machines are changed frequently to make different products

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computer-aided design (CAD)

the use of computers in the design of products

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computer-aided manufacturing (CAM)

the use of computers in the manufacturing of products

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computer-integrated manufacturing (CIM)

The uniting of computer-aided design with computer-aided manufacturing.

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flexible manufacturing

designing machines to do multiple tasks so that they can produce a variety of products

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lean manufacturing

the production of goods using less of everything compared to mass production.

  • Less workers

  • less resources

  • decrease in defects

  • lower inventory

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mass production

Process of making large quantities of a limited number of products quickly and cheaply

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mass customization

The ability of an organization to tailor its products or services to the customers' specifications

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Advantages of Robots in Manufacturing

  • Ideal for repetitive tasks that require precision. - Can perform hazardous tasks.

  • Do not tire or suffer from lack of concentration. - - Cost effective as can operate 24/7.

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Important factors for location

  • availability of qualified labor force

  • transportation

  • quality of life

  • infrastructure

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Technological impacts on location

  • workforce can telecommute

  • lessens significance of facility location

  • internet makes it possible for companies to collaborate easier

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facility layout

the physical arrangement of resources (including people) in the production process

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Materials Requirement Planning (MRP)

getting necessary material and resources in the quantity when needed

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Enterprise Resource Planning (ERP)

Enterprise wide database and software system that integrates all business functions

  • leading ERP system: SAP

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Purchasing

the function in a firm that searches for high-quality material resources, finds the best suppliers, and negotiates the best price for goods and services

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Inventory

  • finished or semi-finished products

  • raw materials and components

  • tradeoff between storing cost and shortage cost

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Just-In-Time Inventory Control

  • holds inventory to a minimum

  • relies on close relationship with suppliers

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Quality Control

  • getting quality products is a continuous process

  • started with statistical process control(SPC)

  • moved to modern statistical quality control(SQC) --> monitors all phases of production

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Six Sigma

Sets a benchmark of 3.4 defects per million

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Program Evaluation and Review Technique (PERT)

  • Divides a project into individual tasks and their relationships

  • estimates project duration and critical path

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Gantt Chart

monitors different phases of a project over time

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The usefulness of information depends on

  • Quality

  • Completeness

  • Timeliness

  • Relevance

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Big Data

amount of information and variety of information

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Data Analytics

collecting, organizing, storing and analyzing information to create competitive advantages

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Types of Networks

  • Internet (public)

  • Intranet (private)

  • Extranet (semi-private)

  • Virtual Private Networks(VPN)

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Net Neutrality

data on the internet should be treated equally

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Development of the Web

Web 1.0 - Static Web 2.0 - Social Web 3.0 - Personal

  • Smart

  • Mobile

  • Immersive

  • IOT

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Marketing Mix (4 P's)

  • Product

  • Price

  • Place

  • Promotion

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Production Era

Focus on increasing productivity, virtually unlimited demand

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Selling Era

With mass production, focus shifted to advertising and selling

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Marketing Concept Era

During the prosperous post-war years, modern marketing was born to focus on customers, service, and profit

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Customer Relationship Marketing

develop long-term relationships with customers

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Mobile/on-demand Era

Creatively use mobile technology and social media

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Primary Data

data collected for the first time and specific purpose

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Secondary Data

data previously collected and being reused

  • the internet has revolutionized access to this data

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Consumer Marker(B2C)

goods and services are bought for personal consumption and use

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Business-to-business (B2B)

goods and services are bought for business use

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Market Segmentation

dividing potential customers into groups of similar people, or segments. Can be based on:

  • demographic

  • geographic

  • benefit

  • volume

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Target Marketing

focus on most profitable customer group

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Mass Marketing

using a single marketing strategy to reach all customers

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Niche Marketing

focuses on small, but very profitable market segments

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One-to-one marketing

an individualized marketing method that utilizes customer information to build long-term, personalized, and profitable relationships with each customer

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Relationship Marketing

a strategy that focuses on keeping and improving relationships with current customers

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How does the B2B market differ from the consumer market?

  • fewer but larger customers

  • buyers are more rational and less emtional

  • more reliance on personal selling than advertising

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Total Product Offer

Everything consumers evaluate when deciding whether to buy something, both intangible and tangible

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Value Enhancers

add to the core product and make it into an augmented product.

