What is the activity of acquiring materials supplies or services necessary to create a product?

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Terms in this set (14)

Specialization of individuals who perform specific tasks.

Raw materials needed to produce a finished product.

Using new packaging on an existing product

introducing a new product to a small portion of the target market to learn how it will sell.

division of labor

direct materials inventory

repackaging

test marketingThis answer is correct.

____ includes any activity related to making a product.

Production

The process of deciding which products will be most strategic for an organization to produce is ____ planning.

product

Difference between the perpetual inventory and the physical inventory.

Product that is different in some way from existing products.

Marketing an existing product in a new way.

Converting resources to a product that fits the specifications of a customer.

inventory shrinkage, new product, repositioning, custom manufacturing

A ____ inventory-control system should the quantity of inventory on hand at all times.

perpetual

Name, term, or design that sets a product or business apart from its competition.

Changing the form of raw materials for another use.

Large gathering of businesses for the purpose of displaying goods and services for sale.

Assortment or selection of finished items for sale that a business has in stock.

brand

materials processing

trade show

finished goods inventory

Working model of a new product for testing purposes.

Idea that people have about someone or something.

Finding suppliers of materials needed for the production of a product.

prototype

image

sourcing

The process of changing and improving resources to create goods or services is called ____.

conversion

The area of management responsible for the activities necessary to produce goods and services is ____.

operations management

Business ____ is the activity of acquiring materials, supplies, or services necessary to create a product.

purchasing

The manufacturing of goods in large quantities using standard techniques is called ____.

mass production

A prototype is used to test a new product and a(n) ____ is used to test a new service.

trial run

____ is changing the form of raw materials for another use.

materials processing

A(n) ____ is a name, term, or design that sets a product or business apart from its competition.

brand

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Verified questions

QUESTION

The Neal Company wants to estimate next year’s return on equity (ROE) under different financial leverage ratios. Neal’s total capital is $14 million, it currently uses only common equity, it has no future plans to use preferred stock in its capital structure, and its federal-plus-state tax rate is 40%. The CFO has estimated next year’s EBIT for three possible states of the world:$4.2 million with a 0.2 probability, $2.8 million with a 0.5 probability, and$700,000 with a 0.3 probability. Calculate Neal’s expected ROE, standard deviation, and coefficient of variation for each of the following debt-to-capital ratios; then evaluate the results: $$ \begin{matrix} \text{Debt/Capital Ratio} & \text{Interest Rate}\\ \text{0\\%} & \text{--}\\ \text{10} & \text{9\\%}\\ \text{50} & \text{11}\\ \text{60} & \text{14}\\ \end{matrix} $$

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QUESTION

Most firms like to have their stock selling at a high P/E ratio, and they also like to have extensive public ownership (many different shareholders). Explain how stock dividends or stock splits may help achieve those goals.

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QUESTION

You want to buy a house within 3 years, and you are currently saving for the down payment. You plan to save $9,000 at the end of the first year, and you anticipate that your annual savings will increase by 5% annually thereafter. Your expected annual return is 8%. How much will you have for a down payment at the end of Year 3?

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QUESTION

A strip mall in Dallas has store spaces in several different sizes. There are eight 300-square-foot stores, one 800-square foot store, and one 900- square-foot store. Two of the 300 -square foot stores are vacant. The others are occupied. What is the ratio of vacant space to occupied space? What percent of the space is occupied?

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production is another function it is any activity related to making a product.

What system is used to acquire organize maintain retrieve and use information?

Personal information management (PIM) is the study of the activities people perform in order to acquire or create, store, organize, maintain, retrieve, and use information items such as documents (paper-based and digital), web pages, and email messages for everyday use to complete tasks (work-related or not) and ...

What are businesses that use supplies from other producers to make products?

POBF Chapter 5 Vocabulary.

Is the process of changing and improving resources to create goods or services?

Terms in this set (39).
conversion. the process of changing and improving resources to create goods or services..
sourcing. finding suppliers of materials needed for production of a product..
mass production. manufacturing goods in large quantities using standard techniques..
supplier. ... .
inventory. ... .
repositioning. ... .
image. ... .
prototype..