Quality Management
This dimension of quality measures a product’s ability to function without failure over time.
What is reliability?
This business strategy involves hiring external firms to perform certain business functions
What is outsourcing?
A successful entrepreneur must have this trait, which allows them to recognize and act on business opportunities.
What is being opportunity-oriented?
A strategy where a firm targets a small, specialized portion of the market with tailored products.
What is niche marketing?
Firms often locate near suppliers or transportation hubs to minimize these expenses.
What are transportation costs?
The process of ensuring that a product meets established quality standards by inspecting and correcting defects.
What is quality control?
One of the main advantages of outsourcing, allowing businesses to focus on their core competencies.
What is improved efficiency?
What is decreased cost?
The process of assessing whether a business idea is viable before investing money into it.
What is a feasibility study?
This segmentation method focuses on customers’ values, interests, lifestyles, and personalities.
What is psychographic segmentation?
A business choosing a location must consider these two main categories of factors, one based on cost and the other on qualitative aspects.
What are quantitative and qualitative factors?
A measure of how well a product adheres to established design and operating standards.
What is conformance?
This decision-making process evaluates whether a firm should produce a product in-house or purchase it externally.
What is a make-or-buy decision?
This is a written document that outlines a business’s strategy, goals, and financial projections.
What is a business plan?
A company targeting consumers based on location, climate, or region is using this segmentation method.
What is geographic segmentation?
Companies producing perishable goods, such as dairy or seafood, often choose locations based on this environmental factor.
What is climate or geographical conditions?
Consumers often judge this subjective quality dimension based on how a product looks, feels, or sounds.
What is aesthetics?
Outsourcing within the same country, rather than to a foreign location, is known as this.
What is onshore outsourcing?
A person who takes financial risks to start and manage a business.
Who is an entrepreneur?
This type of marketing targets a broad audience with a single product, rather than segmenting.
What is mass marketing?
This factor considers how close a business is to its potential buyers, which can affect transportation costs and sales.
What is proximity to the market?
This approach focuses on preventing defects rather than detecting them
What is quality assurance?
One of the biggest risks of outsourcing, where employees fear losing their jobs
What is job insecurity?
The characteristic of an entrepreneur who remains dedicated despite challenges and setbacks.
What is commitment and determination?
Dividing the market based on age, gender, income, and occupation is an example of this segmentation strategy.
What is demographic segmentation?
The presence of major highways, airports, and shipping ports is a key consideration under this location factor.
What is infrastructure?