Term
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Definition
| Creating and capturing value by turning less valuable resources into more valuable outputs |
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Term
| List and explain the six decision traps |
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Definition
Achnoring: Most recent info heard
status-Quo: do the same
Sunk-Cost: decisions made to minimize loss
Conifrming-Evidence: search for data that confirms our suspicions
Estimating and Forecasing: making data work in our favor
Overconfidence Biasses: My idea is only right way |
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Term
| Are for and against Utilitarianism |
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Definition
For: Ends Justified the means, "Greaster Good for GReatest Number" - Good/ Bad judged based on outcome
Against: Some might be hurt (child labor), abandon's individual freedoms and right fore the greater good |
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Term
| argue for and against denotology ethical theory |
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Definition
For: Moral Priciples, right duties, "contract" to the overall good. right of the individual should NOT be at the expense of the mases
AGAINST: |
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Term
| Argue for and against virture ethical theory |
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Definition
| FOR: Moral Character, characterictics of a person determine whether it good or bad decision "He did it with best of intentions." |
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Term
| argue for and against economic coproate social responsibility |
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Definition
| Management has an Obligation to shareholder’s alone…to maximize profit. |
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Term
| argue for and against stakeholder coprorate social responsibility |
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Definition
| Always and only doing what is best for the stakeholders. |
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Term
| aregue for and against philanthropic coporate socail responsibility |
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Definition
| Use private $$ to meet public goo |
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Term
| argue for and against strategic corporate social responsibility |
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Definition
| strategically inegrate social goals into vision |
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Term
| argue for and against sustainability corporate social responsibility |
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Definition
| when financial goals balance with envrimonetal supplies |
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Term
| explain Porter's five forces |
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Definition
1. Bargaining Power of Supplies
2. Bargining Power of Customers
3. Threat of New entrants
4. Threat of Substitute Products
5. Compettive Rivalry within an industry |
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Term
| Explain vertical integration |
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Definition
When a company expands its business into areas that are at different points on the same production path, such as when a manufacturer owns its supplier and/or distributor.
Read more: http://www.investopedia.com/terms/v/verticalintegration.asp#ixzz29J8ULz8Y |
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Term
| Explain the stakeholder model and list stakeholders. |
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Definition
Corporate social responsibility is just as long as it serves the interest of shareholders (alone).
Examples: Employees, stock holder, pubic, environment |
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Term
| Explain operations and supply management |
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Definition
right product, right place, right time.
The desging operation and imporvement of systems that transform the reources into products. |
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Term
| know the difference between "efficient" and "effective" |
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Definition
Efficiency: energy used (work done) / energy needed (work required)
Lowest possible cost
“DOING it right”
Effectiveness:
The extent to which goal is achieved
> Value…(not relative to cost)
“Doing the things RIGHT” |
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Term
| Explain "value", "productivity", & "Strategic Fit" |
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Definition
Productivity: Outputs / Input
Value: Quality / Price
strategic fit: the balance of outputs+ quality/ price + input |
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Term
| Explain "order winners" and "order qualifiers" |
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Definition
Order Qualifier – product/service attribute that permits it candidacy to be purchased
e.g.: MBA program accreditation
Order Winners – product/service attribute that differentiates it from competitors enough to compel the purchase
e.g.: MBA program cost, reputation, placement |
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Term
Explain some productivity meansures
(Exmple: labor hours, return on equity, patient cost/ day) |
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Definition
"More for less"
Comparison of outputs to inputs |
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Term
| explain strategic VS tractical forecasts |
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Definition
Strategic
Larger corporate or divisional application
Aggregated data for longer-term (years)
Tactical
Department, product, line application
Day to day, weekly, monthly |
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Term
| exalin dependent VS independent demand |
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Definition
Dependent Demand
Demand caused by demand for other product/service (e.g., wheels)
Independent Demand
Direct consumer demand independent of other product/service |
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Term
| detail the components of demand: cyclical factors, random variations, and autocorrelation |
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Definition
Patterns of which to be aware that may help explain behaviors:
Trend
Seasonality
Cyclical elements
Harder to identify early on
Population shifts--economic, social, political…
Autocorrelations
Random variation |
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Term
