Operations
Operations objectives
QF - CCoDeS
Quality, Flexibility, Customisation, Cost, Dependability, Speed
Finance Objectives
LPEGS
Liquidity, profitability, efficiency, growth, solvency
Marketing objectives
Market share
Sales revenue
Brand awareness
Name and outline the two aspects of Competitive Advantage
Cost leadership - the lowest production costs in the industry
Product Differentiation - something different about a business's product which gives an edge over competitors
Differentiate between debt and equity
Debt - funds borrowed from a bank or other investor, which must be repaid with interest
Equity - funds contributed by owners or investors which confers ownership of the business
Distinguish between primary and secondary data
primary data - facts and figured collected from primary sources for a specific marketing problem
secondary data - information which has been collected by some other entity for another purpose
Distinguish between quality control and quality assurance
QC -
nvolves the use of inspections at various points in the production process to check for problems and defects. Reactive
QA -
Involves the use of a system to ensure that set standards are achieved in production. Proactive
State the accounting equation
A=L+OE
Mr Beast is an example of this marketing strategy
Opinion leader
Outline the 3 aspects of supply chain management
State how COGS is calculated
Opening stock + purchases - closing stock
State the 3 physical distribution issues
transport
warehousing
inventory management
Provide one advantage and one disadvantage of holding stock
Reduces lead times between order and delivery
the cost of obsolescence, which can occur if stock remains unsold
State the financial objectives impacted by the use of leasing as a source of finance
Liquidity
Growth
Efficiency
State the benefits to the retailer of branding
Benefits from brand marketing support
attracts customers