2nd Quarter

• management is the act or skill of controlling and making decision for a business
• Operations Management (OM) is the administration of business practices to create highest level of efficiency within an organization
• 4M's of production

  methods

  manpower

  machine

  materials
• manpower

  is the power exerted by humans or the physical effort of human beings; it is the number of people available for employment
• machines

  are equipment with moving parts that do works when it is powered by electricity or gasoline
• materials

  are any raw supply that is made of matter (solid, liquid, gas)
• methods

  are the step-by-step procedure, a careful and organized plans that controls how something is done
• Quality of material – using of different quantity or quality of material can affect the end results of your product and cause you a loss in capital or low returned of investment
• Unique - It clearly sets you apart from your competition, positioning you the more logical choice.
• Selling - It persuades another to exchange money for a product or service.
• Proposition - It is a proposal or offer suggested for acceptance.
• Unique selling point or Unique selling proposition is the unique benefit of the company and uses it to sell its services and products
• The value proposition is usually a block of text (a headline, sub-headline and one paragraph of text) with a visual (photo, hero shot, graphics).
• Headline. What is the end-benefit of the products and services you’re offering? In 1 short sentence. You can mention the product and/or the customer. It should be an attention grabber.
• Sub-headline or a 2-3 sentence paragraph. A specific explanation of what you do/offer, for whom and why is it useful/beneficial
• Visual. Images communicate much faster than words. Show the product, the hero shot or an image reinforcing your main message.
• to do USP you might want to consider the following

  1. audience
  2. problem
  3. uniqueness
• the company's USP will guide its marketing strategy
• A cost is all the money that is spent to manufacture a product or to provide a service.
• The costs to make a product are usually composed of fixed costs/expense and variable costs/expense
• ❖ Fixed costs are costs that are not dependent on the level of production or sales, such as monthly salaries, taxes, mortgage payments or the monthly rent or basic plant maintenance costs.
• ❖ Variable costs are costs that change in proportion to the activity of a business. Examples: ingredients, packaging, freight, water & electricity used to run the production equipment
• Fixed costs are expenses that remain the same no matter how much a company produces, such as rent, property tax, insurance, and depreciation
• Variable costs are any expenses that change based on how much a company produces and sells, such as labor, utility expenses, commissions, and raw materials
• ❖The total costs of a product or services are the sum of the variable and fixed costs