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Definition
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Term
| Calculate a weighted average |
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Definition
All weights must add to 100% or 1.00
Allows the forecaster to emphasize one period over others
Differs from the simple moving average that weights all periods equally |
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Term
| Define time series analysis: trend, seasonal, cyclical, and random |
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Definition
Trend: increase or decrease over time, may be linear or nonlinear
Seasonal: repeating pattern over a certain period of time, often (but not always) over a year
Cyclical: up & down pattern, but with an irregular period and magnitude
Irregular: random fluctuation not attributable to trend, seasonal, or cyclical components |
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Term
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Definition
Data: facts and figures from which conclusions can be drawn
Data set: the data that are collected for a particular study |
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Term
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Definition
| Elements: may be people, objects, events, or other entries |
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Term
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Definition
| Variable: any characteristic of an element |
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Term
| Time series VS cross sectional |
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Definition
Cross-sectional data: Data collected at the same or approximately the same point in time
Time series data: data collected over different time periods |
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Term
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Definition
Population: the set of all elements about which we wish to draw conclusions (people, objects, or events)
Samples:selected subset of the units of a population |
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Term
| define decriptive statistics |
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Definition
| Descriptive statistics: the science of describing the important aspects of a set of measurements |
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Term
| define statistical inferences |
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Definition
| Statistical inference: the science of using a sample of measurements to make generalizations about the important aspects of a population of measurements |
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Term
| define qualitative variables |
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Definition
Qualitative variables (categorical) - nonnumerical
Ordinal variable: a qualitative variable for which there is a meaningful ranking of the categories
Nominative variable: a qualitative variable for which there is no meaningful ranking of the categories |
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Term
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Definition
creates values by satisfying the customer needs and wanters, entails an exchange, requires product, price, place and promotion decisions.
Marketing can be performed by individuals and organizations and occurs in many settings |
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Term
| Explain importance of Marketing |
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Definition
Satisfying Customer Needs and Wants
Understanding them
Quantifying and measuring
Acting upon
Re-acting |
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Term
| List and explain the 4 Ps of Marketing |
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Definition
Product - Creating
Price – Capturing (reflect value of benefit to cost)
Place – Delivering (convenience and competition)
Promotion (Decision) – Communicating benefits |
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Term
| List and explian methods of segmentation |
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Definition
Geographic
Demographic
Psychographic (lifestyle, self-concept, self-vales)
Geodemographic (urban, exurban, established)
Benefits (convenience, economy, prestige)
Behavioral (occasion, loyalty) |
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Term
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Definition
Value
Salient Attributes
Symbol
Competition |
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Term
| List and explain 5 Cs of Pricing |
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Definition
Competition
Costs
Company objectivs - Profit oriented, sales oriented, competitor oriented, customer oriented
Customers
Channels (members |
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Term
| Create and explain demand curve for product/ service |
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Definition
Relationship between pricing of a product and demand.
Prestigious products/ services have upward sloping curve because of branding/ esteem associated |
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Term
| Explain Price Elasticity of Demand |
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Definition
elastic=price sensitive
inelastic=price insensitive
Consumers are less sensitive to price increases for necessitites
Factors influencing: cross-price elasticity, income effect, substitution effect
% Change in Quantity Demand / % change in Price |
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Term
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Definition
Break-even analysis enables managers to examine the relationships among cost, price, revenue, and profit over different levels of production and sales.
Fixed Costs / Price per item – Variable Costs per item |
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Term
| Explain vairable and fixed costs |
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Definition
Fixed costs= those incurred no matter how many widgets produced
Variable costs= those dependant on the number of widgets produced |
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Term
Understand difference between (& relationship to price):
Monolopy, Oligopoly, monopolistic competition, pure competition |
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Definition
Monopoly - one firm controls the market
Oligopoly - a handful a firms control the market
Monopolistic Competition - Many firms selling differentiated products at different prices
Pure Competition - Many firms selling commodities for the same price |
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