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Business Acumen > Module 4 > Flashcards

Module 4 Flashcards

1
Q

When may prototyping take place?

A

Before a startup is launched as part of screening

By an existing company preparing to launch other products

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2
Q

Will a prototype be the exact same?

A

No it may differ
Diff materials and manufacturing processes may be used
Elements that are deemed irrelevant may differ, e.g. colour, branding

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3
Q

what are the stages of prototyping?

A
  1. Determine objectives and develop plan and assessment criteria
  2. build a test design
  3. asses the design
  4. conclude whether design is adequate. if yes step 5 if no step 2.
  5. ready to launch
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4
Q

What are the cost of human labour vs automation?

A

automation has high fixed costs

human labour has high variable costs

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5
Q

What is the difference in manufacturing quality between human labour and automation?

A

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

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6
Q

What is the difference in manufacturing flexibility between human labour and automation?

A

Automation is not normally effective at dealing with non-routine situations
Skilled humans capable of more flexibility

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7
Q

what is outsourcing?

A

Paying a specialist business to manufacture to a specification, under contract.
advantages- economies of scale, expertise
disadvantages - dependent

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8
Q

What is offshoring?

A

moving a business activity to another country
advantages - local skill pools, tax adv, cheaper labour
disadvantages -exploitative?

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9
Q

What is value chain analysis?

A

Inbound logistics, operations, outbound logistics

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10
Q

What is inbound logistics?

A

processes prior to the manufacturing process

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11
Q

What is operations

A

primary value adding activity - manufacturing process

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12
Q

What is outbid logistics?

A

processes subsequent to manufactring processes

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13
Q

What is a continual improvement process?

A

Ongoing improvement of products, services or processes through incremental and breakthrough improvements

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14
Q

What is quality control?

A

planned and systematic activities implemented within the quality system that can be demonstrated to provide confidence that a product or service will fulfil requirements

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15
Q

What is quality?

A

fitness for use or conformance to requirements

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16
Q

What is grade?

A

describes the intended features or technical specification of a product

17
Q

What is the ISO 9000 series

A

quality control standards
can get certification which may be important to some businesses as it can be a consideration in some buyers procurement processes

18
Q

What is lean manufacturing?

A

identifies areas of waste (activity that does not create value)

19
Q

What id value chain analysis?

A

lean tool- value, value stream, flow, pull, perfection

20
Q

What are the seven forms of waste?

A 
Overproduction 
Inventory
Motion
Defects
Over-processing 
Waiting 
Transporting
21
Q

What is Kaizen costing?

A

setting targets and budgets

22
Q

What is Kanban?

A

manages internal stock production by signalling that new stock is required and should be produced

23
Q

What is Catchball?

A

one person takes responsibility for analysing and proposing improvements then passed on to the next person

24
Q

What is six sigma?

A

3.4 defects per million

25
Q

What is The five whys?

A

ask why five times

26
Q

What are the market positioning strategies?

A

Cost leadership
Differentiation
Focus

27
Q

What is strategic group analysis?

A

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

28
Q

How may existing participants respond to market disruption?

A

-commercial retaliation
-lobbying govt
differentiation
-compete
-withdraw from market

29
Q

Why would a company have a corporate social responsibility policy?

A

by choice

30
Q

What are the three bottom lines when evaluating success?

A

Profit, People, Planet

Business Acumen (6 decks)

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