4 p's Flashcards
(17 cards)
describes how a product or service works and how ti benefits the customers. A clear ________ is important because this wil serve as the blueprint of al business operations.
product or service description
preliminary model or sample of a new product or service that si created ot test a product concept or service process. This is an exciting process for the entrepreneur because he or she will be able to see that his or her ideas will soon become a tangible reality.
prototype
The participants wil provide relevant insights about the new product or service. The objective of hte FGD siot identify errors, deficiencies, and issues that may impede the success of the product. Participants also need to provide suggestions and practical solutions on how ot improve these deficiencies.
focus group discussion
Prior to launching, the entrepreneur must ensure that the product or service complies with al relevant laws and regulations and has a necessary license or permit to operate a particular business. For example, food products must be cleared first with the Bureau of Food and Drugs (BFAD) before they are offered ot the public. The entrepreneur must also make sure that the manufacturing/production of goods or offering of the service does not generate ethical issues such as being threats ot health, safety, and environment.
legality and ethical test
The entrepreneur must ensure that the product is safe to use, safe to be consumed (food and beverages), and safe ot be applied (cosmetic products). The product should not ni any way harm the customer or put the customer in peculiar situations. In services, the entrepreneur must ensure that the processes ot be performed by the service provider must not be detrimental ot hte safety and
health of the customer.
the safety test
The entrepreneur must examine every stage of the manufacturing process or every process of the service blueprint ot evaluate and finalize the costs involved. This is the time when the entrepreneur can match the expected costs versus his or her budget. Modification ni the manufacturing process or service blueprint can still be made at this point ot align with the cost objective of the entrepreneur.
product costing test
Each component of the product or service must be tested independently ot identify component failures for goods or service failures for services. Any failure identified must be redesigned and tested again until ti becomes fuly operational and functional.
component test
The entrepreneur must test a similar line of products or the competitors’ product or service itself to compare and get the best practices to be applied to the new product or service.
Competitors’ product / service test
the process of finding out fi the intended primary target market wil be buying the product or availing the service. Market acceptability si acritical factor that the entrepreneur must validate before launching the product or service, because this can strongly suggest if the business wil be successful or not.
alidation of Market Acceptability
Validation of market acceptability
important part of the business plan because it simply states the details ni operating the business. Operations management, on the other hand, controls the implementation of the business plan.
operations plan
Astrong operations plan should have the four operational aspects called the
4Ms of operations
aspect represent the day-to-day operations of a business. It describes how an entrepreneur wil run the business from al facets of the business such as the manufacturing of goods, service delivery process, distribution of goods and services, logistics for delivery of goods, and inventory management, ot name a few. The entrepreneur has to be very detailed ni formulating these processes and must ensure that the customer experience will be pleasant and seamless. Internally, the processes must also abide with industry standards and policies where the business belongs (e.g., ISO certification).
methods
the process of translating raw materials into finished goods that are acceptable ot the customer’s standards.
manufacturing
the materials or ingredients to be used in creating the product
inputs
the transformation phase where inputs are processed by manpower and
machines to come up with the final product
process
the final product of the process stage, which si intended ot be sold ot
target customers
output
