Producing a Product

1. includes calculating the cost of modifying a current product or bringing a new product to market.
4. Requires executing the short-term and long-term goals stated in the business plan.
5. ____________ management is the area of management responsible for the activities necessary to produce goods and services.
7. is a method of counting inventory that shows the quantity on hand at all times.
10. The raw materials needed to produce a finished product.
13. Once a list of new product ideas is generated, it must be reviewed.
14. The assortment or selection of finished items for sale that a business has in stock.
16. is a method of measuring inventory that involves taking a physical count of merchandise at regular periods, such as weekly, monthly, or yearly.
18. the individuals responsible for sourcing and buying the materials needed for producing goods and services.
19. finding suppliers of materials needed for the production of a product.

2. New product ideas may be prompted by alterations to an existing product, new technology, a design that meets a new need, or many other factors.
3. The introduction stage of a new product.
6. businesses that create goods and services.
8. Introduces a new product to a small portion of the target market to learn how it will sell.
9. During the design phase, the details of producing the product are planned.
11. a type of producer that uses raw materials from other producers and converts them into finished goods.
12. Products that are partially completed.
15. the process of changing and improving resources to create goods or services.
17. is a method of managing inventory that keeps a minimal amount of raw materials on hand to meet production needs