Principles of Business, Marketing, and Finance

What is the main topic of Chapter 8?

• Distribution of Goods

• Production of Goods

• Consumption of Goods

• Marketing of Goods

What is production as a function of business?

• A method of marketing

• A process of creating goods and services

• A financial strategy

• A customer service approach.

Fill in the blank: The steps in the production process are crucial for ensuring _______.

What is the term for managing the process of converting raw materials into finished products?

• Operations Management

• Conversion

• Sourcing

• Quality Control

_________ is the process of obtaining goods and services from external sources.

Match the following terms with their definitions: Inventory Shrinkage, Just-in-Time (JIT) Inventory-Control System, Electronic Data Interchange (EDI).

• A system that reduces inventory levels by receiving goods only as they are needed.

• The loss of products between manufacture and sale.

• The loss of products between manufacture and sale.

• A system that reduces inventory levels by receiving goods only as they are needed.

• The electronic exchange of business information.

• The electronic exchange of business information.

The process of managing the flow of goods and services is known as (a)   .

• Inventory

• Production Process

• Operations Management

• Quality Control

What is one way managing the production process can impact business operations?

• Increase efficiency

• Decrease costs

• Improve product quality

• All of the above.

Managing the production process can lead to _______ in business operations.

Match the following aspects of production management with their impacts on business operations:

• Efficient resource use

• Reduces waste

• Quality control

• Lowers production costs

• Timely production

• Enhances customer satisfaction