ENTREP 4Ms Flashcards
What re the 4M’s of Operation
Manpower, Machine, Material, Method
Talks about human labor force involved in the manufacture of products. It is measured as the most serious and main factor of production
manpower
Talks about raw materials necessary in the production of a product. These mainly form part of the finished product.
material
Discusses about manufacturing equipment used in the production of goods or delivery of services
machine
discusses the process or
way of transforming raw materials to finished products
method
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
An entity that offers goods and services to another business.
supplier
is a structure of organizations, people,
activities, data, and resources involved in
moving a product or service from supplier to
customer
supply chain
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
Describes the reasons 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
business model innovation
is an important tool for you to have an idea about the future of your business
business plan
components found in a business plan
INTRODUCTION
EXECUTIVE SUMMARY
MANAGEMENT SECTION
ORGANIZATIONAL CHART
MARKETING SECTION
COMPETITIVE ANALYSIS
MARKET
FINANCIAL SECTION
PRODUCTION SECTION
a component found in a business plan where it talks about what the business plan is about
introduction
