2nd

Question 1

also referred to as the transformation or conversion process, is the stage of production where the materials are transformed into the final product with the aid of manpower and machine

Answer 1

production process

Question 2

represents the final product from the production process and distributed to the customers

Answer 2

outpuT

Question 3

most serious issues in the whole production system are the

Answer 3

inputs and transformation process

Question 4

talks about human labor force involved in the manufacture of products.

It is measured as the most serious and main factor of production. The entrepreneur must determine, attain and match the most competent and skilled employees with the jobs at the most appropriate time period

Answer 4

manpower

Question 5

It simply refers to the raw materials necessary in the production of a product.

It forms part of the finished product. Just in case the resources are below standard, the finished product will unsatisfactory as well.

Answer 5

materials

Question 6

Are those directly related to the production of your product or to the performance of the service you are offering.

Answer 6

direct materials

Question 7

Are those not directly related to the production of your product.

Answer 7

indirect materials

Question 8

what to consider in materials?

Answer 8

Cost,
Quality,
Availability,
Credibility of suppliers

Question 9

Discusses about manufacturing equipment used in the production of goods or delivery of services.

Answer 9

machine

Question 10

or production method is the process or way of transforming raw materials to finished products.

Answer 10

method

Question 11

is the physical output of the whole production process.

It should be valuable and beneficial to the consumers and should satisfy their basic needs and wants.

Answer 11

product

Question 12

has dissimilar characteristics, parts, and physical appearance. It can be easily identified from other products. Entrepreneurial ventures that produce heterogeneous products include makers of furniture, bags, and home decors (type of product)

Answer 12

heterogenous product

Question 13

has a physical appearance, taste, or chemical content that can hardly be distinguished from that of the other products (type of product)

Answer 13

homogenous product

Question 14

They are your business partners, without them your business will not live. You need them as much as you need your customers to be satisfied

Answer 14

supplier

Question 15

automate the flow of information among members of the supply chain so that they can use it to make better decisions about when and how much to purchase, produce, or ship.
It is a structure of organizations, people, activities, data, and resources involved in moving a product or service from supplier to customer

Answer 15

supply chain management systems

Question 16

part of a supply chain of a business, which may offer the main part of the value contained within its products. Certain suppliers may even involve in drop shipping, where they ship goods directly to the customers of the buyer

Answer 16

entity

Question 17

decreases purchasing cost. Retailors depend on supply chains to quickly distribute costly products to avoid sitting on expensive inventories. Any delay in production can cost a company tens of thousands of pesos. This factor makes supply chain management ever more important

Answer 17

supply chain management

Question 18

a method or activities by which a company adds value to an item, with production, marketing, and the provision of after-sales service.

Answer 18

value chain

Question 19

The Value Chain concept was developed and popularized in 1985 by ___, in “Competitive Advantage.”

Answer 19

Michael Porter

Question 20

the amount buyers are willing to pay for what a firm provides

Answer 20

value

Question 21

the combination of generic value added activities operating within a firm – activities that work together to provide value to customers

Answer 21

value chain

Question 22

Promotes and explains what a product is and why it’s worth buying.

The purpose is to provide customers with details around the features and benefits of the product so they’re obliged to buy

Answer 22

product description

Question 23

A duplication of a product as it will be produced, which may contain such details as color, graphics, packaging and directions.

Answer 23

prototyping

Question 24

created before the massive production of such product; an entrepreneur must consider prototyping.

One of the important early steps in the inventing process

Answer 24

product prototype

Question 25

entrepreneur’s main concern is the ___, for they are the life blood of the business. Without them, all the efforts, will be wasted as well as the chance to venture into a new business.

Answer 25

satisfaction of a customer

Question 26

describes the factors of how an organization creates, delivers, and captures value in economic, social, cultural or other contexts

Answer 26

business model

Question 27

The development of business model construction and variation is also called ___ and forms part of a business plan

Answer 27

business model innovation

Question 28

It is a company’s plan on how it will make revenues and make a profit.

It describes what products or services the business plans to manufacture and market, and how it plans to do so, as well as what expenses it will incur

Answer 28

business model