MAR 3203 Exam 1 UCF
Production - Correct Answer The process of creating goods and services
Operations Management (OM) - Correct Answer the set of activities that creates value in the form of
goods and services by transforming inputs into outputs
Services - Correct Answer Intangle products including maintenance, government, education, etc
3 functions to create goods and services - Correct Answer 1. Marketing: Generates Demand
2. Production/Operations: Creates, Produces, Delivers Product
3. Finance/Accounting: Tracks how well the organization is doing, pays the bills, collects money
Supply Chain - Correct Answer a global network of organizations and activities that supply a firm with
goods and services.
There are very few "Pure" services, meaning they have no tangible product - Correct Answer True
How much of the world works in service jobs? - Correct Answer 80-85%
Productivity - Correct Answer the ratio of outputs (goods and services) divided by the inputs (resources,
such as labor and capital)
What 2 ways improve productivity? - Correct Answer 1. reducing inputs while keeping output constant
2. increasing output while keeping inputs constant
Only through increase in production can the standard of living improve - Correct Answer True
Single factor Productivity - Correct Answer units produced/one resource
Multi (Total) Factor Productivity - Correct Answer units produced/all resources summed
, Productivity increases are dependant on these 3 variables: - Correct Answer 1. Labor - 10%
2. Capital - 38%
3. Management - 52%
Globalization - Correct Answer increasing economic integration and interdependence of countries
6 reasons domestic business operations change to international operations - Correct Answer 1. Improve
the Supply Chain
2. Reduce costs and exchange rate risks
3. Improve operations
4. Understand markets
5. Improve products
6. Attract and retain global talent
Resources View - Correct Answer thinking in terms of the financial, physical, human, and technological
resources available and ensuring that the potential strategy is compatible with those resources
Value Chain Analysis - Correct Answer identify activities that represent strengths, or potential strengths,
and may be opportunities for developing competitive advantage.
Porter's 5 Forces Model - Correct Answer These potential competing forces are immediate rivals,
potential entrants, customers, suppliers, and substitute products.
SWOT Analysis - Correct Answer formal review of internal strengths and weaknesses and external
opportunities and threats
Strategy Development Process - Correct Answer 1. Analyze the Environment - SWO T
2. Determine the Corporate Mission - Reason for existance
3. Form a Strategy - Build comp advantage
Production - Correct Answer The process of creating goods and services
Operations Management (OM) - Correct Answer the set of activities that creates value in the form of
goods and services by transforming inputs into outputs
Services - Correct Answer Intangle products including maintenance, government, education, etc
3 functions to create goods and services - Correct Answer 1. Marketing: Generates Demand
2. Production/Operations: Creates, Produces, Delivers Product
3. Finance/Accounting: Tracks how well the organization is doing, pays the bills, collects money
Supply Chain - Correct Answer a global network of organizations and activities that supply a firm with
goods and services.
There are very few "Pure" services, meaning they have no tangible product - Correct Answer True
How much of the world works in service jobs? - Correct Answer 80-85%
Productivity - Correct Answer the ratio of outputs (goods and services) divided by the inputs (resources,
such as labor and capital)
What 2 ways improve productivity? - Correct Answer 1. reducing inputs while keeping output constant
2. increasing output while keeping inputs constant
Only through increase in production can the standard of living improve - Correct Answer True
Single factor Productivity - Correct Answer units produced/one resource
Multi (Total) Factor Productivity - Correct Answer units produced/all resources summed
, Productivity increases are dependant on these 3 variables: - Correct Answer 1. Labor - 10%
2. Capital - 38%
3. Management - 52%
Globalization - Correct Answer increasing economic integration and interdependence of countries
6 reasons domestic business operations change to international operations - Correct Answer 1. Improve
the Supply Chain
2. Reduce costs and exchange rate risks
3. Improve operations
4. Understand markets
5. Improve products
6. Attract and retain global talent
Resources View - Correct Answer thinking in terms of the financial, physical, human, and technological
resources available and ensuring that the potential strategy is compatible with those resources
Value Chain Analysis - Correct Answer identify activities that represent strengths, or potential strengths,
and may be opportunities for developing competitive advantage.
Porter's 5 Forces Model - Correct Answer These potential competing forces are immediate rivals,
potential entrants, customers, suppliers, and substitute products.
SWOT Analysis - Correct Answer formal review of internal strengths and weaknesses and external
opportunities and threats
Strategy Development Process - Correct Answer 1. Analyze the Environment - SWO T
2. Determine the Corporate Mission - Reason for existance
3. Form a Strategy - Build comp advantage
