Final M1 Flashcards
Interrelated activities for business
Operations
It refers to the process of manufacturing a product or producing a service to be offered to target customers.
Productions
is a form of product that consists of human-related activities, benefits, and satisfactions (medical treatments, teaching/tutoring, beauty salons, restaurants, health gyms, yoga sessions, website design, car wash, banking services, retail shops) that are offered for sale and do not result in the buyer’s ownership of the commodity.
Service
The market offering may come in these three forms:
(a) pure tangible goods in which no services accompany the product, such as toys, soaps, jewelries;
b) pure services in which what is being sold is primarily the service, such as legal advice, medical services, accounting services, and
(c) goods-and-services combinations that are commonly found in automotive dealers, hotels and restaurants, computer shops, beauty or hair grooming salons, and musical instruments stores.
in which no services accompany the product, such as toys, soaps, jewelries
Pure tangible goods
in which what is being sold is primarily the service, such as legal advice, medical services, accounting services
Pure services
that are commonly found in automotive dealers, hotels and restaurants, computer shops, beauty or hair grooming salons, and musical instruments stores.
Goods-and-services combinations
refers to sourcing the supplies and materials required for production or service delivery, including the proper handling and storage of the inventory goods. It pertains to the methods for identifying and choosing the sources of supplies and materials needed for manufacturing the product or performing the service for the customer. The supplies needed may be in the form of tangible and intangible materials.
Procurement
materials for procurement purposes are the physical goods, equipment, and tools needed for production or service delivery. They require spaces for storage, warehousing, and inventory sorting and inspection.
Tangible
that need to be procured may require software providers (eg., enterprise resource planning or ERP software, customer relationship management or CRM software), digital communications systems (internet provider, cable links, social media advertising), virtual communications and learning management systems, and consulting services that may help in the production process or service delivery (e.g., lean management system training, ISO certification).
Intangible materials
pertains to the physical transport or flow of materials and communications involved in reaching the target customers. Delivering your product or service to the end-consumer may involve the use of marketing channels or intermediaries in selling.
Distribution
the basic elements of the 4 Ms:
Methods, machine, materials, and manpower.
refer to the clear, detailed, and well-organized procedures or systems involved in production, procurement, and distribution. Production methods include the step-by-step procedures in making your product or service, which you have carefully studied before doing them. The internet offers a rich source of information that could serve as guide in creating your product or service, including the technologies used. At the outset, the proper system and procedures for production, inventory, and distribution must be clearly and correctly identified.
Methods
are the required equipment and physical facilities that you need to make your product or create your service. You need to identify those _____ and equipment and also know how to use them properly for safety reasons and also to avoid spillage and wastage.
Machines
pertain to all supplies and _____ necessary to produce your product or perform your service. If you are creating a food product, you need to identify and procure all the ingredients required. If your business involves providing a service, you also need to identify and gather all the _____ required to effectively perform the service, knowing that customers put high emphasis on the intangible qualities of your service.
Materials
