9061893
Description
Flashcards by Ashleigh-Jade Jones, updated more than 1 year ago
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Created by Ashleigh-Jade Jones
over 7 years ago
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| Question | Answer |
| Objective: | *a quantifiable target which helps to coordinate activities |
| Objectives Must Be: | S.M.A.R.T |
| Purpose of Objective: | -help guide employees/motivate them - give a sense of direction -greater co-ordination of resources |
| External Influences: | -Market factors: Growing market? -Competitors actions and performance -Economic factors -Political factors: e.g. making cars more energy efficient as forced to |
| Internal Influences: | -Corporate objectives: all work together and not go against mission -Finance: available to use -Human resources: available to use and limitations of -Nature of product |
| Examples: | -Costs -Quality -Speed of response & flexibility -Dependability -Environmental objectives -Added value -Efficiency |
| Costs: | -reducing unit costs: lower enables them to charge a lower price or to enjoy higher profit margin -reducing fixed costs: e.g. two premises on the high street -reducing variable costs per unit: cheaper suppliers/manufacturers *To improve sales= increase sales OR reduce costs |
| Quality: | *features of a product/service that allow it to satisfy customers -customer satisfaction ratings: quantitative/qualitative review on quality -customer complaints: could damage reputation -scrap rate: track production process to show if efficient (scrap is wasted money as it increases unit costs) -punctuality: better punctuality, higher customer satisfaction *Punctuality (%)= (deliveries on times / total deliveries) x 100 |
| Speed of Responses/Flexibility: | could be important as it makes them competitive e.g. Zara having a two week turn around to get from design to product sold on shop floor -> flexibility |
| Dependability: | -delivery dates are accurate and keeping customers informed of any changes e.g. Amazon -extensive testing e.g. Dyson |
| Environmental Objectives: | -reducing waste -reducing carbon footprint -minimising waste products/materials -increase recycling -self-sufficiency in energy use |
| Added Value: | *USP gives product extra value -increased spending on R&D -achieving a certain number of patents -developing a particular innovation e.g. google glasses |
| Efficiency: | aim to make better use of resources in order to reduce costs and increase profits -improving productivity -increasing capacity utilisation |
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