25 Definitions Production Management

1. Production

The process of converting inputs into outputs with the help of certain conversion processes.

2. Production Management

The planning and organisation of various activities associated with the conversion of inputs into outputs.

3. Manufacturing Process

The use of a certain pattern and procedure in order to produce a particular type of output in particular quantity or number.

4. Jobbing

The process of producing one single unit of a product without moving onto the next unit unless and until the previous unit is completed.

5. Project

A temporary endeavour producing an output with a defined starting and ending point.

6. Batch

The process of producing a batch of units together, requiring a certain type of treatment.

7. Line manufacturing

The process of treatments and works carried on a product in stages.

8. Continuous

The process of production of a product which goes on continuously for moths or oven years together, for example, cement manufacturing.

9. Assembly Line

The process in which outputs of multiple lines are assembled at the end to form the final product.

10. Mass Manufacturing

The manufacturing process type in which a huge number of smaller units of the product are produced together.

11. Professional Services

The services rendered by licensed and certified professionals who usually belong to a professional group, for example, Accountants, Lawyers, Doctors.

12. Services Shop

The actual place where services are delivered to the customer.

13. Plant Layout

The arrangement and design of various manufacturing equipment at a plant.

14. Production Planning

The framing of policies and strategies regarding various Production processes to be carried out in future.

15. Production Control

The application of various controlling techniques and measures used to bridge the gap between actual and desired results.

16. Aggregate Planning

Aggregate planning is an
operational activity that does an
aggregate plan for the
production process, in advance of
2 to 18 months.

17. Quality

In manufacturing, a measure of excellence or a
state of being free from defects, deficiencies and
significant variations.

18. Quality Assurance

The maintenance of a desired
level of quality in a service or
product.

19. Service Quality

Service quality is used in business to refer to
the assessment of how satisfying a service is,
according to the customer's expectations.
Service quality is achieved by comparing the
expected service to the service currently
being offered.

20. Six Sigma

Six Sigma is a management philosophy developed by
Motorola that emphasizes setting extremely high
objectives, collecting data, and analyzing results to
a fine degree as a way to reduce defects in
products and services.

21. Productivity

Productivity is the ratio of output to inputs in
production; it is an average measure of the
efficiency of production. Efficiency of
production means production’s capability to
create incomes.

22. Work Study

an analysis of a specific job in an
effort to find the most efficient
method in terms of time and
effort.

23. Work Sampling

Work sampling is the statistical technique for
determining the proportion of time spent by
workers in various defined categories of activity
(e.g. setting up a machine, assembling two
parts, idle…etc.).

24. Down Time

The period of time when something, such as
a factory or a piece of machinery, is not in
operation, especially as the result of a
malfunction.

25. Cycle Time

The period required to complete one cycle of an
operation ; or to complete a function, job , or task
from start to finish. Cycle time is used in
differentiating total duration of a process from
its run time .

Guess Production Management

GUESS, PRODUCTION MANAGEMENT, BBA II

UNIT I

Nature, Meaning and Significance of Production Management
Diagrammatic Representation of Production Process
Process Types in Manufacturing (Project, Jobbing, Batch, Line, Mass, Continuous)
Professional Services (meaning only)
Plant Layout (concept only)

Unit II

Production Planning and Control (introduction)
Production Planning Techniques
Aggregate Planning

Unit III

Introduction to Quality
Quality Characteristics of Goods and Services
Quality Improvement Techniques
Six Sigma and its Applications

Unit IV

Productivity (Concept and Mathematical Formula)
Productive Improvement Techniques (Work Study, Method Study, Time Study, Work Sampling...... concepts only)

Abrar Ul Mustafa

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Important Definitions coming soon

33 Important Definitions of Marketing (All Units)

1. Marketing

The process of identifying or creating needs and fulfilling them profitably.

2. Marketing Management

The planning and organisation of all the processes of meeting customers needs profitably.

3. Marketing Environment

The sumtotal of all the various factors that influence the Marketing of a company.

4. Consumer Behaviour

The combination of various factors: knowledge, exposure, peer influence, etc; that affect a consumer's purchase decision.

5. Market

A place where buyers and sellers meet and exchange products against a price.

6. Consumer Market

A market where products are sold to individual consumers in smaller quantities or numbers.

7. Industrial Market

A market where products are sold to businesses like colleges, govt departments, etc. Here products are sold in bulk.

8. FMCG
Fast Moving Consumer Goods

Those consumer goods which are sold to individuals in smaller units or quantities but are sold frequently, for example, Shampoo, Bread, etc.

