Module 4 Flashcards
When may prototyping take place?
Before a startup is launched as part of screening
By an existing company preparing to launch other products
Will a prototype be the exact same?
No it may differ
Diff materials and manufacturing processes may be used
Elements that are deemed irrelevant may differ, e.g. colour, branding
what are the stages of prototyping?
- Determine objectives and develop plan and assessment criteria
- build a test design
- asses the design
- conclude whether design is adequate. if yes step 5 if no step 2.
- ready to launch
What are the cost of human labour vs automation?
automation has high fixed costs
human labour has high variable costs
What is the difference in manufacturing quality between human labour and automation?
automation higher quality in processes where consistency is key
human labour higher quality in complex tasks but poor in consistency die to human error, fatigue
What is the difference in manufacturing flexibility between human labour and automation?
Automation is not normally effective at dealing with non-routine situations
Skilled humans capable of more flexibility
what is outsourcing?
Paying a specialist business to manufacture to a specification, under contract.
advantages- economies of scale, expertise
disadvantages - dependent
What is offshoring?
moving a business activity to another country
advantages - local skill pools, tax adv, cheaper labour
disadvantages -exploitative?
What is value chain analysis?
Inbound logistics, operations, outbound logistics
What is inbound logistics?
processes prior to the manufacturing process
What is operations
primary value adding activity - manufacturing process
What is outbid logistics?
processes subsequent to manufactring processes
What is a continual improvement process?
Ongoing improvement of products, services or processes through incremental and breakthrough improvements
What is quality control?
planned and systematic activities implemented within the quality system that can be demonstrated to provide confidence that a product or service will fulfil requirements
What is quality?
fitness for use or conformance to requirements
What is grade?
describes the intended features or technical specification of a product
What is the ISO 9000 series
quality control standards
can get certification which may be important to some businesses as it can be a consideration in some buyers procurement processes
What is lean manufacturing?
identifies areas of waste (activity that does not create value)
What id value chain analysis?
lean tool- value, value stream, flow, pull, perfection
What are the seven forms of waste?
Overproduction Inventory Motion Defects Over-processing Waiting Transporting
What is Kaizen costing?
setting targets and budgets
What is Kanban?
manages internal stock production by signalling that new stock is required and should be produced
What is Catchball?
one person takes responsibility for analysing and proposing improvements then passed on to the next person
What is six sigma?
3.4 defects per million
What is The five whys?
ask why five times
What are the market positioning strategies?
Cost leadership
Differentiation
Focus
What is strategic group analysis?
Analysing suppliers, thus patterns of competition, by looking at industries and thinking about factors such as
- geography
- strategy
- product range
- distribution channels
- price and differentiation
Strategic group analysis can also be used to identify future moves by other businesses
How may existing participants respond to market disruption?
-commercial retaliation
-lobbying govt
differentiation
-compete
-withdraw from market
Why would a company have a corporate social responsibility policy?
by choice
What are the three bottom lines when evaluating success?
Profit, People, Planet
