4 M’s of Production and Business Model; Forecasting Revenues of The Business Flashcards
Enumeration
What are the 4 M’s
- Manpower
- Method
- Machine
- Materials
Identification
Talks about human labor force involved in the manufacture of products.
Manpower
Identification
It is measured as the most serious and main factor of production.
Manpower
Enumeration
What are some of the manpower criteria that must be highly considered by the entrepreneur.
Educational qualifications and experience, status of employment, numbers of workers required, skills and expertise required for the job
Identification
Talks about raw materials necessary in the production of a product.
Material
Introduction
Mainly form part of the finished product.
Materials
Identification
Discusses about manufacturing equipment used in the production of goods or
delivery of services.
Machine
Identification
discusses the process or way of transforming raw materials to finished products. The resources undergoes some stages before it is finalized and becomes set for delivery to the target buyers
Method
Identification
This is dependent on product to produce,
mode of production, manufacturing equipment to use and required skills to do
the work.
Method
Identification
Is the promotion that explains what a product is and why it’s worth buying?
Product Description
Identification
A duplication of a product as it will be produced, which may contain such details as color, graphics, packaging and directions.
Prototyping
Identification
This is one of the important early steps in the
inventing process
Prototype making
Identification
is similar to a sample of the product or service given to the consumer free of cost in order that he/she may try the product before committing to a purchase.
Pretesting
Identification
An entity that offers goods and services to another business.
Supplier
Identification
This entity is among of supply chain of a business, which may offer the main part of the value contained within its products.
Supplier
Identification
In here, goods directly shipped to the customers of the buyer
drop shipping
Identification
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
Identification
is 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
Identification
is a structure of organizations, people, activities, data, and resources involved in moving a product or service from supplier to customer.
supply chain
Identification
This includes management of a varied range of components and procedures, for instance, storing of raw materials, handling the inventory, warehousing, and movement of finished product from the point of processing to the point of consumption.
Supply Chain
Identification
This describes the reasons of how an organization creates, delivers, and captures value in economic, social, cultural or other contexts.
Business model
Identification
This is an important tool for you to have an idea about the future of your business.
Business Plan
Part of Business Plan
this part discusses what is the business plan all about.
Introduction
Parts of a Business Plan
is part of the business plan which is the first to be presented but the last to be made
Executive Summary
Parts of a business plan
shows how you will manage your business and the people you need to help you in your operations.
Management Section
Parts of a business Plan
shows the design of your product/service; pricing, where you will sell and how you will introduce your product/service to your market.
Marketing Section
Parts of a Financial Plan
shows the money needed for the business, how much you will take in and how much you will pay out.
Financial Section
Business Plan
shows the area, equipment and materials needed for the
business.
Production Section-
Business Plan
is the strategy where you identify major competitors and research their products, sales and marketing strategies.
Competitive Analysis
Business Plan
The persons who will buy the product or services
Market
Business Plan
Is the diagram showing graphically the relation of one official to another, or others of a company.
Organizational chart
Enumeration
refers to the total income a business earns from
selling its products or providing services, and it serves as a key indicator of financial performance and stability.
Revenue
Identification
It is the process of estimating how much income a business is expected to generate in the
future based on past sales, market trends, and external factors that may influence earnings.
Revenue Forecasting
Enummeration
FACTORS TO
CONSIDER IN
FORECASTING
REVENUE
- ECONOMIC CONDITION OF A COUNTRY
- THE COMPETING BUSINESSES OR COMPETITORS
- CHANGES HAPPENING IN THE COMMUNITY
- THE INTERNAL ASPECT OF THE BUSINESS
Identification
Extra cost added to the price of
a product
Markup
