Ch. 10 - Operations management, productivity, and quality
Tangible products that you can see and touch, both durable and non-durable
Goods
What was the name of the organization that we watched a video on in class that had one of the most massive accounting fraud cases in history?
ENRON
Who is someone or an organization you believe is a great marketer? Why?
Great!
_____ is the number of units that must be sold at a given price before an organization begins to make a profit.
Break-even
Name the three functions of money
Medium of exchange, store of value, unit of account,
_________ is all the activities with producing goods and services and distributing them to customers.
Operations Management
The field of accounting that serves internal users of a company's financial info.
Managerial accounting
______ are groups of people or organizations on which a firm's marketing efforts are focused.
Target markets
_______ are groups of people or organizations in which a firm's marketing efforts are focused.
Target Market
Currency, demand deposits and cheques are what type of money supply?
M-1 - the most liquid type
______ bring together all the needed materials and parts at the precise moment they are required for each production stage, not before.
Just-in-time production systems
What is the accounting equation?
Assets = liabilities + owner's equity
The ____ is a natural process in which products are born, grow in stature, mature and finally decline and die.
Product life cycle
A __________ appeals directly to consumers who will demand the product from retailers.
A pull strategy
The bank's most credit worthy customers receive what interest rate?
Prime rate
In a ________ system, the customer is an active participant.
High-contact
_____ is the Unified Accounting Designation
CPA
What are the elements of the Marketing Mix? Hint: the 4 P's
Product, Price, Place, Promotion
The use of only one intermediary in a market area is what type of distribution strategy?
Exclusive
Who manages our money supply?
Bank of Canada
_________ compares the quality of a firm's output with the quality of the output of the industry's leaders.
Benchmarking
Name the three major financial statements
Balance sheets, Income Statement, Statements of Cash Flow
How do you determine value?
Value is determined by comparing a product's costs and benefits; the formula requires dividing benefits by costs.
The theory that people prefer pricing that isn't in even dollar amounts ie: $99.95 vs $100
Psychological pricing
____ _____ seek higher-than normal returns, in exchange for accepting increased risk for new ventures
Venture capitalists