Marketing
The process of creating, promoting, and presenting a product or service to meet the wants and needs of consumers.
Marketing
Involves tracking materials and products
Companies must balance between having too much inventory (which costs money to store) and too little (which causes delays)
Inventory management
Job, Batch, Mass
Inputs are the final good or service that is ready to be sold to customers
False - outputs
What are raw materials?
The basic physical items used to make the product (fabric, wood, metal)
Letting customers know about a product through advertisement is what function of marketing?
Promotion
Ensuring every product meets company standards before it’s sold. Workers inspect items for defects, mistakes, or poor materials.
Quality control
What is job production?
One of a kind, each product is made individually to meet a specific customer’s needs
Ensuring efficiency is producing more with fewer resources while keeping quality high.
True
What production allows for high-quality craftsmanship and personalization?
Job production
This is the second step in the product development process where the marketing team evaluates each product they brainstormed
Screen ideas
This operation department responsibility includes: Rearranging workspaces, upgrading machines, or use automation and technology to speed things up
Ensuring efficiency
What is mass production?
Products are made continuously, often using machines and assembly lines
Introducing the product is the last and final step in the seven steps of product development.
False - Evaluation
Psychographics is a type of market segmentation that measures what?
Lifestyles, interests, values
Coty wants to develop a new product, he gathers data by reading online databases and articles to further his knowledge on the type of product, this is a form of what research?
Secondary research
An operation's department responsibility that includes the decision of what gets produced first, how long it will take, and who will do it
Managing production schedules
What is batch production?
Products are made in batches instead of one at a time or nonstop
Marketers use market segmentation to divide a market into smaller groups of people who share similar needs or characteristics
True
What is a prototype ?
A model of a product
What is a target market?
A specific group of people that a business aims its products, services, and marketing efforts towards.
If a batch of cookies is burned or undercooked, what task stops them from being packaged and sold?
Quality control
What is the production process?
Inputs - Process - Outputs
Inputs - raw materials, resources
Process - physically performing the work [designing, operation, building]
Outputs - final product made from the process that can be sold to consumers
The overall goal of managing production schedules is to keep production running smoothly without delays or shortages.
True
What are the seven steps of marketing product development?
1. Brainstorm ideas
2. Screen Ideas
3. Develop a plan
4. Develop the product
5. Test Market the product
6. Introduce
7. Evaluate