B Found Test Notes

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B-Found Test Review
Goals, Strategies, Processes
Profit Maximization
Return on Investment
Return on Assets
Return on Sales
Increase market share
Increase Earnings per Share
Establish rep as High quality producer
Lowest Cost Provider
Longevity and preservation of the enterprise
European Firms strive to achieve social goals, to maintain a certain level of employment. They want the employees to have a voice in the company (employee council) and they also have a long vacation time
US firms want profit, only shareholders get a say.
Business Process: A series of activities that accomplish a business objective.
EX: for a university BP would be to get students registered for classes, it includes all the things that would make that happen.
Make schedule, Post in ISIS, Advise students, register student, Check preq, Bill
Involved in creating a Strategy: develop a long-range plan, align internal functions in support of the plan, and adjust based on opportunities.
Mission Statement: describes a business organization in terms of goods, market, services and client needs.
Pricing Strategy: Price Skimming, introduce a product with high initial price and lowering the price over time
Penetration Pricing: Selling new products at low prices in the hope of achieving a large sales volume
Leader Pricing: Pricing products below the normal markup or below cost to attract customers to a store where they usually wouldn’t shop
Bundling: Grouping two or more related products together and pricing them as one
Odd-even pricing: Setting a price at an odd number so it looks like a bargain, Even to suggest quality
Prestige Pricing: Increasing the price of a product so that consumers will perceive it as being of higher quality.
Product Life Cycle: Introduction, Growth, Maturity, Decline
Personal Selling: Face to face presentation to a prospective customer, this allows you to give a detailed explanation and the message can be adjusted depending on the person.
Market Concept: guides how a firm interacts with its customers focus on what customers want,achieving long goals because of this.
Production Concept: Most efficient way to produce something
Engineering Concept: sell whatever engineers are able to come up with.
4 P’s: Product, Price, Promotion, Place
Marketing Intermediates: individuals and organizations that assist in moving goods and services.
EX: Agents, Brokers, industrial distributors, wholesalers & retailers
Manufacturing Styles:
Mass Production
Mass Customization
Desired Production Formula: Estimated Sales+ ‘desired ending inventory- actual beginning inventory
Inventory Carrying Cost: Cost of warehouse, Labor of employees who manage inventory, labor costs of material handlers
Automation: The amount of Machines that replace man work
Human Resources
Fringe Benefits: Pay in forms of benefits or services
Health and Dental
Pension or 401K
Paid sick leave
Paid vacation days
On the job training:
Job Rotation: reassignment of different employees so they can learn the basis of different jobs
Apprenticeship: is a form of otj training that combines job instruction with classroom instruction
Mentoring: Where a senior manager provides job and career related information