Managing for Business Success
Planning, organizing, leading, and controlling.
What are the four functions of management?
The main goal of operations management in both manufacturing and services.
What is to efficiently produce quality goods or services?
The practice of selling goods or services to foreign customers.
What is exporting?
Product, price, place, and promotion.
What are the four Ps of the marketing mix?
This framework helps businesses visualize and analyze key components like customer segments, value propositions, and revenue streams.
What is the Business Model Canvas?
Assessing strengths, weaknesses, opportunities, and threats.
What is a SWOT analysis?
Goods made to meet individual customer specifications.
What is the make-to-order strategy?
When a country can produce a product at a lower opportunity cost than another country.
What is a comparative advantage?
The process of dividing a market into segments of customers with similar characteristics.
What is market segmentation?
The part of the BMC that explains how a business creates value for customers and differentiates itself from competitors.
What is a Value Proposition?
Breaking tasks into smaller jobs and assigning them to workers.
What is specialization?
Two common approaches to controlling inventory in manufacturing.
What are just-in-time (JIT) production and material requirements planning (MRP)?
The difference between the value of a country’s exports and imports.
What is the balance of trade?
A word or symbol that differentiates a product, versus a legally protected symbol.
What is the difference between a brand and a trademark?
To understand this building block, businesses must consider how they plan to acquire, retain, and grow their customer base.
What are Customer Relationships?
A planning process that outlines actions to take if an original plan fails.
What is contingency planning?
An assembly-line layout for producing goods.
What is a product layout?
Three common ways a company can expand into international markets.
What are exporting, licensing, and franchising?
A pricing strategy that sets a high initial price to maximize profits before competitors enter the market.
What is price skimming?
This section of the BMC asks how your business will actually deliver its product or service to the target market, highlighting partnerships, resources, and processes.
What are Channels?
Achieving goals as fully as possible.
What is effectiveness?
A system that integrates operations, from design to distribution, to streamline production.
What is computer-integrated manufacturing (CIM)?
Companies that set up production facilities in foreign countries.
What are multinational corporations (MNCs)?
The way design and information influence consumer buying decisions.
What is packaging?
Often seen as the most critical part of the BMC, this element determines whether the business’s revenue model aligns with its customers’ needs and the cost structure.
What are Revenue Streams?