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Buisness > Mod 5 > Flashcards

Mod 5 Flashcards

1
Q

What is cost leadership?

A

Aiming to have the lowest cost in the market

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2
Q

How to achieve cost leadership?(3)

A

-cheaper input
-use technology
-economics of scale

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3
Q

What are economies of scale?

A

Cost Advantage from producing on larger scale, more production price of product reduces

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4
Q

What is differentiation?

A

Distinguishing business product from its competitors

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4
Q

What is cross branding?

A

-Differentiation can be created from strategic alliances between brands
- can add value by offering customers added benefits

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5
Q

How to differentiate a good?

A

-vary quality
-vary feature

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6
Q

How to differentiate a service?

A

-vary the time
-vary the expertise

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7
Q

What Are The Influences on operation?(7)

A

Globalisation
Technology
Quality expectations
Cost based competition
Government policies and legal regulations
Environmental sustainability
Corporate social responsibility

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8
Q

What is globalisation?

A

It is the removal of trade borders between countries, creating more interactions between business across the globe increasing export and imports

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9
Q

What are opportunities from globalisation?(3)

A

-cheaper input(labour)
-Increased market→ potential customer
-economies of scales becomes easier

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9
Q

What are threats from globalisation?

A

-Greater competition

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10
Q

What are the advantages of using technology in operation?

A

It has a high initial cost, but business can reduce long term cost while increasing efficiency and quality control, speed

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11
Q

What are quality expectations for goods?(3)

A

-quality
-purpose
-Duriability

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12
Q

What are quality expectations for services?

A

-Reliability of provider
-Level of customisation

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13
Q

What is environmental sustainability?

A

Awareness of the negative effects of business operation, on environment

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13
Q

What is cost based competition?

A

When business lowers the price than competition, by reducing cost and they are able to achieve cost leadership, and gain more profits

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14
Q

What are government policies and regulations?

A

tax
Laws→ environment, protect businesses

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15
Q

How do businesses attain environmental sustainability?(2)

A

Renewable resources
Reducing non renewable assets

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16
Q

What is corporate social responsibility?

A

Out doing the legal compliance by tapping into ethical responsibility

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17
Q

Examples of CSR?(2)

A

Working women
workplace diversity

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18
Q

What is the triple bottom line?

A

Soical, economic, enviornmental

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19
Q

What Are transformed resources?

A

info , customer ,materials

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20
Q

What Are Transforming resources?

A

Hr, time, energy

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21
Q

What are raw materials?

A

Unprocessed good

22
Q

What Are the 4 v’s?

A

Volume: How many
Variety: product range
Variation:adaptability in change in demand
Visibility: customers ability to interact with business

23
Q

What is sequencing?

A

Refers to the order in which activities occur

24
Q

What is scheduling?

A

Refer to the time activities occur

25
Q

What are the 2 scheduling tools?

A

Gantt charts
Critical path analysis

26
Q

What is the advantage of gantt charts?

A

plan steps and specific timeframe for each task, making it easier to monitor progress

26
Q

What are gantt charts?

A

Outlines what activities needs to be performed and in what order

27
Q

What is critical path analysis?

A

Reveals what task need to be done

28
Q

What is the advantage of critical path analysis/

A

What tasks need to be done and how long and can some tasks be done simultaneousl

29
Q

What is monitoring?

A

Measure actual performance against planned performance.

29
Q

What Are the 6 operation key performance objectives?

A

Quality
Speed
Dependability
Flexibility
Customisation
Cost

29
Q

What is task design?

A

How a task need to be performed by breaking down into steps

30
Q

What is customer service?

A

How well the business exceeds the expectation of customer, helping to build long term relationships

31
Q

What are warranties?

A

Business promise to fix or replace or refund the product

31
Q

How can warranties be used to measure performance?

A

No. of claims made against the business will indicate a problem with the production process

32
Q

What are the steps of developing a new product?

A

1)Market research
2)Product design
3)Prototype testing
4)Product refinement
5)Product, launch

33
Q

What is supply change management

A

Manages the flow of supply through the input, transformation and output process

33
Q

What are the different operation strategies?(5)

A

Supply chain management
Outsourcing
Technology
Inventory management
Quality managemen

34
Q

What is ecommerce?

A

The buying and selling of good and services via the internet

35
Q

What is outsourcing?

A

Is using an external provider to perform a business function

36
Q

What is the advantage of outsourcing?(3)

A

Specialised skill
Reduces labour cost
Allows business to focus on core operations

37
Q

What are the disadvantages of outsourcing?(3)

A

Communication barrier
Cost
Reputation may be hurt if outsourcer has unethical practices

37
Q

What is the advantage of technology?

A

Make the transformation process more effective and efficient
Improves employee productivity

38
Q

What are the disadvantages of technology?

A

can be updated quickly, and business may need to keep up dating

39
Q

What is inventory management?

A

Business maintain efficient and effective control of its stocks

40
Q

What are the advantages of holding stock?(3)

A

Immediate revenue stream
Ready to meet customer demands
Economies of scale

41
Q

What are the dis of holding stock?(2)

A

spoilage/ waste of labour

42
Q

What are the 3 types of quality management?

A

Quality control
Quality assurance
TQM(total quality management

42
Q

What Are The 3 types of inventory valuation?

A

LIFO(last in first out)–> used for products
FIFO(fist in first out)–> perishable items
JIT(just in time )–> minimum stock held

43
Q

What is quality assurance?

A

Identifying defects after it has happens

43
Q

What is quality control?

A

Attempts to prevent defect before manufacturing process

44
Q

What is TQM?

A

Improving the quality of products through satisfying customer need, and continuous improvement

45
Q

How does business manage resistance to change?

A

Be proactive by preparing employees for by support and widespread new

45
Q

What are some things that cost resistance to change?
(2)

A

Costs
Psychological barrier (interia)

45
Q

What is inertia in business?

A

The uncertainty of the unknown

46
Q

What are 3 global factors?

A

Global outsourcing
Economies of scale
Scanning and learning

Buisness (5 decks)

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