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Business GCSE > 3.3 Business Operations > Flashcards

3.3 Business Operations Flashcards

1
Q

1 what is flow production

A

where a product moves continuously from one stage of production to another

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1
Q

1 what is production

A

the process of changing inputs like raw materials or labour into a finished good or service that can be sold

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2
Q

1 what are inputs

A

land
capital
enterprise
labour

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3
Q

1 what are the four functional areas

A

marketing and sales
finance
operations
human resources

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4
Q

1 what is job production

A

when a product is supplied to meet the exact requirement of the customers

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5
Q

1 advantages of job production

A

flexible
provide a personal service
best way when technology isn’t used

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6
Q

1 disadvantages of job production

A

expensive
leads to higher prices
requires skilled employees

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7
Q

1 advantages of flow production

A

allows outputs to be in huge volumes
allow specialisation so workers can become more efficient
cost per unit is cheap

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8
Q

1 disadvantages of flow production

A

initial costs are high
risky as demand could fall
no flexibility as products are all the same
division of labour and specialisation can lead to boredom in workers

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9
Q

1 example of flow production

A

soft drinks supplier
fast food chains
car production lines

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10
Q

1 what is JIT

A

Just In time
produces to order
only produces when the customer wants it

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11
Q

1 what is JIC

A

Just In Case
holds stock just in case there is a delay from supplier or sudden increase in demands

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12
Q

1 what is kaizen

A

continuous improvement
employees think about ways to improve from previous delays

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13
Q

1 advantages of Just In Time

A

Low stockholding because held stock is minimised
less danger of theft or having to reduce prices if not sold
doesn’t require as much space

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14
Q

1 disadvantages of Just In Time

A

risk to production if difficulties with suppliers
business doesn’t benefit purchasing from economies of scale
more transport costs due to frequent deliveries

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15
Q

1 advantages of Just In Case

A

can meet the demands of sudden stock increases because of spares
lower risk to supply problems
buy in bigger quantities will give discounts as bulk buying
less transport costs because of less frequent deliveries

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16
Q

1 disadvantages of Just In Case

A

holds stock that might go out of date or need to have reduced price in order to sell
higher stockholding costs as emergency supplied are kept

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17
Q

1 advantages of kaizen

A

creates small changes over time, leading to significant improvements when the work is done
motivate employees as they are more involved in the production process and improvements

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18
Q

1 disadvantages of kaizen

A

employees have to be committed to the same goals as managers
some employees may want to resist this

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19
Q

1 what is efficiency

A

how well a business uses its resources
produce maximum output using fewest inputs
measured by unit costs
low unit costs means efficient

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20
Q

1 what does efficiency depend on

A

employee management
suppliers
level of investment in machinery
way products are produced
level of waste

21
Q

1 what is stock

A

includes raw materials
work in progress
finished goods

22
Q

1 advantages of stock

A

no loss of sales
-customers get what they need
gaining goodwill
-good reputation for reliability
shorter lead times
-not wait too long after purchase

23
Q

1 disadvantages of stock

A

higher insurance costs
shrinkage
obsolescence
-stock can go out of date
storage costs
finance
-trade credit may run over and cost more
opportunity cost
-money tied up in stocks cannot be used elsewhere

24
1 why is Just In Time efficient
fewer costs for stock hold helps to reduce overall costs improve profits
25
1 why is Just In Time a bad thing
can't benefit from purchasing economies of scale (lower cost per unit) regular smaller deliveries may charge more than one large one
26
2 what are business suppliers
general items used to keep the business going materials used in production process machines- major purchases
27
2 what factors affect suppliers
costs quality range of products delivery speed flexibility reliability reputation payment contact terms
28
2 what is a supply chain
refers to all business people and that take part in the process from start to finish until it gets to the customers
29
2 what is procurement
involves suppliers establishing the terms of payment and negotiating contract ideas
30
2 what is logistics
planning, implementing, and co ordination of the procurement process movement and storage of inventory
31
2 what is a trade off
better quality is likely to cost more but it might save money in the long run if customers are satisfied faster or reliable suppliers are likely to be more expensive more frequent supplies may also cost more
32
2 what are the stages of a supply chain
supplier manufacturer retailer customer
33
3 what is quality
meeting targets set by the business in order to meet customer expectations targets will be different for different businesses airline- take off on time chocolate brand- correct weight of bars
34
3 what is quality control
an approach that fixes mistakes after they have occurred
35
3 how do you measure quality
failure or reject rates level of returns complaints low customer satisfaction low loyalty mystery visitors staff checks
36
3 what are the consequences of quality problems
customer dissatisfaction cost of recalling cost of replacing goods waste products if it can't be reworked legal action costs
37
3 it's important to remember about quality that
it's subjective personal opinion not always tangible changes due to technology quality control can be costly
38
3 how can you maintain good quality
reliable suppliers quality raw materials up to date equipment and machines training of staff inspect products at each stage involve staff
39
3 what is Total Quality Management
when everyone is focused on preventing errors ensure quality at each stage of production better than quality control prevents mistakes all together not all employees want the responsibility
40
3 what is division of labour
when a worker focuses on a specific range of tasks a specific task in production
41
3 advantages of labour division
workers become specialised in particular duties enable business to produce large quantities of their products
42
3 disadvantages of labour division
lead to boredom lower motivation = lower production less pride so quality suffers dissatisfied workers can lead to high levels of absenteeism boredom can lead to high labour turn over
43
4 what is customer service
the part of a business's activities that is concerned with meeting customers' needs as fully as possible
44
4 what are methods of good customer service
reliability safety customer engagement product information after-sales service well maintained premises different payment methods manage customer's expectations
45
4 benefits of good customer service
attract new customers increase spend increase market share increase customer loyalty increase profitability
46
4 dangers of poor customer service
dissatisfied customers problem attracting new customers loss of revenue and profit increased cost in replacing goods
47
4 where does poor customer service come from
promising more than they can provide poor communication poor management external factors like supplier is delayed
48
4 impact of ICT on customers
websites -helps business display products and info -serve customers quickly and efficiently e- and m- commerce -customers can shop anytime, anywhere social media -communicate effectively data analysis -analyse customer purchase -recommend new products
49
4 negative impact of ICT on customerd
ICT can't treat customers fairly

Business GCSE (7 decks)

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