9. Consumer Durables

Those products which are sold to individuals but are big and complicated products and aren't bought frequently, for example, Car, Refrigerator, etc.

10. Industry

A group of all companies offering a same type of product, for example, Automobile Industry.

11. Market Potential

The unmet demand for a particular product in a particular market at a particular time is called the Market Potential.

12. Market Share

The total sales percentage achieved by a company out of the total sales by all companies in a particular market for a particular time period.

13. Sales Potential

The numerical difference between Market Potential and Market Share is called Sales Potential.

14. Professional Services

It's an industry of technical or unique function performed by independent contractors or consultants whose occupation is the rendering of services.

15. Segmentation

It's the process of dividing the heterogenous market into segments which are homogenous so as to target one or more segments effectively.

16. Market Targeting

It's the process of targeting one segment, already selected, by a certain mix of Marketing Communication plan.

17. Positioning

Positioning is defined as the way by which the marketers attempt to create a distinct impression in the customer's mind.

18. Product Differentiation

Development or incorporation of attributes (such as benefits, price, quality, styling, service , etc.) that a product's intended customers perceive to be different and desirable.

19. Marketing Mix

It's the perfect blend among various attributes of Product, Place, Promotion and Price of an offering. In services, the mix extends to other 3 Ps: Physical Evidence, People and Process.

20. Brand

It's the identity of a product which can be made up of words, colours, images, logos, icons, etc etc.

21. Branding

Branding is the activity of creating such a Brand which stands out amongst others and displays a distinct identity of a product.

22. Price

Price is the monetary exchange value of a product.

23. Marketing Communication

It's the aggregate of various tools (Advertising, Sales Promotion, Personal Selling, Direct Marketing) used to convey the right message to a large number of intended audience.

24. Advertising

Advertising includes all messages a business pays to deliver through a medium to reach a targeted audience.

25. Sales Promotion

Sales promotions are the set ofmarketing activities undertaken to boost sales of the product or service.

26. Direct Marketing

It's the process of reaching out to a market on a personal basis or mass media basis.

27. Marketing Channels

A marketing channel is a set of practices or activities necessary to transfer the ownership of goods, and to move goods, from the point of production to the point of consumption.

28. Channel Motivation

It's the process of impressing the channel members so that they may promote a company's products with some efforts.

29. Product Mix

The variety of products offered by a company.

30. Product Line

Various varieties of one single kind or class of a product, for example, different varieties of Shampoo.

31. Product Breadth or Width

The total number of different product classes offered by a company, for example, Shampoo, Soap, Cream, Toothpaste.

32. Product Mix Length or Depth

It's the total number of different kinds or varieties of products offered in a single product line, for example, in Shampoo Line, a company offers Protein Shampoo, Herbal Shampoo and Anti Dandruff Shampoo.

33. Consistency

It means how closely the different products of a Product Mix are related to one another, how similar the products are.

Process of Chanel Selection

Process of Chanel Selection

1. statement of objectives,
2. market analysis,
3. environmental analysis,
4. identification of feasible
alternatives,
5. functional analysis,
6. financial analysis
and
7. channel selection.

Product Mix

What Is a Product Mix?

Product mix, also known as product assortment,
refers to the total number of product lines that a
company offers to its customers. For example, a
small company may sell multiple lines of products.
Sometimes, these product lines are fairly similar,
such as dish washing liquid and bar soap, which are
used for cleaning and use similar technologies.
Other times, the product lines are vastly
different, such as diapers and razors. The four
dimensions to a company's product mix include
width, length, depth and consistency.

Width

The width of a company's product mix pertains to
the number of product lines that a company sells.
For example, if a company has two product lines,
its product mix width is two. Small and upstart
businesses will usually not have a wide product mix.
It is more practical to start with some basic
products and build market share. Later on, a
company's technology may allow the company to
diversify into other industries and build the width
of the product mix.

Length

Product mix length pertains to the number of
total products or items in a company's product
mix, according to Philip Kotler's textbook
"Marketing Management: Analysis, Planning,
Implementation and Control." For example, ABC
company may have two product lines, and five
brands within each product line. Thus, ABC's
product mix length would be 10. Companies that
have multiple product lines will sometimes keep
track of their average length per product line. In
the above case, the average length of an ABC
Company's product line is

Depth

Depth of a product mix pertains to the total
number of variations for each product. Variations
can include size, flavor and any other
distinguishing characteristic. For example, if a
company sells three sizes and two flavors of
toothpaste, that particular brand of toothpaste
has a depth of six. Just like length, companies
sometimes report the average depth of their
product lines; or the depth of a specific product
line.

