Unit 8
What is a supply chain?
What does it mean if someone is agile?
They are able to move quickly and easily.
If something is bountiful, it is what?
a large amount of good things
What is brand loyalty?
Being faithful to a brand because you like it, it is good quality ect.
What is product differentiation?
Making a product appear to be different from similar products offered by other sellers.
What is outsourcing?
Buying products or processed materials from other companies
What does it mean if something is manual?
It is done with the hands.
What does it mean to scrap something?
Get rid of it
A ___________ is anything that can be offered to a market that might satisfy a want or need.
Product
What is market segmentation?
Dividing a market into distinct groups of buyers who have different requirements or buying habits.
Capacity is the minimum or maximum rate of capacity?
Maximum
What does the word lean mean? It is an adjective.
Using small quantities to avoid waste in production
Why is the quality of a product important?
Liv again.
Why do companies' product mixes regularly change?
Various answers.
What is market skimming?
Setting a high initial price for a new product to make maximum revenue before competing products appear on the market.
What is a consequence of insufficient capacity?
Various answers, Liv will decide
With a push strategy, a company manufactures according to what?
estimates of future demand
What are some attributes of something that is good quality?
LIVVVVVVVV
What is the key objective of branding?
Create a relationship of trust between brands and customers.
Setting a low initial price to sell a large volume and increase market share
What does the Dell theory stipulate?
No two countries that are both part of a major global supply chain will fight a war against each other when they are apart of the same supply chain.
Explain what the strategy called Just-in- time is and where it was created.
It is a replenishment strategy (pull) and the most common kind is Kanban. It was created in Japan.
Give some examples of the expenses companies can avoid by preventing poor quality before it happens.
Liv will decide.
Brand value comes mainly from what?
Customer loyalty, the existence of customers who will continue to buy the products.
Choose one of the product life cycle stages and explain what it is.
Intro stage, growth state, maturity stage, decline stage