Module 4 - Operations And Distribution Flashcards

1
Q

What is a prototype?

A

A machine or device which is not yet ready to be made in large numbers and sold

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2
Q

What are the prototyping stages

A
  1. Determining prototype objectives and plan to meet those objectives
  2. Clarity on product features and functionality it wishes to offer
  3. Build a test design
  4. Assess the design
  5. Conclude whether it worked or didn’t
  6. Launch
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3
Q

Possible criteria for evaluation of prototype

A

Functional suitability

Commercial suitability

Process efficiency

Sustainability

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4
Q

Manufacturing, what is it?

A

Process of converting raw materials, components or parts into finished goods that meet customers expectations or specifications

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5
Q

Automation vs Human Labour

Cost

A

Automation cheaper more reliable for consistency (maintenance costs)

Human - high variable costs, better with flexibility

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6
Q

Automation vs human labour

Quality

A

Good where consistency is key

Less cable of consistency - human error / fatigue BUT uniqueness

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7
Q

Automation vs human labour

Flexibility

A

Less flexibility

More flexibility

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8
Q

Do most production processes have a mixture of automated and human inputs?

A

Yes

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9
Q

What is outsourcing

A

Paying a specialist business to manufacture to a specification, under contract

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10
Q

What is offshoring

A

Moving a business activity to another country

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11
Q

Three factors (that we have to know) for Value Chain Analysis (Process Flow) and what are they?

A

Inbound logistics - raw materials, components etc. The form in which they are received, their storage and transit to the production area

Operations - the value adding activity, manufacturing process

Outbound logistics - movement out of production area

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12
Q

What is JIT?

A

JIT

Focuses on responsive, streamlined, small-batch production - ordering parts so they are available just in time for production

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13
Q

Quality Control (QC) definition

A

Checking goods for faults

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14
Q

What is continual improvement

A

Always looking for ways to improve

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15
Q

What is quality when talking about products

A

Fitness for use or conformance to requirements

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16
Q

Grade when talking about products

A

The intended features or technical specification of a product

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17
Q

What are the methods to promote continual improvement (CIP) and quality control (QC)?

A

ISO 9000 series

Lean production

Kaizen costing

Kanban

Catchball

Six Sigma (6)

The Five Whys

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18
Q

What is ISO 9000 series?

A

Leading quality standard in business

A set of quality control standard that help effectively document the elements of their own quality system

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19
Q

What is Lean Manufacturing?

A

A ways businesses identify areas of waste within the business and aims to steadily reduce this waste

It considers Value / Value Stream / Flow / Pull / Perfection

20
Q

Seven forms of waste identified in Lean Production

A

Overproduction

Inventory

Motion

Defects

Over-processing

Waiting

Transporting

21
Q

What is Kaizen costing?

A

Setting targets and budgets

Method of budgeting based on continual improvement in cost performance through small, incremental changes

22
Q

What is Kanban?

A

Manager internal stock production

Notes that signal internally that new stock is required and should be produced (supporting idea stock should be “pulled” downstream)

Stock level triggers stock inflow

23
Q

What is catchball?

A

Promotes shared ownership

Like the conch - thrown to one person at a time

24
Q

What is six Sigma?

A

Aims to improve all processes within a business by identifying and removing the causes of defects

A sigma process is one where 99.99966% of goods are defect free

Requires experts to implement

25
What is the Five Whys?
If there is a problem - ask why it exists five times
26
What is Direct Distribution
Business -> customer
27
Has internet retailing made it easier to perform direct distribution
Yes
28
What is indirect distribution?
Business -> intermediary -> customer
29
Is franchising / licensing a form of intermediary?
Yes
30
What is Perfect Competition in Markets?
No barriers to entry A large number of small buyers and small suppliers Perfect info with buyers knowing how good every alternative is and how much it will cost Homogenous? Switching costs?
31
What is a Monopoly?
A market with one supplier Governments act to prevent monopolies due to the negative effect in competition and consumers
32
What is an Oligopoly?
A market dominated by a small number of suppliers
33
What is Monopolistic Competition?
There are a large number of producers but, unlike perfect competition - products are not seen as homogenous (different Grades) Companies differentiate through branding
34
What is a Monopsony? What does this tend to lead to?
A market where there is only one buyer Concentration of buying power tends to lead to reduced prices
35
What is Market Analysis?
Researching and monitoring of both quantitative and qualitative factors to identify things like market size / competitors / trends
36
Possible strategies for market positioning
Cost leadership Differentiation Focus (think this is types of cost leadership and differentiation)
37
Cost leadership - Market Positioning
The cheapest - appeal to cost-conscious
38
Differentiation - market positioning
To be viewed as the best - differentiate from the rest
39
Focus - market positioning
Niche May be easier to corner market Once niche achieved - could take a differentiation or cost leadership within that niche
40
Market positioning - name of possible strategies to choose from
Porters generic strategies Cost leadership Differentiation Focus
41
How can businesses target different strategic groups?
Market segmentation
42
What is market segmentation?
A way of analysing customer groups based on similarities and differences between them
43
What can market disrupters have?
A transformative effect on markets, the way they operate, the viability of previous business models and thus the profitability of the businesses that applied those old business models
44
How can existing market participants respond to disruptive market entrants?
Commercial retaliation Lobbying government Differentiation Competing directly with disruptors Withdrawing from market - focussing elsewhere
45
Are some large businesses required to report on their CSR policies and related activities and outcomes? Are all large businesses required to?
Yes No
46
What is the ‘Triple Bottom Line’ framework?
Profit People Plant