Consistency

Product mix consistency pertains to how closely
related product lines are to one another--in
terms of use, production and distribution. A
company's product mix may be consistent in
distribution but vastly different in use. For
example, a small company may sell its health bars
and health magazine in retail stores. However, one
product is edible and the other is not. The
production consistency of these products would
vary as well.

Product Market Mix Strategy

Small companies usually start out with a product
mix limited in width, depth and length; and have a
high level of consistency. However, over time, the
company may want to differentiate products or
acquire new ones to enter new markets. A
company can also sell the existing products to new
markets by coming up with new uses for their
product.

Marketing Mix

Marketing mix (Price, Place,
Promotion, Product)
When marketing their products firms need to
create a successful mix of:
the right product
sold at the right price
in the right place
using the most suitable promotion.
To create the right marketing mix, businesses have
to meet the following conditions:
The product has to have the right features - for
example, it must look good and work well.
The price must be right. Consumer will need to buy
in large numbers to produce a healthy profit.
The goods must be in the right place at the right
time. Making sure that the goods arrive when and
where they are wanted is an important operation.
The target group needs to be made aware of the
existence and availability of the product through
promotion. Successful promotion helps a firm to
spread costs over a larger output.
For example, a company like Kellogg's is constantly
developing new breakfast cereals - the product
element is the new product itself, getting the
price right involves examining customer perceptions
and rival products as well as costs of manufacture,
promotion involves engaging in a range of
promotional activities e.g. competitions, product
tasting etc, and place involves using the best
possible channels of distribution such as leading
supermarket chains.The product is the central point
on which marketing energy must focus. Finding out
how to make the product, setting up the
production line, providing the finance and
manufacturing the product are not the
responsibility of the marketing function. However,
it is concerned with what the product means to the
customer. Marketing therefore plays a key role in
determining such aspects as:
the appearance of the product - in line with the
requirements of the market
the function of the product - products must
address the needs of customers as identified
through market research.
The product range and how it is used is a function
of the marketing mix. The range may be broadened
or a brand may be extended for tactical reasons,
such as matching competition or catering for
seasonal fluctuations. Alternatively, a product may
be repositioned to make it more acceptable for a
new group of consumers as part of a long-term
plan.
The price
Of all the aspects of the marketing mix, price is
the one, which creates sales revenue - all the
others are costs. The price of an item is clearly an
important determinant of the value of sales made.
In theory, price is really determined by the
discovery of what customers perceive is the value
of the item on sale. Researching consumers'
opinions about pricing is important as it indicates
how they value what they are looking for as well as
what they want to pay. An organisation's pricing
policy will vary according to time and
circumstances. Crudely speaking, the value of
water in the Lake District will be considerably
different from the value of water in the desert.
The place
Although figures vary widely from product to
product, roughly a fifth of the cost of a product
goes on getting it to the customer. 'Place' is
concerned with various methods of transporting
and storing goods, and then making them available
for the customer. Getting the right product to
the right place at the right time involves the
distribution system. The choice of distribution
method will depend on a variety of circumstances.
It will be more convenient for some manufacturers
to sell to wholesalers who then sell to retailers,
while others will prefer to sell directly to retailers
or customers.
The promotion
Promotion is the business of communicating with
customers. It will provide information that will
assist them in making a decision to purchase a
product or service. The razzmatazz, pace and
creativity of some promotional activities are almost
alien to normal business activities.
The cost associated with promotion or advertising
goods and services often represents a sizeable
proportion of the overall cost of producing an item.
However, successful promotion increases sales so
that advertising and other costs are spread over a
larger output. Though increased promotional
activity is often a sign of a response to a problem
such as competitive activity, it enables an
organisation to develop and build up a succession of
messages and can be extremely cost-effective.

Guess BBA II, MARKETING MANAGEMENT

Concert , Nature and Scope of Marketing Management
Marketing Philosophies
Consumer and Industrial Markets (Classification of Market on the basis of Customer)
Market Measurement:  (Sales Potential, Market Share)

STP Cycle (Meaning of Segmentation, Basis of Segmentation, Process of Segmentation)
Market Targeting (concept only)
What's Positioning? (Nature, concept, importance)

What's Marketing Mix?
Product Mix (Definitions of Depth, Breadth, Length of Product Mix)
New Product Development
Product Life Cycle
Pricing Methods

Concept of Marketing Communication
Advertising, Personal Selling, Sales Promotion (use of Communication Mix)
Channels of Distribution (Levels and Types)
Role/Functions of Chanel Members