PBMF Ch 8 - Product Development

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

• Finance

• Marketing

• Operations

• Human Resources

What are the four functions of business?

• Finance, Management, Marketing, Production

• Finance, Management, Training, Production

• Operations, Management, Marketing, Production

• Finance, Management, Marketing, Advertising

How do companies increase worker productivity

• custom manufacturing

• materials processing

• division of labor

• mass production

The specialization of individuals who perform specific tasks

• custom manufacturing

• mass production

• division of labor

• teamwork

Mass production is .........

• the manufacturing of goods in large quantities using standard techniques

• converting resources to a product that fits the specifications of a particular customer.

• the process of changing and improving resources to create goods or services.

• changing the form of raw materials for another use.

The Nike I.D. shoe option on nike.com is an example of...

• mass production

• custom manufacturing

• materials processing

• conversion

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

• Purchasing

• Sourcing

• Supplying

• Researching

Individuals responsible for sourcing and buying materials needed for producing goods and services.

• Sorcerers

• Sourcers

• Purchasing agents

• Suppliers

Area of management involved in ordering goods, receiving them into stock and paying vendors.

• Human resource

• Inventory

• Operations

• Marketing

Unfinished product in a company's inventory is known as.....

• Work in process inventory

• Direct materials inventory

• Finished goods inventory

• Just Inventory