Manufacturing Business Facts

Question 1

What is a manufacturing business?

Answer 1

Any business that uses components, parts, or raw materials to make a finished good.

Question 2

These finished goods can be sold directly to

Answer 2

Consumers or to other manufacturing businesses that use them for making a different product.

Question 3

Manufacturing businesses in today’s world are normally comprised of

Answer 3

Machines, robots, computers, and humans that all work in a specific manner to create a product

Question 4

Manufacturing plants often use an assembly line, which is

Answer 4

Put together in sequence from,one work station to the next

Question 5

By moving the product down an assembly line,

Answer 5

The finished good can be put together quicker with less manual labor

Question 6

Some industries refer to the manufacturing process as

Answer 6

Fabrication

Question 7

Manufacturing businesses can be very simple, with only few parts required for assembly or they can

Answer 7

Be very complicated with hundreds of,parts needed to create a finished product

Question 8

Compared to other businesses, manufacturing businesses, usually have more

Answer 8

Legal regulations and environmental laws to deal with. These things can range from scrutinized labor laws to environmental and pollution issues.

Question 9

Although labor unions are not as common as they were 50 years ago, they still heavily exist in the manufacturing industry where

Answer 9

Wages , benefits, and other rights are negotiated

Question 10

Examples of manufacturing businesses are

Answer 10

Automobile companies, bakeries, shoe makers, and tailors as they all create products rather than services

Question 11

Logging and mining are not manufacturing businesses as they do not

Answer 11

Change goods into new products

Question 12

What does manufacturing refers to?

Answer 12

Refers to a large scale production of goods that converts raw material, parts, and components into finished merchandise using manual labor and/or machines.

Question 13

The finished goods can be sold directly to

Answer 13

Consumers or to other manufacturers for the production of more complex products, or to wholesalers who distribute the goods to retailers

Question 14

manufacturing businesses often employ

Answer 14

Machines, robots, computers, and humans to produce merchandise and typically use an assembly line, which enables a product to be put together step by step, moving from one work station to the next

Question 15

A manufacturer is responsible for assembling the final goods such as

Answer 15

Laptops, fridges, or watches, or producing parts and that other manufacturers use to produce more complex products like cars or aircraft

Question 16

A wholesaler is the middle man between a

Answer 16

Manufacturer and a retailer (or end consumer) it buys products in bulk from the manufacturer and resells them in smaller quantities for a higher price.

Question 17

Make to stock

Answer 17

A traditional manufacturing strategy that relies on past sales data to forecast consumer demand and plan the production activity in advance

Question 18

The drawback of the the made to stock strategy is that

Answer 18

It uses past data to predict future demand, which increases the likelihood of the forecasts being off, leaving the manufacturer with too much or not enough stock

Question 19

Make-to-order

Answer 19

Allows customers to order products that are customized and manufactured to their specifications. The manufacturing process begins after the order is received, so the waiting time for the customer is longer, but the risk of excessive inventory is cutout

Question 20

Make-to-assemble

Answer 20

A strategy that relies on demand forecasts to stock the basic components of a product, but starts assembling them after the order is received .

Question 21

Make-to-assemble is a hybrid of

Answer 21

MTS and MTO

Question 22

In make-to-assemble customers can

Answer 22

Customize the products and receive them quicker because the manufacturer has the basic components ready, but if orders don’t come in, the manufacturer is stuck with a stock of unwanted parts

Question 23

Some manufacturing businesses ideas are

Answer 23

Bread bakery, herbal remedy, candle making, spice manufacturer