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Comm 103 Final Exam Review.doc

10 Pages
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Department
Commerce
Course Code
COMM 103
Professor
Gregory Libitz

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Comm 103 Final Exam Review Comm103 Chapter 9 • Successful organizations understand the interconnectivity of strategy, business culture and operations and seek to ensure that all three are integrated into the decision making process and that structure and operations are aligned and in support of the organization’s strategic intent. • Successful businesses look to establish within their business systems competitive advantages that enable them to deliver their products and or services to their targeted market segments in a manner superior to that of the competition Operations Management: Is the effective design, development, and management of the processes, procedures and practices embedded within an organization’s business system for the purpose of achieving its strategic intent Process Management: Is the design and development of the work flow and connectivity of the transformation requirements (processes) needed to ensure that an organization’s products and services are efficiently produced and effectively delivered to the market place Supply Chain Management: is the management of the interdependencies among suppliers, manufacturers, and distributors; it seeks to develop the terms and conditions that will enable all parties to efficiently and effectively meet their obligations to one another due to their business relationships Product/Service Management: Refers to the variety of activities that commence with the design and development of potential new products in R&D and extend to post purchase support of products/services now in the hands of consumers Value Maximization: Refers to maximizing the benefits (price/quality comparison) that an individual or set of customers will realize as a result of using the product or service Primary Activities: Relate to the specific activities through which the development and transformation of a product or service occurs as it is produced and delivered to the market place Primary Actions Inbound Logistics: Refers to the management of supplier relationships relating to those parts and or components, or finished products, that are brought into the organization in order to produce finished products for delivery to the market Operations: Refers to the manufacturing and/or product change processes set up to ensure that the final product the organization is manufacturing or handling is ready for the market place Outbound Logistics: Refers to getting finished product to the customer via a distribution channel that is accessible, convenient, and able to minimize stockouts and other sales impediment factors Marketing and Sales: Refers to those activities that create profile and awareness for the organization’s products, services, or brands, and the benefits derived from the acquisition and use of such products or services Customer Service: Refers to the support provided to customers before, during and following the purchasing process • The development of strong suppler and distributor relationships is invaluable to the organizations with regard to understanding the market trends and shifts, maintaining a watchful eye on competitive innovation and ensuring that cost control management practices are put into place throughout the supply chain in order to maintain competitive pricing strategies Support Activities: Are those areas within the organization that are not directly associated with the actual processes the organization uses to produce products that are not directly associated with the actual processes the organization uses to produce products and or deliver services but that are an integral part of the support structure to the primary activities rely on to successfully execute strategy • The successful execution of the primary activities of the organization is facilitated by the organization’s support activities Operations Cycle: Is the alignment of the operational tasks within an organization by its management team in order to meet the strategic outcomes defined in the organization’s business strategy Process Standardization: Is the design and utilization of common platforms and common task sequencing to produce/develop a variety of products or services Process Simplification: Is the design and utilization of a minimum number of tasks when developing products and/or services • Operations managers need to understand the strategic intent of the organization and using this information, translate it into the action plans that will drive the execution of the organization’s strategy Areas of Process Management Process Design, Layout and Execution: Refers to the assessment and implementation of the tasks necessary to get the required work accomplished, and how such tasks will be grouped and sequenced to ensure that the most efficient and effective processes are utilized in the production of products and services • Process management decisions will need to made as to how the flow of work will be sequenced and what steps must be initiated into the process to ensure that quality, timing, performance, and service expectations are met. • DICE – Define, identify, create, execute Materials Management: Refers to the management of the inputs required in order to develop the products or services that the organization is intent on delivering to the market place Facility Design and Layout: Refers to the infrastructure layout and related facility components that will be required to house and support the processes and materials used by the organization Capital Asset Evaluation and Acquisition: Refers to an assessment by the operations management team of the state of current capital assets and a determination as to their applicability to meeting the needs of the organization PERT Chart: Is a scheduling methodology that focuses on task sequencing and the identification of the critical path of steps that will most greatly impact the ability to complete a project, and the length of time needed for completion Gannt Chart: Is a methodology used to schedule the steps associated with a project and the time required to complete each step Capacity: Refers to the maximum amount of product that can be produced, or services delivered, given facility, equipment, and process constraints • Decisions relating to capacity, plant size (footprint), and plant layout often have to be made years in advance, based on estimated sales forecasts given anticipated market conditions