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Jehlifisch Universität

Jehlifisch Universität

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Manuel Ging
Manuel Ging

Set of flashcards Details

Flashcards 119
Language English
Category English
Level University
Created / Updated 23.06.2015 / 23.06.2015
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feasibility studies

  • can we actually do (or make) this?
  • do we have the skills / capacity / recources?
  • the chance of something happening or being successful

standardization

  • possibility to reduce production costs ba reducing design complexity
  • Wherever you go in the world we sell the same burgers prepared in the same way
  • restricted variety

prototyping

  • build a working model and test in properly before go into production

roll-out

  • launch a product

commonality

  • manufacture a wide range of a product, but a lot of the product parts are the same
  • it makes maintenance (Wartung) much easier
  • using the same components
  • = Gemeinsamkeit

modularization

  • They make sub-assemblies for PCs in high volume, and then put them together according to the customer's own spec.
  • using sub-compenents that can be put together in different cominations

kaizen

  • developing working practices which support coninuous improvement
  • Japanese

metrics

  • variables that can be measured
  • monitoring the key metrics

a batch process (of production)

  • = Schubverarbeitung
  • machinery an equipment are located in cells around the pland, and WIP moves in groups to different cells
  • in each cell a variety of specialized operations can be carried out
  • groups of production of the same type move through the process

benchmarking

  • measuring performance against a standard
  • this is not like ISO and Six Sigma because the standard is not pre-defined; instead the standard is simply the best pracitce of your competitors (or your own past results)
  • the organization tries to match (or even exceed) this bes practice
  • tool of improvement

lag time

  • any period of delay between one event and another (between giving an instruction and the operation beginning)

prepetual inventory system

  • software knows what was sold (and whend and where)
  • when inventory falls to a predefined re-order level there is a trigger to order more stock

a bottleneck

  • a specific problem that causes delays to a whole process

downtime

  • when equipment (or the whole line) stops working and production is lost

Six Sigma

  • alternative approach that is becoming very popular among large companies
  • this is a term from mathematics, but in a manufacturing context it means having a target of only 3.4 defects per million items
  • like IOS, it has a whole series of tools and techniques and is very expensive to implement
  • it recommends that organizations have a specially trained taskforce of internal consultants, dedicated full-time to improving process

a mass process (of production)

  • there is an assembly line where WIP moves along the line past workstations carrying out fixed operations
  • high volume, low variety

primary data

  • data collectet for the first time
  • is more difficult and expensive to obtain, but will give answers to the exact questions that marketers are interested in
  • it includes both quantitative information and qualitative information.
  • another imoprtant source of primary data is looking at the acivity of competitiors (=benchmarking)

secondary data

  • easiest data to collect is information that is already available
  • this may be internal company data such as the company's sales figures broken down according to different categories
  • alternatively, it may be extarnal data found in published sources such as reports from government agencies, trade associations and professional research firms

qualitative reasarch

  • through focus groups, face-to-face interviews, etc.
  • opinions and attitudes that are difficult to measure

quantitative research

  • carrying out a survex on a representative sample of people using a questionnaire
  • factual and numercial

brand loyalty

  • passes through three stages
    • brand awarness (=brand recognition)
    • brand preference
    • brand insistence
  • satisfied and commited customers

brand awareness

  • = brand recognition

brand name

  • a name, symbol or design (or some combination) that identifies a product
  • brand is not the same as the company name (although in other companies it is)

trademark

  • a name or symbol that has legal protection

marketing mix

  • four P's
  • product, price, place (distribution channel), place

advertising

  • the use of different media such as television commercials, advertisements in newspapers and magazines, direct mail, outdoor (billboards, posters on bus-stops) flyers given to people on the street, Internet
  •  

public relations

  • managing publicity (information that makes people notice a company)
  • the PR function in a company needs to establish good relations with the news media in order to control this information, and PR people issue press releases and hold press conferences

endorsement

  • by celebrities: eg "the face of L'Oréal", rap artist wearing a clothing brand
  • when a celbrity uses a certain product as a way of promoting it

viral marketing

  • online thorugh social networking websites and friends emailing video clips

guerrilla marketing

  • term covers all unconventional techniques - from viral marketing to the distribution of free products on the beach
  •  

brand identitiy

  • customer relate to it
  • eg through sponsorship and endorsements

affinity marketing

  • attracting customers on the basis of their other interests
  • eg linking a credit card to a favourite charity

direct-response retailing

  • home delivery of goods order through catalogues, etc.

prospecting

  • first step in the sales process
  • identifying a potential customer (= a prospect) who has the ability and authority to buy

trial balance

  • prepared at the end of each accounting period
  • this is a summary of the ledger information to check whether the figures are accurate
  • it is used directly to prepare the main financial statements (income sttement, balance sheet and cash flow statement)

profit and loss account

  • = income statement, or just the P&L
  • summarizes business activity over a period of time
  • it begins with total sales (= revenue) generated during a mont, quarter or year
  • subsequent lines then deduct (= substruct) all of the costs related to producing that revenue

balance sheet

  • reports the company's financial condition on a specific date
  • the basic equation that has to balance is: Assets = LIabilities + Shareholders`equity

assets

  • anything of value owned by a business
  • current assets / fixed assets / intangible assets

liabilities

  • any amount owed to a creditor
  • are listed according to how quickly creditors have to be paid
  • current liabilities and long-term liabilities

ratio analysis

  • liquidity ratios, profitability ratios, leverage ratios, activity ratio
  • to analyse performance in more depth, to compare companies in the same industrie

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