Principles of Business, Marketing, and
Finance
Principles of Business, Marketing, and
Finance
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Production Activities
Production Activities
•
Product Research
Applied Research
-studies existing products to develop
design improvements or new product
uses
Pure Research
-research done without a specific
product in mind with the goal of
discovering new solutions to problems
Product Design
Production Planning Process
Production Planning Process
•
Production Resources
-machines, tools, other
equipment
•
Personnel
Inventory Management
Inventory Management
•
Detailed account of a
company’s materials,
supplies, and finished
products
•
Maintains the supply of
Manufacturing Procedures
Manufacturing Procedures
•
Organizing the work area
by type of process or
assembly required
•
Improving Manufacturing
–
Need for faster production
–
Need for increased quality
Continuous Process Improvement
(CPI)
Continuous Process Improvement
(CPI)
•
Increases the quality of
work by reducing errors,
inefficiencies, and waste
•
Achieves goals by
improving the quality of
work
•
Benchmarks-best practices
Importance of Business Operation
Importance of Business Operation
•
Determines the
Facilities Management
Just-in-Time
Scheduling
Safety &
Logistics
Information Management
Tools for Business Operations
Tools for Business Operations
•
Operational Plan
–
How work will be done
–
Who will do the work
–
What resources will be
needed
•
Schedule
-time plan for
completing activities
•
Standard
-
specific
Using Technology to Manage
Operations
Using Technology to Manage
Operations
•
More accurate decision making and planning
•
Easier to access and exchange information
•
Supply chain management
-technology allows companies to share ordering,
production, shipping information, etc.
•
Collaboration software
Types of Businesses
Types of Businesses
•
Producers
–
Extractors
–
Manufacturers
•
Intermediaries
-sell goods and
services of producers to
consumers and other businesses
•
Service Business
-carries out
Product Planning
Product Planning
•
Product-everything a business offers to satisfy a
customer’s needs
–
Basic product
–
Product features-additions and improvements to the basic
product
–
Options-customers are offered choices of features
–
Brand name-unique identification
Product Planning Procedures
Product Planning Procedures
•
Idea Development
•
Idea Screening
•
Strategy Development
•
Production and Financial
Planning
•
Limited Production and Test
