PBMF_Ch 8 Production of Goods

The process of deciding which products will be most strategic for the organization to produce

• prototype

• product planning

• repositioning

• repackaging

Marketing an existing product in a new way to create a new opinion or view of the product in the minds of customers to increase sales

• advertising

• rebranding

• repositioning

• new product

The assortment or selection of items that a business has on hand at a particular point in time

• inventory

• inventory management

• direct materials inventory

• work in process inventory

A working model of a new product for testing purposes

• new product

• trial run

• test marketing

• prototype

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

• production

• mass production

• conversion

• materials processing

Finding suppliers of materials needed for production of a product.

• sourcing

• purchasing

• planning

• scheduling

The idea that people have about someone or something

• experience

• idea generation

• brand

• image

Manufacturing goods in large quantities using standard techniques.

• custom manufacturing

• specialization

• mass production

• operations management

Business that sells materials, supplies, or services to an organization that creates product.

• producer

• manufacturer

• sourcing

• supplier

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

• test marketing

• trial run

• idea screening

• evaluation