Business Management Flashcards
Define the nine parts of a business plan
Customer segmentation
Value proposition
Channels
Customer Relationships
Revenue Streams
Key Resources
Key Activities
Key Partnerships
Cost Structure
Name two successes that a manager is aiming for
Organisational success - success of the organisation
Career success - their own success
Name the 4 costs of quality
Prevention cost - planning
Apprasial cost - measurement
Internal failure - before it leaves business i.e. waste
External failure - after it gets to customer
Define product / portfolio analysis
Boston matrix
Product life cycle
Name the last 2 evolutions of quality management
Company Wide Quality Control - Measured thoughout the function connected to production
Total Quality management - Measured throughout the whole company
Name three tasks that can maximise performance
Job rotation
Expanded responsiblities
Training (on and off the job)
Define business model
A business model describes the rationale of how an organization creates, delivers, and captures value
Name the five approaches to quality
Transcendant
Product based
User based
Production based
Value based
Explain the user based approach to quality
Viewed from user’s perspective and is dependent on how well does the product meet needs of the consumer.
Goals for HRM
- Getting the right people
- Maximizing their performance and potential
Name 4 tasks that a manager has to do effectively
Recruit
Train
Reward
Evaluate
What 4 roles does a manager need to perform
- Recruit and select the right people
- Effectively train people in your unit
- Effectively evaluate employees’ performance
- To determine reward systems that will motivate employees to perform at a high level
Name three tasks that get the right employees
Forecasting demand
Analysing supply
Giving relevant info to applicants
What does high quality do for the business
Puts costs down and revenue up
What are the three steps for generating strategic options
- The basis for achieving competitive advantage.
- Exploring alternative strategic directions.
- Alternative methods to employ in pursuit of a strategic direction.
Define revenue streams
- For what value are our customers really willing to pay?
- For what do they currently pay?
- How are they currently paying? How would they prefer to pay?
- How much does each Revenue Stream contribute to overall revenues?
Name the 4 p’s in the toyota way
Problem solving
People
Process
Philosophy
Define quality
How well the product produced suits the customers needs and requirements
Define internal analysis
Allows the company to look at itself to see where it can improve in both the long term and short term.
Define analysing the environment
Looking at the external forces (e.g. pestlec) could be macro or micro
Define Cost Structure
- What are the most important costs inherent in our business model?
- Which Key Resources are most expensive?
- Which Key Activities are most expensive?
Name the 8 attributes of quality
Serviceability
Durability
Percieved Quality
Aesthetics
Performance
Features
Reliability
Conformance
Define customer segments
For whom are we creating value?
Who are our most important customers?
