EXAM REVIEWER Flashcards
They are the resources needed to make a product or operate a business
Manpower, method, machines, materials
Any business operates using what is called the blank
Four m’s of production or operation
You cannot run a shop without the blank who will help you move things in order
People or manpower
Blank are those whose primary jobs are and functions are directly related to the production and operation of the business
Direct workers
Give three examples of direct workers
Production workers, assemblers, barbers
These are those whose primary jobs and functions are not directly related to the production and operation of the business
Indirect workers
Give three examples of indirect workers
Janitor, security guard, manager
You need to determine the process or blank that will be involved in the manufacture of your products
Method
Give an example of method
For a bakeshop:
kneading, baking, cutting, decorating
A flowchart can be used in these four m
Method
Blank are any of the equipment, tools, instruments, or devices that you will use to make your product or provide services to your customers
Machines
Blank are all the things needed for running your shop
Materials
Blank are those directly related to the production of your product or to the performance of the service you are offering
Direct materials
Blank are those that are not directly related to the production of your product or to the performance of the service you are offering
Indirect Materials
It is primary important that you as a future entrepreneur to actually like the business you would want to enter into
Your personal preference
No matter how much you like your own business if your customers do not agree with you you will basically have no business with them
Customer requirements
We should remember to keep ourselves grounded to the fact that our products and services should also be realistic. Ask yourself if the product or services actually feasible considering the resources available to us.
Viability
One of the benefits of being an entrepreneur is the opportunity of gainful money making.
Profitability
This will help you find out ways of distinguishing your product or service from those already in the market and give you the market position you aim for
Innovation or differentiation
What are the five screening business opportunities
Your personal preference, customer requirements, viability, profitability, innovation or differentiation
What is a popular tool for business analysis
Swot analysis
What does swot stands for
Strength, weaknesses, opportunities, threats
Blank are advantages of your products or services over similar offerings in the market these are internal to you and your business
Strengths
Blank are the perceived limitations of your products and services these are your weak points. These are internal to you and your business
Weaknesses
Blank are things that happened outside of your business that can potentially be advantage of your products or services
Opportunities
Blank are harmful things that may potentially negatively affect your products or services. These are external factors
Threats
