entrep unit 10

• the 4 Ms of operation

  1. method
  2. machine
  3. materials
  4. manpower
• Method: refers to the process that is strictly followed in the manufacturing of a business product
• manufacturing: the transformation of raw materials into a finished product
• 3 elements of manufacturing

  1. input
  2. process
  3. output
• Manufacturing site operations

  1. home based
  2. commercial space for rent
  3. commercial space purchase
• major functioning layouts

  1. product focused
  2. process based
• Machine: refers to the tools, facilities, and systems that are used to produce product
• Information and communication technology: some businesses use the following information and communication technology equipment to better serve their customers.

  1. landline phones
  2. mobile phones
  3. computers
  4. Point of sales machine (POS)
  5. accounting and inventory software
  6. website
• Materials:refer to the raw items that are used in creating a product or performing a service
• materials requisition options:

  1. manufacturing of own materials
  2. outsourcing
  3. purchasing own products from present supplier
• Pricing methods

  1. cost-oriented pricing
  2. competition-oriented pricing
  3. demand-oriented pricing
• manpower: refers to human resources who will handle business operations
• qualification standard:

  1. manpower
  2. experience
  3. academics
• product description: is a declaration of information about a product.
• Product features: are the characteristics of the product that describe its appearance and capabilities.
• Guide in writing a product description:

  1. identify the character persona
  2. create a list of features and benefits
  3. define the tone of voice
  4. create a scannable format
  5. write the first draft
  6. edit the draft to boost persuasiveness
• Product satisfying features:

  1. design
  2. product quality
  3. product color
  4. product warranty
• prototype: is a working model of entrepreneurial ideas for a new product
• types of prototype:

  1. functional prototype
  2. display prototype
  3. miniature
  4. throwaway prototype
  5. Evolutionary prototype
• Steps in building the products prototype:

  1. create a concept sketch
  2. develop a virtual prototype
  3. build a physical prototype
  4. apply for a patent
  5. locate manufacturer
• product testing: is the process of examining the original model of the product, which will be the basis of the actual products
• methods of evaluation:

  1. planning
  2. running sessions
  3. output
• services: intangible products performed to satisfy a need or to fulfill a demand.
• characteristics of services(The five I's of services)

  1. intagibility
  2. inventory
  3. inseperability
  4. inconsistency
  5. involvement
• label: is a piece of printed information about the products features and attributes
• Types of label

  1. brand label
  2. descriptive label
  3. grade label
• Label development process:

  1. initial design
  2. consumer test
  3. final design
  4. proofs
  5. delivery and quality checking
• raw materials/ feedstock: refers to the unprocessed materials used in primary production or manufacturing of goods.
• supply chain: is a connected network od individuals, organizations, and activities that produces and distributes a specific product tto the final consumer.
• Supply chain management: refers to the management of the flow of goods, services including all process transforming raw materials into finished products.
• Supply chain process:

  1. customer relationship management
  2. customer service management
  3. demand management
  4. order fulfillment
  5. manufacturing flow management
  6. supplier relationship management
  7. product development and commercialization
  8. returns management
• logistics: refers to the process of planning and implementing efficient transportation and storage goods from the point of origin to the point of consumption
• value chain: is a step by step activity needed to create a product or service.
• michael porters value chain: creates a general-purpose value chain that a business may use to examine all the activities involved in creating value for its customers
• primary activities (michael porters)

  1. inbound logistics
  2. operations
  3. outbound logistics
  4. marketing and sales
  5. service
• Support activities (michael porter)

  1. procurement
  2. human resources management
  3. technological development
  4. Infrastructure
• recruitment: the process of finding and enticing potential applicants to fill in the vacant positions in an organization.
• recruitment process: the system of identifying the job vacancy, analyzing the job requirement process, where all vacant positions are analyzed and described
• job description: includes information that is useful to adverise a specific job and attract a pool of applicants.
• job specification: is a statement indicating the educational qualifications, qualities, work experience and physical, technical and communication skills required to perform a job