Flashcards
7.3
Cards in this deck (18)
- 1What are 3 main aspects of operations data?1. Productivity
2. Quality
3. Capacity Utilisation - 2How can you analyse productivity?A highly productive business will use fewer inputs to produce a unit of output.
Fewer inputs mean lower unit costs.
Lower unit costs give a competitive advantage. - 3How can you analyse quality?- Measures customer satisfaction
- Measures customer loyalty through the number of repeat customers
- Measures operational performance through number of faulty products - 4How can you analyse capacity utilisation?Measures the extent to which a business uses the resources available
Existing output is compared to maximum possible output
Helps keep unit costs low so business can sell at lower prices - 5What are 2 measures of HR data?1. Financial measures
2. Non financial measures - 6What are financial measures of HR data?- Provides data that is readily comparable
- Labour cost per unit including wages and labour productivity - 7What are non financial measures of HR data?- Absenteeism can show a workforce's motivation and engagement
- High labour turnover means additional costs to recruit and train new staff, and a decline in productivity
- Health and safety determine whether a business is good to work for - 8What marketing data can you analyse?- Historic data on specific markets
e.g. company shares, growth rates
- Key factors of change in the market
e.g. new entries, new products
- Data on issues affecting consumer behaviour
e.g. online reviews on social media - 9When is data only useful?When compared with other businesses, or own business' past data over time.
(gives data context) - 10What is a business' core competencies?The unique abilities a business has that provides it with a competitive advantage.
- 11What must core competencies be?Highly desirable but difficult to acquire
- 12Why are core competencies important?- Gives a competitive advantage
(can lead to increase in market power)
- If a business can match core competencies with market opportunities, they can create more new businesses - 13What are criticisms of core competencies?- It can be out of date and doesn't help meet customers' evolving demands
- Outsourcing makes the workforce become more fragmented - 14Why would businesses outsource in relation to their core competencies?When an organisation uses a separate business to complete part of its work.
Businesses outsource non-core activities to streamline operations and focus on competencies. - 15What are Apple's core competencies?- Viral marketing (social media)
- Innovation
- Product differentiation
- Customer service + support
(customer loyalty) - 16What are two different measures of assessing overall business performance?1. Kaplan and Norton's Balanced Scorecard
2. Elkington's Triple Bottom Line - 17What is Kaplan and Norton's Balanced Scorecard?- Plans a business' activities in relation to its vision
1. FINANCE
(RoCE, Gearing)
2. INTERNAL BUSINESS PROCESS
(Efficiency - JIT and capacity utilisation)
3. LEARNING AND GROWTH
(training)
4. CUSTOMER
(customer service, customer satisfaction) - 18What is Elkington's Triple Bottom Line?- Looks at PROFIT, PEOPLE, PLANET.
- Encourages sustainability
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- Flashcards on 7.3, created by Kayleigh Yip on 18/06/2017.
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- Kayleigh Yip
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