LESSON 6 Flashcards
Talks about human labor force involved in the manufacture of products.
Manpower
It simply refers to the raw materials necessary in the production of a product.
Materials
Is about manufacturing equipment used in the production of goods or delivery of services.
Machine
Is the process or way of transforming raw materials to finished products.
Method
Has a physical appearance, taste, or chemical content that can hardly be distinguished from that of the other products.
Homogeneous Product
Has dissimilar characteristics, parts, and physical appearance.
Heterogeneous Product
Promotes and explains what a product is and why it’s worth buying. The purpose of this is to provide customers with details around the features and benefits of the product so they’re obliged to buy.
Product Description
Is a duplication of a product as it will be produced, which may contain such details as color, graphics, packaging and directions. Benefits are the reasons why customers will decide to buy the products such as affordability, efficiency or ease of use.
Prototype
Is a method or activities by which a company adds value to an item, with production, marketing, and the provision of after-sales service.
Value Chain
Is a structure of organizations, people, activities, data, and resources involved in moving a product or service from supplier to customer.
Supply Chain
Describes the factors of how an organization creates, delivers, and captures value in economic, social, cultural or other contexts.
Business Model
This part discusses what is the business plan all about.
Introduction
Is part of the business plan which is the first to be presented but the last to be made.
Executive Summary
Shows how you will manage your business and the people you need to help you in your operations.
Management Section
Shows the design of your product/service; pricing, where you will sell and how you will introduce your product/service to your market.
Marketing Section