  • branding

  • packaging

  • advertising

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Product Line

a group of closely related product items

  • Ex: the iPod shuffle, nano, classic, touch

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Product Mix

consists of all of the product lines offered by an organization

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Product Differentiation

a positioning strategy that some firms use to distinguish their products from those of competitors.

  • can be real or perceived differences through:

  • Branding

  • Pricing

  • Advertising

  • Packaging

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Convenience products

products bought frequently without much deliberation

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Shopping products

products bought less frequently, consumers "shop" around

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Specialty products

unique products with virtually no substitutes

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Unsought products

products that potential customers don't yet want or know they can buy. Unexpected expenses.

  • Ex: car towing

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Industrial products

used by businesses mostly, but can be both consumer and business products

  • more personalized, direct selling

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Functions of packaging

  1. contain and protect

  2. attract attention

  3. facilitate storage, use, and convenience

  4. provide information

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Types of Brands

  • Manufacturers brand Ex: Sony

  • Dealer brands Ex: Kirkland

  • Generic brands

  • Knockoff brands

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brand equity

the value of a brand name

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Developing brand equity

  • Brand awareness

  • Brand association Ex: celebrities

  • Brand Preference

  • Brand loyalty

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Brand Managers

aka product managers

  • manage all the elements of marketing a brand

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Product Life Cycle

Phases:

  • Introduction

  • Growth

  • Maturity

  • Decline

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Cost-based pricing

setting prices based on the costs of producing, distributing, and selling the product plus a fair rate of return for effort and risk

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Target costing

pricing that starts with an ideal selling price, then targets costs that will ensure that the price is met

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competition-based pricing

setting prices based on competitors' strategies, prices, costs, and market offerings

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break-even analysis

a technique that analyzes the relationship between total revenue and total cost to determine profitability at various levels of output

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high/low pricing

a pricing strategy that relies on the promotion of sales, during which prices are temporarily reduced to encourage purchases

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channel of distribution

sequence of market intermediaries

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Types of market intermediaries

Agents and Brokers - facilitate deals between sellers and buyers without taking ownership of the product

Wholesalers - sell to other businesses

Retailers - sell to customers

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Forms of Utility

  • form

  • time

  • place

  • possession

  • information

  • service

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Agents tend to have ________ with clients

long-term relationships

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_______ usually hired on a temporary basis

brokers

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Intensive Distribution Strategy

designed to get products into as many outlets as possible.

  • mostly convenience products

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Selective Distribution Strategy

provide high quality sales service in selected locations

  • mostly shopping goods

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Exclusive Distribution Strategy

one retailer often has exclusive rights in a region

  • mostly for specialty goods

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Supply Chain

all parties and activities involved between raw materials and consumers

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Value Chain

Effective and sufficient supply chains

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promotion mix

the various techniques businesses use to sell their products

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Advertising

  • paid for by an identified sponsor

  • non-personal

  • informs consumer

  • can be costly

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What is the dominant medium for advertising?

TV

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Direct Selling

  • face-to-face promotion of product

  • especially important in B2B

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Accounting is often referred to as the

language of business

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Managerial Accounting

  • Internal focus

  • support managerial decision making

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Financial Accounting

  • mainly external focus

  • provide accurate and relevant info

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Auditing

Reviewing and evaluation accounting info

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Private Accountants

work for one particular organization

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Public Accountants

provide account services to other businesses

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Annual Report

provides comprehensive information about organization

  • financial info often "certified" by unbiased auditor

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Sarbanes-Oxley Act

A law passed by Congress that requires the CEO and CFO to certify that their firm's financial statements are accurate.

  • established public-company accounting oversight board

  • protects whistleblowers

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Generally Accepted Accounting Principles (GAAP)

Sets standards defined by the Financial Accounting Standards Board (FASB)

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Double-Entry Bookkeeping

Bookkeepers record all transactions in two places so they can check one list of transactions against the other for accuracy.

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the 3 main financial statements

balance sheet, income statement, statement of cash flows

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Fundamental Accounting Equation

Assets = Liabilities + Owner's Equity

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order of assets on balance sheet

  • in order of liquidity

  • current assets --> can be turned into cash within a year

  • fixed assets --> long-term assets

  • intangible assets --> Ex: patents

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Income Statement

reports the profitability of a firm over a period of time

  • Revenues

  • Gross profit = Revenues - cost of goods sold

  • net income before taxes = gross profit - operating expenses

  • net income/loss = net income before taxes - taxes

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