Flashcards
Operations
Flashcards do conjunto (9)
- 1Cost LeadershipOperations strategy - involves being the cheapest producer of a product in the market - means you can either undersell your competitors or sell for the same price and make increased profits. eg. Air Asia
- 2Product Differentiation (Good/service Differentiation)Operations Strategy - to have different features to your competitors to create a competitive advantage.
- 3Economies of ScaleWhen mass producing, a business can buy inputs cheaper 'in bulk'. The more outputs the business produces, the larger volume of inputs they can purchase. This will bring their overall costs of production down.
- 4TransformationAny changes to inputs that adds value and converts them to outputs.
- 5InputsThe raw materials, components and parts used to produce a good or supply a service.
- 6OutputsWhat is made or supplied by the operations process.
The product the business will on-sell to customers. - 7ProductivityA measure of how efficiently goods and services are produced.
It is usually measured in terms of output per labour hour. - 8Competitive AdvantageThe use of specific strategies to gain an advantage over competitors.
Could be based on cost of production, quality, unique product features etc. - 9EfficiencyAchieving maximum output with the minimum level of inputs.
It involves achieving an objective without wasting resources and keeping costs as low as possible.
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- Higher School Certificate Business Studies (Operations) FlashCards sobre Operations, criado por Elizabeth Clifford em 25-03-2013.
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- Elizabeth Clifford
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