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24 Cards in this Set
- Front
- Back
Job Production |
One off, individual items eg building |
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Batch Production |
Occurs when many similaritems are produced together. Each batch goes through one stage of theproduction process before moving onto next stage |
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Flow Production |
Same item made continuously eg bottles |
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Just in Time Adv |
Lowerstock holding means a reduction in storage space which saves rent and insurancecosts There isless likelihood of stock perishing, becoming obsolete or out of date |
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Just in Time Dis |
There islittle room for mistakes as minimal stock is kept for re-working faulty product Productionis very reliant on suppliers and if stock is not delivered on time, the wholeproduction schedule can be delayed |
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Buying in Bulk Adv |
Stock usually available – not heldup by delays in delivery Bulk purchases – discounts available – lower prices – lower costs |
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Buying in Bulk Dis |
Need to find storage – warehousingcan be expensive Downturn in business means highcost if materials not needed – cannot be resold – will not get outlay back |
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Improving Quality |
Training staff to ensure they work at a highquality and become specialised·
Ensuring they have good suppliers so materialsare best quality.Useof better technology in the production process |
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Quality Control |
The process of inspecting products to ensure that they meet the requiredquality standards |
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Quality Assurance |
Employees 'self-checking', rather thanchecking by inspectors |
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Acquisition |
Takeover of a business |
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Horizontal Integration |
This is when a business takes over a similar business at a similarstage of production |
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Vertical Backwards Integration |
Takeover your suppliers |
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Diversification Adv |
You can spread the risk as if sales of oneproduct isn’t going well you can rely on the other products to do well· Access to a wider range of customers who mightbe in a new market for you to increase your reputation and brand awareness. |
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Diversification Dis |
Lack of experience in that area –could make mistakes/costly to hire experienced staff. Ifone area fails – could harm the whole brand image. |
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Economies of Scale |
Purchasing Managerial Marketing Technical Financial |
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Selling Abroad Adv |
Bigger market, more potential customers inworldwide market leading to higher sales, and greater profits. Wider range of customers, from various marketsegments. so can spread risk if onegroup of customers isn’t selling well · |
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Selling Abroad Dis |
Higher transport costs, products sent overgreater distance/longer time. · Language problems, in trading, translationcosts. · Currency conversion, costs, and exchange ratechanges |
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European Union Adv |
Free Trade Bigger marketplace |
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Job Production Adv |
Meets thecustomer’s exact needs and the quality is likely to be higher because itrequires specialized skills. |
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Batch Production Adv |
Reduces costs as you have specialized machineryand can produce in different sizes to meet customer needs. |
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Flow Production Dis |
If one thinggoes wrong then you affect lots of the products. It also is very demotivatingfor staff doing a repetitive job. |
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Consumer Good |
Sold to a customer tobe used by a consumer
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Producer/Capital Good
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Bought by a businessto be used to produce other goods or services during acertain period of time eg machinery |