Producing Goods
making a lot of one thing using standard approaches to create it
What is mass production?
this has made manufacturing products much more efficient over time
What is technology?
the ready to sell items that a company has on hand at all times
What is inventory?
changing the way a product looks on the shelf in order to draw in more customers
What is repackaging?
sending your product out to potential customers to try it out before it is available to the general public
What is test marketing?
the type of management that oversees the activities involved in production
What is operations?
What is scheduling?
a measure of how much a worker is getting done throughout their day
What is productivity?
changing the purpose or image of your product in order to draw in a different group of customers
What is repositioning?
an example of a potential product that can be used to run tests
What is a prototype?
making products for one specific customer instead of offering them to the general public
What is custom manufacturing?
finding vendors to potentially work with
What is sourcing?
checking products to make sure they are ready to sell
What is quality control?
the process in which a company decides which products will be most beneficial for it to create
What is product planning?
the stage where a company uses research, observation, feedback and brainstorming to come up with potential products
What is idea generation?
taking something from what it is, changing it for the better, to make something else (product/service)
What is conversion?
the actual buying of materials needed in production
What is purchasing?
constantly attempting to better the procedures of a company in order to be more efficient in meeting goals and making money
What is continuous process improvement?
the two brands we discussed on our slides as examples of repositioning and rebranding
What is Old Spice and Go Go squeeZ?
the step in which a product is actually introduced to the general public and made available for sale
What is commericalization?
specializing the work that individuals do in order to run a production process more efficiently
What is division of labor?
the people who complete the sourcing and buying of the materials needed for production
What is purchasing agents?
the four functions of business
What is production, finance, marketing and management?
the steps in the product life cycle
What is introduction, growth, maturity and decline?
testing a service out on future potential customers to see how well everything goes
What is a trial run?