Production of Goods and Services

Marketing

It involves everything the entrepreneur does to obtain and keep a customer, from conducting market research, developing customer profile, and positioning organizational identity in the market, to selecting marketing strategies, to determining location, and how phones are to be answered and customer complaints are to be handled

Marketing

More than just advertising the fact that the entrepreneur is in the business of producing or providing something

profit

Obviously, the ultimate consideration in such management decisions is _____

idea

Producing a product or service which is new in the market comes from an _____

customer needs and wants, the organizational integration, the goal achievement

THREE COMPONENTS OF MARKETING CONCEPT

Production Management

The efficient utilization of inputs (raw materials, components, labor, capital, energy or power) to produce output (goods and services) at least cost is the work of the _____.

Production

This topic is about the most important function of business, which is the _____.

Production

We can say that _____ is the process of creating or bringing into being the products and services, which the firm delivers and sells to its market.

Productivity of materials

We say that there is an increase of 10% in utilization of materials if a skillful tailor is able to cut 11 suits from a bale of cloth, from which an unskilled tailor can only cut 10.

Land

_____ - includes natural resources such as forests, mountains, and bodies of water like rivers, lakes, and seas.

Labor

_____ - refers to both physical and mental efforts like the works of farmers, fishermen, workers, clerks, lawyers, teachers, and doctors, among others.

Manufacturing overhead

_____ are all other costs incurred in making of the products but do not become part of the product.

Direct materials

_____ are material inputs that become part of the product. Examples include: the cloth used in making ladies' blouses, wood used to make wooden furniture, the leather used in making shoes, and the meat used in the making of ham.

Direct labor

_____ includes the workers whose outputs are closely related to or associated with the making of the product. Using the same example given above, the sewers for the garments industry, the carpenter and the worker who paint the varnish on the furniture, the shoemaker, and the worker who cuts up the meat to make the ham, are all considered direct labor.

Assembly

_____ is putting parts together to form a final product.

Production, Utility, Utility

_____ is the creation of goods and services. Or, it is the creation of _____. _____ means satisfaction. Goods and services are produced to satisfy human wants or needs.

Inspection

_____ makes sure that the operation has been carried out correctly as to quality and quantity.

Production

_____ may be defined as the processing and/or assembling of raw materials by workers using machinery and equipment to produce a product or produce service.

Finishing

_____ may mean painting, varnishing, polishing, trimming, cleaning, and glazing, among others.

Capital

_____ pertains to machines, equipment, buildings, and other physical resources, which are used in the production of goods and services. This is an economic definition. In other concepts, _____ refers to seed money which is utilized for starting a business.

Cost of production

_____ represent the payments for the factors of production. These affect the ability and willingness of entrepreneurs to produce

Production Management

_____ sees to it that resources are effectively utilized to create the product in the right quantity, of the desired quality, and at the right price.

MARKET RESEARCH

a _____ maybe a simple or complex job to do depending on the product and service to be handled

MARKET RESEARCH

conducting markets research is not really that difficult to do though it is time consuming

Entrepreneurial Ability

coordinates the other factors of production such as land, labor, and capital. It is the spirit of enterprise. Without such ability, the other productive resources tend to be inefficient.

The marketing concept

is a customer-oriented philosophy that is implemented and integrated throughout the business, to serve customers better than competitors and achieve specific goals

price

qis the value placed on goods and services offered to the public, qmay be paid in the form of money or it could be paid with other goods and/or services

Operation

represents the main step in a process, method, or procedure where the raw material is changed into something else.

MARKET RESEARCH

will help entrepreneurs discover who wants to buy the product or service

MARKETING PLAN

works as a survival, as well as a preventive tool, keeps the entrepreneur on track when tempted to impulsively dip into a business, or fall into a deadly trap of lowering prices to keep pace with competitors

qQUESTIONNAIRE SURVEY

ØA survey questionnaire it's a basic tool in market research, whether It is conducted by mail, telephone, or personal interview

qEXISTING RESEARCH REPORT

ØIf the business proposition refers to an existing product or services and is deemed to be growing, and hence you are going into such field of business, there must exist information or a subject in the recent years that could be of help to the entrepreneur

qPHANTOM PRODUCTS

ØIt is one of the methods that are often used to obtain market data done by issuing press statement or announcement of a non-existent or prototype product, then, sit back and see who responds

qEXPERTS

ØMuch valuable information can be gained from taking to experts and such parties like trade magazine editors, technical consultants, university researchers and scholars, analysts in investment firms, and trade association staff members

qLIBRARY RESEARCH

ØThe academic and library settings are valuable data providers, particularly those institutions whose library facilities are updated and computerized

qTRADE DECISION MEETINGS AND TRADE SHOWS

ØThe meetings and trade exhibits for expositions sponsored by this group can expose you to various parties and suppliers who can provide vital information

qPUBLISHED MARKET STATISTICS

ØThere are published market statistics for some product lines by trade associations or private market research organizations, which entrepreneurs can simply buy or subscribe to

PROFESSIONAL MARKET SURVEYS

ØThese are large and prestigious research organizations and consulting service companies who publish documents that can be of help to entrepreneurs and prospective business inventors

qMARKETING MIX

Ødefines the position of the business or the product in a marketplace

FAIR PRICING

Øis one that is attractive to potential clienteles or market with reasonable returns for the entrepreneur

qOBJECTIVE

Ømust be specific as to what is there that needs to be accomplished

CHANNEL DISTRIBUTION

Ørefers to the marketing institutions and interrelationships responsible for the physical flow of goods and services from the producer or the manufacturer to consumers or industrial users

qEXECUTION STRATEGIES

Øwill spell out the difference between a well-written business plan and a poorly done one

Productivity of machines

A machine was observed to produce an average of 1,000 pieces of a particular component per hour. Adjustment of the speed of the machine increased its production volume to 1,300 pieces per hour. This means that there is an increase of 300 pieces over the volume previously produced, we can therefore say that the productivity of the equipment has increased by 30% as result of adjusting its speed.

Marketing

An activity that the entrepreneur will be involved in for as long as the business exists

Productivity of labor

If a worker who has usually been producing 40 units of product per day was able to raise his production output to 60 units because of improved work methods, then, the productivity of the worker has increased by 50%

Entrepreneur

In transforming resources into products, the principal actor is the _____.