COB Study guides, Class notes & Summaries

Nature of services - the customer should be the focal point of all decisions. Service triangle: the organization exists to serve the customer, systems and the employees exist to facilitate the process of service. How management treats the worker is how the worker will treat the public. Workforce is well trained and well motivated, they will do good jobs for their customers. Operations responsible for service systems, managing the work, workforce makeup the majority of employees in la...

Process - Any set of activities performed by an organization that takes inputs and transforms them into outputs ideally of greater value to the organization than the original inputs. The output of many processes are services.Converts investment in resources to value for which customers pay. A good process: Adds value, keep costs as low as possible Process: Basic performance Measures - Cycle time: average time between completions of successive units. Determined by bottleneck. Determine...

What 3 critical components make up BioBricks? - PCL, Pigments, and Educational Booklets What are BioBricks 3 dimensions for our product strategy? - Versatile, Sustainable, Educational Where are our suppliers located? - Shanghai and Guangdong China (PCL and Pigments), and Hudson, Wisconsin (Booklets) What is our bottleneck? - Melting Machines What is the melting machine capacity? - 15.5 units an hour

Sole Proprietorship - Single Owner and Manager Sole Proprietorship Advantages - • Inexpensive and simple to set up • Little to no regulation or reporting requirements • Single taxation-Business income treated like regular income Sole Proprietorship Disadvantages - • Unlimited Personal Liability • Difficult to transfer ownership • Limited access to capital Partnership - Owned and managed by two or more people -Partnership agreement

Who are the four users of financial information? - 1. individuals 2. investors and creditors 3. regulators 4. management (acct 1 - 1.1) What are the two kinds of accounting? - 1. financial 2. management (acct 1 - 1.2) What is financial mangement? - providing information for decision making to outside users (acct 1 - 1.2

Marketing: total market and target market numbers - 57 million and 2.5 million Marketing: Targeted Demographics, etc - middle class, 20-50 y/o, hygiene conscious Marketing: Why are we selling to CVS, RiteAid and Home Goods instead of Walmart and Target? - We would have to sell to them at a lower price, meaning we would not make a profit. Our target market shops more at shops like CVS and Rite aid. More difficult to get into a Walmart and Target as a start up company. Marketing: what are...

Agency Problem - An issue or conflict that arises due to potential divergence of interest between managers, shareholders, and creditors is best described as a(n): False - Corporations represent by far the largest contributor to overall revenue from all forms of business. They also represent the largest proportion of total entities. Access to capital - An advantage of the corporate form of business is its: Food truck business operating as a sole proprietorship - Your mom & dad inherit $1...

Power - The capacity of a person, team, or organization to influence others Features of Power - 1. Only the potential (not act) to change someone's attitude or behavior 2. Power is based on the target's perception that the power holder controls a valuable resource 3. Power involves asymmetric dependence 4. People may be unaware of their power Countervailing Power - The capacity of a person to keep a more powerful person in the exchange relationship Legitimate Power - An agreement am...

________ are formally defined, standardized processes that involve day-to-day operations. - Structured Process ________ are flexible, informal, and adaptive processes that normally involve strategic and less specific managerial decisions and activities. - Dynamic Processes Which of the following workgroup processes is related to sales and marketing? a. lead tracking b. accounts receivable c. order management d. customer support - Lead Tracking

Which of the following statements is TRUE about data marts? a. Data mart users always possess the same amount of data management expertise that data warehouse employees have. b. Data marts address the needs of a particular department or functional area of a business. c. Data marts are larger than data warehouses. d. Data marts consist of metadata for data warehouses. - b A _____ is set of rules that applications on two communicating devices must follow to be able to exchange data