Supply Chain Operating Execution: Refers to the execution of specific tasks necessary to ensure that key performance results are achieved Supply Chain Performance Evaluation: Refers to the critical outcomes that the supply chain must achieve in support of the organization’s overall operating performance Cash Operating Cycle: Refers to the amount of time it takes for an organization to recover the cash it has paid out for the development, production and distribution of products • In general the shorter the cash operating cycle, the more quickly the organization is getting back the cash it has expended on producing its goods and services, and therefore, the less the organization needs to rely on cash reserves or short term debt financing to cover the costs of the expenditures incurred. • A key weapon in this ongoing challenge to preserve quality and maintain the product standards expected by customers in the face of pressure to reduce costs lies with the organization’s culture and the development of performance standards ISO (International Organization for Standardization): Is the world’s largest developer and publisher of international standards Six Sigma: is a methodology that focuses on a philosophy of total improvement TQM (Total Quality Management: Is a broad-based approach to managing quality within the organization Comm 103 Chapter 103 Chapter 10 Marketing: Is the process through which organization design, develop and communicate the value of their products and/or services • In its simplest context, the purpose of marketing is to design, and communicate value Two Fundamental Principles of Marketing • Consumers don’t buy products or services – they buy solutions to problems or needs • Consumers will not pay more for a product if they can get a similar product for less Six Marketing Questions: 1. Do we understand our targeted customers’ needs and desires? 2. Do we believe that our current or anticipated product and/or service represents a viable solution to the targeted customers’ needs and/or desires? 3. Can we create a value proposition that positions our product and/or services as the best solution to our targeted customers? 4. Is there an existing or potential viable distribution model for delivery of our product/services to the market place in a manner that effectively reaches our targeted customers? 5. Can we support the product and/or service and its delivery to the market place at a price point that is attractive to the targeted customer and that allows us to be profitable 6. Can we develop and deliver to the targeted customers a communication message that will attract these buyers to our product and/or service • To be successful in the execution of it overall corporate strategy, an organization must be successful at both the product strategy level and the business strategy level Positioning: Is the ability of an organization to develop a unique, credible, sustainable and valued place in the minds of our customers for its brand, products and/or services • Positioning is all about developing a unique, credible, sustainable, and valued place in the minds of our customers for our brand, products and/or services Segmentation: Refers to determining the best way to divide the market in a manner that will result in a better understanding of potential customer needs, interests, preferences, attitudes and behaviours • The concept of market segmentation recognizes that “one size does not fit all” Primary Sources of Information: Are those that an organization develops or utilizes to generate information specific to the organization and the products and services it offers Secondary Sources of Information: Are those that an organization develops or utilizes to generate information specific to the organization and the products and services it offers Customer profile is often developed around a combination of four core characteristics: 1. Demographics 2. Geographic Clustering 3. Psychographics – lifestyle, status, ego, emotion, tastes, trends 4. Behavioural • Utilizing marketing research to assist in better understanding the marketoplace and how it is segmented enables marketers and managers to determine which segments are the most attractive recipients to the marketing message that an organization intends to convey Target Marketing: Is the process whereby organizations determine which marketing segments represent the strongest clustering of potential customers who are most likely to purchase the product and who have the capacity to do so Ansoff Matrix 1. Market penetration opportunities 2. Product/service development opportunities 3. Market development opportunities 4. Diversification opportunities Segmentation Stretch: Refers to expanding the focus of a product/service to similar and related market segments that share a positive affinity for the product/service orffering Cannibalism: Is the reduction in sales of an existing product/service due to the launch of a new, similarly targeted product/service Customer Desertion: Occurs when customers move to a competitive offering due to a change in brand or product communication message focus • A critical aspect of marketing is the identification of needs that exist in the marketplace to which an organization can respond • Marketing does not end at the point of purchase. Considerable emphasis needs to be placed on the post-purchase period, which is where true customer loyalty and commitment is developed • The need to respond to consumer driven marketing techniques and channel support point of sale techniques grows in importance the farther the potential customer moves through the decision making process Comm 103 Chapter 11 Marketing Mix: Refers to an organization’s strategic and tactical decisions relating to its product/service offerings, pricing, distribution, and marketing communication efforts and approaches • Assuming that our marketing research, segmentation, and target marketing analysis is accurate, an effective marketing mix effort should result in achieving a definitive “fit” between our product/service offering and the needs of our potential customers • Viewing product strategies as the development of value proposition attributes shifts the marketing team’s focus from simply “building a better mouse trap” to creating positive performance gaps between the company and its competitors • Truly successful brands, which add power to a company and/or its products and services are those that have evolved to the top end of the brand ladder Predetermined Purchasing List: Refers to the ranking of products/services that purchasers develop fo
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