MGM 101 EXAM 1 2025/2026 QUESTIONS WITH 100%
business structure - business system, strategic input, operations, business strategy execution
operations management - effective design, development, and management of processes in an
organizations business system for the purpose of achieving strategic intent
responsibilities of operations management - process management, supply chain management,
product/service management
process management - development of work flow processes to ensure efficient production and
delivery to makrteplace
supply chain management - management of suppliers, manufacturers, and distributors. looks to
enable all parties to meet objectives efficiently
product/service management - development of new products and support of existing ones via
modifications
value maximazation - maximizing the benefits a customer will gain by using your product
primary activities - specific activities where development of a product occurs
support activities - not directly associated with production but aid in primary activity (IT, finance, HR)
value chain - 1. inbound logistics 2. operations 3. outbound logistics 4. marketing/sales 5. customer
service
inbound logistics - components brought into a firm to produce products
operations - manufacturing or the product changing process
outbound logistics - getting the finished product to the consumer
,marketing/sales - creating awareness for brand
customer service - support provided to customer
operations cycle - alignment of tasks to meet outcomes defined in business strategy
process standardization - utilization of common task sequencing to produce a variety of products
process simplification - utilization of a minimum number of tasks when developing products
dice - define, identify, create, execute
process management process - 1. process design, layout, execution 2. materials management 3.
facility design/layout 4. capital asset evaluation
PERT chart - Program evaluation review technology, schedules and organizes tasks in a project
gnatt chart - shows each step of a project and the amount of time it will take
capacity - maximum amount of product that can be produced
supply chain partners - customers, retailers, suppliers, distributors, transportation/logistics
supply chain management responsibilities - supply chain planning, supply chain operating execution,
supply chain performance evealuation
cash operating cycle - time it takes for a company to recover cash it paid out to produce
international organization for standardization - world's largest developer of international standards
six sigma - focuses of philosophy of total improvement
, total quality management - broad-based approach to managing quality
geographic - segmentation based on physical location
demographic - segmentation based on age, income, education
psychographic - segmentation based on activities, interests, opinions
behavioural - segmentation based on opinions towards the given product
target marketing - marketing towards segments a company believes it can be profitable in
market segmentation - dividing markets into groups with similar characteristics
B2B market - products/services meant for use in producing other goods
consumer marketing - products/services meant for personal use
factors that effect market success - global, sociological, technological, competitive, economic
environmental scanning - identifying factors that can lead to market success
market research process - 1. determine opportunity 2. collect and analyze data 3. choose best way to
implement data
test marketing - process of testing products among potential users
marketing plan - price, product, placement, promotion
production era - firms wanted to produce as much as possible (1900s)
business structure - business system, strategic input, operations, business strategy execution
operations management - effective design, development, and management of processes in an
organizations business system for the purpose of achieving strategic intent
responsibilities of operations management - process management, supply chain management,
product/service management
process management - development of work flow processes to ensure efficient production and
delivery to makrteplace
supply chain management - management of suppliers, manufacturers, and distributors. looks to
enable all parties to meet objectives efficiently
product/service management - development of new products and support of existing ones via
modifications
value maximazation - maximizing the benefits a customer will gain by using your product
primary activities - specific activities where development of a product occurs
support activities - not directly associated with production but aid in primary activity (IT, finance, HR)
value chain - 1. inbound logistics 2. operations 3. outbound logistics 4. marketing/sales 5. customer
service
inbound logistics - components brought into a firm to produce products
operations - manufacturing or the product changing process
outbound logistics - getting the finished product to the consumer
,marketing/sales - creating awareness for brand
customer service - support provided to customer
operations cycle - alignment of tasks to meet outcomes defined in business strategy
process standardization - utilization of common task sequencing to produce a variety of products
process simplification - utilization of a minimum number of tasks when developing products
dice - define, identify, create, execute
process management process - 1. process design, layout, execution 2. materials management 3.
facility design/layout 4. capital asset evaluation
PERT chart - Program evaluation review technology, schedules and organizes tasks in a project
gnatt chart - shows each step of a project and the amount of time it will take
capacity - maximum amount of product that can be produced
supply chain partners - customers, retailers, suppliers, distributors, transportation/logistics
supply chain management responsibilities - supply chain planning, supply chain operating execution,
supply chain performance evealuation
cash operating cycle - time it takes for a company to recover cash it paid out to produce
international organization for standardization - world's largest developer of international standards
six sigma - focuses of philosophy of total improvement
, total quality management - broad-based approach to managing quality
geographic - segmentation based on physical location
demographic - segmentation based on age, income, education
psychographic - segmentation based on activities, interests, opinions
behavioural - segmentation based on opinions towards the given product
target marketing - marketing towards segments a company believes it can be profitable in
market segmentation - dividing markets into groups with similar characteristics
B2B market - products/services meant for use in producing other goods
consumer marketing - products/services meant for personal use
factors that effect market success - global, sociological, technological, competitive, economic
environmental scanning - identifying factors that can lead to market success
market research process - 1. determine opportunity 2. collect and analyze data 3. choose best way to
implement data
test marketing - process of testing products among potential users
marketing plan - price, product, placement, promotion
production era - firms wanted to produce as much as possible (1900s)
