2nd Flashcards
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
production process
represents the final product from the production process and distributed to the customers
outpuT
most serious issues in the whole production system are the
inputs and transformation process
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
manpower
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.
materials
Are those directly related to the production of your product or to the performance of the service you are offering.
direct materials
Are those not directly related to the production of your product.
indirect materials
what to consider in materials?
Cost,
Quality,
Availability,
Credibility of suppliers
Discusses about manufacturing equipment used in the production of goods or delivery of services.
machine
or production method is the process or way of transforming raw materials to finished products.
method
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.
product
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)
heterogenous product
has a physical appearance, taste, or chemical content that can hardly be distinguished from that of the other products (type of product)
homogenous product
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
supplier
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
supply chain management systems
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
entity
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
supply chain management
a method or activities by which a company adds value to an item, with production, marketing, and the provision of after-sales service.
value chain
The Value Chain concept was developed and popularized in 1985 by ___, in “Competitive Advantage.”
Michael Porter
the amount buyers are willing to pay for what a firm provides
value
the combination of generic value added activities operating within a firm – activities that work together to provide value to customers
value chain
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
product description
A duplication of a product as it will be produced, which may contain such details as color, graphics, packaging and directions.
prototyping
created before the massive production of such product; an entrepreneur must consider prototyping.
One of the important early steps in the inventing process
product prototype
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.
satisfaction of a customer
describes the factors of how an organization creates, delivers, and captures value in economic, social, cultural or other contexts
business model
The development of business model construction and variation is also called ___ and forms part of a business plan
business model innovation
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
business model
