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Use Chapter 13 in Glencoe Introduction to Business as a supplement
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Principles of Business, Marketing, andPrinciples of Business, Marketing, and Finance FinanceLesson EightLesson Eight
Principles of Business, Marketing, andPrinciples of Business, Marketing, and Finance FinanceLesson EightLesson Eight
Production, Distribution, and Other Business Production, Distribution, and Other Business OperationsOperations
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Production ActivitiesProduction ActivitiesProduction ActivitiesProduction Activities
• Product ResearchApplied 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 -new product idea is developed into a
product to sell profitably
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Production Planning ProcessProduction Planning ProcessProduction Planning ProcessProduction Planning Process
• Production Resources
-machines, tools, other equipment
• Personnel -employees with necessary
skills
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Inventory ManagementInventory ManagementInventory ManagementInventory Management
• Detailed account of a company’s materials, supplies, and finished products
• Maintains the supply of all resources needed for production and the products produced
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Manufacturing ProceduresManufacturing ProceduresManufacturing ProceduresManufacturing Procedures
• Organizing the work area by type of process or assembly required
• Improving Manufacturing– Need for faster production– Need for increased quality– Need for reduced costs
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Continuous Process Improvement Continuous Process Improvement (CPI)(CPI)
Continuous Process Improvement Continuous Process Improvement (CPI)(CPI)
• Increases the quality of work by reducing errors, inefficiencies, and waste
• Achieves goals by improving the quality of work
• Benchmarks-best practices among all competitors
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Importance of Business OperationImportance of Business OperationImportance of Business OperationImportance of Business Operation
• Determines the Success or Failure of a Business
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Types of Business OperationsTypes of Business Operations
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Tools for Business OperationsTools for Business OperationsTools for Business OperationsTools 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 measurement against which an activity or result is judged
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Using Technology to Manage Using Technology to Manage OperationsOperations
Using Technology to Manage Using Technology to Manage OperationsOperations
• 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 -real-time communications for team members located in
different parts of the world
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Types of BusinessesTypes of BusinessesTypes of BusinessesTypes of Businesses
• Producers– Extractors– Manufacturers
• Intermediaries-sell goods and services of producers to consumers and other businesses
• Service Business-carries out activities that are consumed by its customers
• Contingent Worker-no contract for long-term employment
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Product PlanningProduct PlanningProduct PlanningProduct 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– Packaging-provides protection and security for the product– Guarantee or warranty-builds customer confidence
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Product Planning ProceduresProduct Planning ProceduresProduct Planning ProceduresProduct Planning Procedures
• Idea Development• Idea Screening• Strategy Development• Production and Financial
Planning• Limited Production and Test
Marketing• Full-scale Production
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