Entrep Exam

• Supply Chain Management Systems

  Automate the flow of information among members of the supply chain so that they can use it to make better decision about when and how much to purchase, produce, or ship.
• Supply Chain

  A structure of organizations, people, activities, data, and resources involved a product or service from supplier to customer.
• 4M's of Operation

  • Manpower
  • Method
  • Machine
  • Material
• Production system


  • Input
  • Transformation of production process
  • Output
• Input

  • Manpower
  • Materials
  • Machine
  • Design
  • Instructions
• Production process


  Stage of production where the materials are transformed into the final product with the aid of manpower and machine
• Output


  Final product from the production process and distributed to the customers
• Manpower


  • Human labor force involved in the manufacture of products
  • Most serious and main factor of production
  • Entrepreneur must determine, attain and match the most competent and skilled employees with the jobs at the most appropriate time period
  • Educational qualifications and experience, status of employment, number of workers required skills and expertise required for the job are some of the manpower criteria that must be highly considered by the entrepreneur
• Materials


  • Raw materials necessary in the production of a product
  • Form part of the finished product
  • Entrepreneur may consider cost, quality, availability, credibility of suppliers and waste that the raw materials may produce
• Machine


  • Manufacturing equipment used in the production of goods or delivery of services
  • Entrepreneur may consider types of products to be produced, production system to be adopted, cost of the equipment, capacity of the equipment, availability of spare parts in the local market, efficiency of the equipment and the skills required in running the equipment
• Method


  • Process or way of transforming raw materials to finished products
  • Selection of the method of production is dependent on product to produce, mode of production, manufacturing equipment to use and required skills to do the work
• Product


  • Physical output of the whole production process
  • Should be valuable and beneficial to the consumers and should satisfy their basic needs and wants
• Types of products

  • Heterogeneous product
  • Homogeneous product
• Heterogeneous product


  • Has dissimilar characteristics, parts, and physical appearance
  • Can be easily identified from other products
• Homogeneous product


  Has a physical appearance, taste, or chemical content that can hardly be distinguished from that of the other products
• Product description


  • Promotes and explains what a product is and why it's worth buying
  • Provides customers with details around the features and benefits of the product so they're obliged to buy
• Effective product description


  • Know your target market
  • Focus on the product benefits
  • Tell the full story
  • Use natural language and tone
  • Use power words to sell
  • Use good images
• Prototype


  Duplication of the product as it will produced, which may contain detail as color, graphics, packaging and directions
• Supplier


  • Business partner
  • Vital role in manufacturing venture
  • Entrepreneur must choose a potential supplier who has loyalty and values the partnership
  • Supplier who would lead to the fulfillment of business objectives, mission and vision
• Tax Schedule effective January 01, 2023 onwards

  • Not over 250,000: 0%
  • Over 250,000 but not over 400,000: 15% of the excess