MBA 612 Midterm Exam Questions And
Answers 100% Solved
Essential Functions: Marketing - ANSWER Generating demand
Essential Functions: Production/Operationg - ANSWER Creates the product
Essential Functions: Finance/Accounting - ANSWER Tracks how well the organization is
doing, collects the money
Operations Management (OM) - ANSWER Science and art of ensuring that goods and
services are created and delivered successfully to customers
Includes...
-Design of goods, services, and the processes that create them
-Day to day mgmt of processes
-Continual improvement of goods, services, and processes
Operations Management depends on... - ANSWER -Efficiency
-Cost of operations
-Quality of goods
Key activities of an operations manager - ANSWER -Forecasting
-Facility location
-Technology
-Quality mgmt
-Scheduling and capacity mgmt
-Process design
,-Inventory mgmt
Good - ANSWER Physical product that a person sees, touches, or consumes
Durable good - ANSWER Product that does not quickly wear out and lasts at least three
years
Non-durable good - ANSWER Product that perishes and lasts for less than three years
Service - ANSWER Primary or complimentary activity that does not directly produce a
physical product
Characteristics of goods: Tangible product - ANSWER Something you can see and touch
and take home
Characteristics of goods: Consistent product definition - ANSWER Can usually tell what
this will look like
Characteristics of goods: Production usually separate from consumption - ANSWER
Trying to find locations where they will minimize cost
Other characteristics of goods - ANSWER -Can be inventoried
-Low customer interaction
Characteristics of service - ANSWER -Intangible product
-Produced and consume at same time
-Often unique
-High customer interaction
-Inconsistent product definition
, -Often knowledge-based
-Frequently dispersed
Service management - ANSWER Integrates marketing, human resources, and
operations functions to plan, create, and deliver goods and services, and their
associated service encounters
Moments of truth - ANSWER Episodes, transactions, or experiences in which customer
encounters the delivery system and forms an impression
Value creation - ANSWER Take all costs and turn them all into a finished product, and a
product that the market is willing to pay us more for than the cost of creation
Value - ANSWER Perception of the benefits associated with a good, service, or bundle of
goods and services in relation to what a buyer pays
-Perceived favorably by customers if the ratio of perceived benefits to price to the
customer is high
Value chain - ANSWER A network of facilities and processes that describes the flow of
materials, finished goods, services, information, and financial transactions from
suppliers, through the facilities and processes that create goods and services, and
those that deliver them to the customer
Supply chain - ANSWER The portion of the value chain that focuses primarily on the
physical movement of goods and materials, and supporting flows of information and
financial transactions through the supply, production, and distribution processes.
Downstream suppliers - ANSWER Adding value, associated more with WIP and finished
goods
Upstream suppliers - ANSWER Associated more with the gathering of raw materials for
production
Answers 100% Solved
Essential Functions: Marketing - ANSWER Generating demand
Essential Functions: Production/Operationg - ANSWER Creates the product
Essential Functions: Finance/Accounting - ANSWER Tracks how well the organization is
doing, collects the money
Operations Management (OM) - ANSWER Science and art of ensuring that goods and
services are created and delivered successfully to customers
Includes...
-Design of goods, services, and the processes that create them
-Day to day mgmt of processes
-Continual improvement of goods, services, and processes
Operations Management depends on... - ANSWER -Efficiency
-Cost of operations
-Quality of goods
Key activities of an operations manager - ANSWER -Forecasting
-Facility location
-Technology
-Quality mgmt
-Scheduling and capacity mgmt
-Process design
,-Inventory mgmt
Good - ANSWER Physical product that a person sees, touches, or consumes
Durable good - ANSWER Product that does not quickly wear out and lasts at least three
years
Non-durable good - ANSWER Product that perishes and lasts for less than three years
Service - ANSWER Primary or complimentary activity that does not directly produce a
physical product
Characteristics of goods: Tangible product - ANSWER Something you can see and touch
and take home
Characteristics of goods: Consistent product definition - ANSWER Can usually tell what
this will look like
Characteristics of goods: Production usually separate from consumption - ANSWER
Trying to find locations where they will minimize cost
Other characteristics of goods - ANSWER -Can be inventoried
-Low customer interaction
Characteristics of service - ANSWER -Intangible product
-Produced and consume at same time
-Often unique
-High customer interaction
-Inconsistent product definition
, -Often knowledge-based
-Frequently dispersed
Service management - ANSWER Integrates marketing, human resources, and
operations functions to plan, create, and deliver goods and services, and their
associated service encounters
Moments of truth - ANSWER Episodes, transactions, or experiences in which customer
encounters the delivery system and forms an impression
Value creation - ANSWER Take all costs and turn them all into a finished product, and a
product that the market is willing to pay us more for than the cost of creation
Value - ANSWER Perception of the benefits associated with a good, service, or bundle of
goods and services in relation to what a buyer pays
-Perceived favorably by customers if the ratio of perceived benefits to price to the
customer is high
Value chain - ANSWER A network of facilities and processes that describes the flow of
materials, finished goods, services, information, and financial transactions from
suppliers, through the facilities and processes that create goods and services, and
those that deliver them to the customer
Supply chain - ANSWER The portion of the value chain that focuses primarily on the
physical movement of goods and materials, and supporting flows of information and
financial transactions through the supply, production, and distribution processes.
Downstream suppliers - ANSWER Adding value, associated more with WIP and finished
goods
Upstream suppliers - ANSWER Associated more with the gathering of raw materials for
production
