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Description
Flashcards by Mr_Lambert_Hungerhil, updated more than 1 year ago
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Created by Mr_Lambert_Hungerhil
over 8 years ago
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| Question | Answer |
| Design Mix | The range of variables which contribute to successful design; they are function, cost, and appearance |
| Stocks | Materials that a business holds. Some could be materials waiting to be used in the production process and some could be finished stock waiting to be delivered to customers. |
| Maximum stock levels | The highest amount of stock to be kept by a business |
| Re-order level | The amount of stock held by a business at which an order for new stock is placed with suppliers |
| Buffer stock level or minimum stock level | The lowest amount of stock to be kept by a business |
| Just In Time (JIT) | A stock management system where stocks are only delivered when they are needed by the production system, and so no stocks are kept by a business |
| Quality | Achieving a minimum standard for a product or service, or a production process which meets customers needs |
| Quality Control | Ensuring that a product or service meets minimum standards, often through testing of sample products once they have been made |
| Quality Assurance | Ensuring that quality is produced and delivered at every stage of the production process, often through making quality the responsibility of every worker |
| Customer Service | The experience that a customer gets when dealing with a business and the extent to which that experience meets and exceeds customer needs and expectations |
| Innovation | The process of transforming inventions into products that can be sold to customers |
| Sale of goods legislation | Gives consumers rights to compensation if a product they buy is not of merchantable quality, not as described or not fit for purpose |
| Trade description legislation | Makes businesses liable for prosecution and fines if products are sold in a misleading way |
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