Chapter 3 - Business Operations Flashcards
Name a factor behind choosing a supplier
- Quality
- Reliability
- Availability
- Delivery
- Price
What is procurement and logistics
Procurement is purchasing items and logistics is transporting and storing them
What factors make up effective supply chain management
Good relationships, finding the best price and reducing waste
What are the methods of production and what does each one mean
1) Job - Single product produced
2) Batch - Limited number produced
3) Flow - Continuous production
What are the advantages and disadvantages of technology in production
Advantages:
- Works 24/7
- Faster and more efficient
Disadvantages
- Expensive
- Demotivates staff
What is lean production
It is when a business uses the bare minimum materials in order to maximise profit
What is just In time production
It is when a business has minimum levels of stock therefore there is little waste and higher profit
What is JIC stock strategy
Just in case means there is always excess stock which means demand can always be met if there is a spike
What is a bar gate stock graph
A bar gate stock graph is a method of identifying when more supplies are needed by a business
What are the positives and negatives of higher quality control
+ more sales
+ higher selling price
- staff training
- inspection costs time and money
What makes up a good sales service
Product knowledge, engaging with the customer, a quick and efficient service, post sales service and responding to customer feedback
What are the main ways technology effects customer service
- Websites
- E-Commerce
- Social media
