Periodical Exam Flashcards
are “the final product to be sold to target customers.”
Output
can be described as the “best friend” of manpower in producing goods and offering service
Machines
the process of finding out if the intended primary target market will be buying the product or availing the service
Validation of the Market acceptability
“Developing a Great Business Model” on the Entrepreneur website, the entrepreneur must adapt the dynamics of
traffic lights in developing the business model.
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According to Don Daebelak
refers to a high value asset that is submitted by the business tothebank when applying for a loan and will be subject for repossession if the
business defaults.
Collateral
the materials or ingredients to be used in creating the product.
Inputs
the output of sale wherein the sale price exceeds the cost to produce the product.
Profit
refer to the day-to-day activities, including manufacturing, services, logistics, and inventory management
Methods
the process of bringing products or services to customers.
Distribution
is composed of three elements: (1) assets, (2) liabilities, and(3)
owner’s equity or capital. Assets represent the business that are expected to have future economic value
Balance sheet
to be used in creating a product or performing a service, which include supply chain management.
Materials
generally summarizes the terms and conditions of the candidate’s employment with the business.
Job offer
refers to the value reduction of the noncurrent asset primarily
due to natural wear and tear and other value-reducing factors.
Depreciation
the funds allocated by the entrepreneur to run business.
Capital
a separate entity and should not be mixed with the personal
finances of the entrepreneur.
Business
One of the most difficult parts of the business plan
financial plan
a crucial concept in business management. It provides a structured approach for analyzing and optimizing various aspects of a business.
4M’s Framework
efers to the human resources within a business. It involves
understanding the skills, knowledge, and capabilities of your workforce. A successful business ensures that it has the right people in the right roles, with adequate training and development opportunities.
Manpower
encompass the processes and procedures used to carry out
business operations. Efficient and effective methods are essential for productivity and quality. Evaluate your business processes regularly, identify bottlenecks, and seek ways to streamline operations.
Methods
involve the resources needed for production or service delivery. This includes raw materials, supplies, and equipment.
Materials
vital for business success. Analyze your target
audience, competition, and industry trends. Develop a comprehensive marketing strategy to reach your audience effectively. Regularly assess and adapt your approach based on market changes. Customer feedback and market research are valuable tools for staying relevant in a dynamic business environment.
Market
Integration of the 4M’s:
The strength of the 4M’s Framework lies in the interconnectedness of its elements. For example, a well-trained workforce (Manpower) might leadtoimproved production processes (Methods), resulting in high-quality products. This, coupled with strategic marketing (Market), enhances the overall
business performance.
Case Study: Applying the 4M’s Framework:
Consider a manufacturing company that identifies a decline in product quality. By using the 4M’s Framework, the company might discover that the issuestems from outdated machinery (Materials) and lack of employee training(Manpower). Updating equipment and providing training can lead to improvedproduction processes (Methods), ultimately enhancing the product’s qualityand market competitiveness.
a powerful tool for analyzing and optimizing various facets of a business.
4M’s Framework
