MKTG 372 Exam 1 ole miss UPDATED ACTUAL Questions and
CORRECT Answers
Operation and Supply chain management involves: -product design
-purchasing
-manufacturing
-service operations
-logistics
-distribution
Success depends on: -strategy
-processes
-analytics
Operations Management A specialized area in management that converts or transforms resources
(including human resources) into goods and services.
Operations and supply chain management (OSCM) a functional field of business and concerned with the management of the entire
production/delivery system
The process of delivering finished goods, services, and -technological innovation
supplies from one place to another is accomplished by -mathematics
-software
-old fashioned concrete, steel, and muscle
Goods vs. Services -pure goods and core goods
Goods: -tangible
-less interaction with customers
-often homogenous
-not perishable- can be inventoried
Services: -core services and pure services
-intangible
-interaction with customers
-perishable/time dependent
-defined and evaluated as a package of features
, Current issues in OSCM: -Relationship management
-optimizing global network of suppliers, producers, and distributors
-Sustainability and triple bottom line (includes social, economic, and
environmental criteria)
Efficiency doing something at the lowest cost possible
Effectiveness doing the right things to create the most value for your customer
Value the attractiveness of a product relative to its cost
Vision the shared perception of the organization's future— what the organization will
achieve and a supporting philosophy
Vision statement an organization's statement of its vision
Mission statement a statement of the organization's purpose - what it wants to accomplish in the
larger environment
Example of a Mission Statement Clif bar's statement is to sustain the planet, grow community, sustain people,
etc
Sustainable Strategy the firm's strategy describes how it will create and sustain value for its current
shareholders
Shareholders individuals or companies that legally own one or more shares of stock in the
company
Stakeholders individuals or companies who are directly or indirectly influenced by the
actions of the firm
Sustainability requirement means meeting value goals without compromising the ability of future
generations to meet their own needs
Triple bottom line recognition of the need for organizations to improve the state of people, the
planet, and profit simultaneously if they are to achieve sustainable, long-term
growth (social, economic, and environmental)
triangle with environmental stewardship, economic prosperity, and social
responsibility
Competitive dimensions Price, quality, delivery speed, delivery reliability, coping with changes in
demand, flexibility and new product introduction speed
Order qualifiers those dimensions that are necessary for a firm's products to be considered for
purchase by customers
Order winners criteria used by customers to differentiate the products and services of one
firm from those of other firms
Supply Chain Risk The likelihood of a disruption that would impact the ability of a company
Productivity Measurement how well resources are used, a relative measure, must be compared to
something
CORRECT Answers
Operation and Supply chain management involves: -product design
-purchasing
-manufacturing
-service operations
-logistics
-distribution
Success depends on: -strategy
-processes
-analytics
Operations Management A specialized area in management that converts or transforms resources
(including human resources) into goods and services.
Operations and supply chain management (OSCM) a functional field of business and concerned with the management of the entire
production/delivery system
The process of delivering finished goods, services, and -technological innovation
supplies from one place to another is accomplished by -mathematics
-software
-old fashioned concrete, steel, and muscle
Goods vs. Services -pure goods and core goods
Goods: -tangible
-less interaction with customers
-often homogenous
-not perishable- can be inventoried
Services: -core services and pure services
-intangible
-interaction with customers
-perishable/time dependent
-defined and evaluated as a package of features
, Current issues in OSCM: -Relationship management
-optimizing global network of suppliers, producers, and distributors
-Sustainability and triple bottom line (includes social, economic, and
environmental criteria)
Efficiency doing something at the lowest cost possible
Effectiveness doing the right things to create the most value for your customer
Value the attractiveness of a product relative to its cost
Vision the shared perception of the organization's future— what the organization will
achieve and a supporting philosophy
Vision statement an organization's statement of its vision
Mission statement a statement of the organization's purpose - what it wants to accomplish in the
larger environment
Example of a Mission Statement Clif bar's statement is to sustain the planet, grow community, sustain people,
etc
Sustainable Strategy the firm's strategy describes how it will create and sustain value for its current
shareholders
Shareholders individuals or companies that legally own one or more shares of stock in the
company
Stakeholders individuals or companies who are directly or indirectly influenced by the
actions of the firm
Sustainability requirement means meeting value goals without compromising the ability of future
generations to meet their own needs
Triple bottom line recognition of the need for organizations to improve the state of people, the
planet, and profit simultaneously if they are to achieve sustainable, long-term
growth (social, economic, and environmental)
triangle with environmental stewardship, economic prosperity, and social
responsibility
Competitive dimensions Price, quality, delivery speed, delivery reliability, coping with changes in
demand, flexibility and new product introduction speed
Order qualifiers those dimensions that are necessary for a firm's products to be considered for
purchase by customers
Order winners criteria used by customers to differentiate the products and services of one
firm from those of other firms
Supply Chain Risk The likelihood of a disruption that would impact the ability of a company
Productivity Measurement how well resources are used, a relative measure, must be compared to
something
