| A | B |
|---|
| Operations Management | Area of management responsible for the activities necessary to produce goods and services. |
| Periodic Inventory Control | Method of measuring inventory that involves taking a physical count of merchandise at regular periods. |
| Perpetual Inventory Control | Method of counting inventory that shows the quantity on hand at all times. |
| Product Life Cycle | Series of stages a product goes through from its beginning to end. |
| Product Planning | Process of deciding which products will be most strategic for an organization to produce. |
| Production Process | All the activities required to create a product. |
| Prototype | Working model of a new product for testing purposes. |
| Quality Control | Activity of checking products as they are produced or received to ensure the quality meets expectations. |
| Repackaging | Using new packaging on an existing product. |
| Repositioning | Marketing an existing product in a new way to create a new opinion or view of the product in the minds of customers to increase sales. |
| Sourcing | Finding suppliers of materials needed for the production of a product. |
| Supplier | Business that sells materials, supplies, or services to an organization that creates product; also called a vendor. |
| Test Marketing | Introducing a new product to a small portion of the target market to learn how it will sell. |
| Trade Show | Large gathering of businesses for the purpose of displaying goods and services for sale. |
| Trial Run | Testing a service on a few select customers to make sure that everything runs smoothly. |
| Work in Process Inventory | Consists of products that are partially completed; also called unfinished product. |
