Manufacturing/Service
Example of a manufacturing business
boeing
answers will vary
sell a low cost base product, profit from add ons consumables
razor and blades
goal of operations
Transform inputs (materials, labor, technology) into outputs (goods/services).
true/false - operations is part of supply chain, focusing on the internal aspects of the business
true
how many elements are on the business canvas
9:
Value Proposition
Customer Segments
Channels
Customer Relationships
Revenue Streams
Key Resources
Key Partners
Key Activities
Cost Structure
Manufacturing - what type of outcomes does this type of company produce
tangible goods - measurable productivity, focus on inventory & logistics
free basic version, charge for premium features
freemium
core functions of OM
Designing processes
Managing quality
Forecasting demand
Inventory and supply chain management
Continuous improvement
what are the components of supply chain
Planning: Forecasting demand and planning overall supply chain strategy.
Sourcing: Procurement and managing relationships with external suppliers.
Manufacturing: Overseeing the internal production process (which is where operations management fits in).
Delivery: Logistics and transportation to get products to customers.
Returns: Managing reverse logistics and product returns.
what is value proposition
The reason why customers turn to one company over another company. It should solve a customer problem and satisfy a need.
in a service business, what does OM focus on
customer interaction & consistent quality
recurring access fess
subscription
Role of Operations in Business Strategy
OM links strategy with execution
Cost leadership: efficient production
Differentiation: unique services/products
Flexibility: adapting to market changes
Sustainability & innovation
contributions of supply chain
Optimizes the end-to-end process, ensures a smooth flow of products, minimizes costs across the entire network, and prioritizes customer satisfaction by having products available when and where they are needed.
who/what are key partners
The external companies or suppliers that are needed to perform key activities and deliver value to customers.
examples of a service business
hotels, Starbucks, Cleveland clinic
answers will vary
customer pay fixed/hourly for expertise
consulting
does Operation management focus on internal or external or both aspects of the business
internal only
does supply chain management focus on intern, external or both aspects of the business
both, from start to finish - operations is a part of the process
what do key activities generate
value, distribution, customer relationships, and revenue.
service business - what type of outcomes does this type of company produce
intangible goods - high customer interaction, quality harder to measure.
connecting buyers and sellers via a platform
marketplace/platform
why is operations management important
Ensures cost-effectiveness, quality, and customer satisfaction.
what is the focus of supply chain
entire flow or goods and services, raw materials to customer
explain customer segments
Different groups of people or organizations that an enterprise wishes to reach and serve.