Unit 3- BUSINESS FUNCTIONS

Question 1

Product Development Process?

Answer 1

involve the day to day activities needed to create and deliver a product or service. It manages the resources like materials, people, time to produce goods/services efficiently. The goal is to ensure its high quality, reduces waste, and meets consumer demand

Question 2

Production Process?

Answer 2

the entire process of steps involved in producing a product or service from beginning to end
-the goal is to ensure that the final product or service is high quality and it is delivered within a reasonable time that satisfies customers and that makes money for the company
-Input: raw materials, labor, machinery
-Process: Transformation of inputs into final products
-Output: Finished products/services delivered to customers

Question 3

Lean Manufacturing?

Answer 3

focuses on minimizing waste and maximizing productivity like the aim is to improve efficiency and reduce costs and minimize time, materials usage, labour work, overproduction and defects

Question 4

Supply Chain Management 3Cs of Marketing ?

Answer 4

Company, Customer, Competition
Company- understand your strengths and weaknesses
Customer-who are your target customers? Included understanding target demographics, needs and purchasing behavior
Competition- Who are your competitors and how are the succeeding?

Question 5

4Ps of Marketing?

Answer 5

-Product, Price, Place, Promotion
Product- What are you selling? What are the features/benefits? Looking at specifications, materials, packaging amd safety
Price- What is the value of the product? How much are customers willing to pay? What pricing strategies is the business using like penetration pricing, price skimming, etc
Place- Where will the product be sold? Online, in store, direct, indirect
Promotion- involves the communication strategies used to inform potential customers about products.

Question 6

Promotional Strategies?

Answer 6

Traditional- Tv commercials, radio, print
Digital- social media, email, influence marketing ex. Nikes usage of social media to promote new products
Sales- discounts, coupons, and limited time offers ex. Mcdonalds monopoly game
Public Relations (PR)- managing the company’s public image ex. Westjet’s holiday ad

Question 7

Accounting?

Answer 7

involves methodically recording the countless financial transactions that occur in a business every day, allocating them to the correct amount and then interpreting the overall results

Question 8

Balance Sheet?

Answer 8

shows the financial position of the business on a specific date, it is a snapshot
-shows the owner and investors how well the company is using its resources (assets) and how completely it is managing the financial affairs of the business (liabilities and OE)
-called a balance sheet because Assets must equal or balance liabilities and OE

Question 9

Income Statement?

Answer 9

shows the companies revenue and expenses and net profit or net loss over a certain period of time

Question 10

Ethical Responsibility?

Answer 10

the ability to recognize, interpret and act upon multiple principles and values according to the standards within a given field and/or context.

Question 11

Ethical Dilemma?

Answer 11

a type of ethical issue that arises when the available choices and obligations in a specific situation do not allow for an ethical outcome