Entrepreneurship Quarter 2 - Module 6: 4 M’s of Production and Business Model

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31 Questions

Why is it important to consider the customer’s point of view in the application of the 4M’s of production?

To align the product with consumer wants, needs, and expectations

What is the purpose of considering the 4M’s of operations in developing a business plan?

To identify future business problems and address them

How does the 4M’s of production help in addressing consumer preferences?

By aligning the product with consumer expectations

What role do suppliers, value chain, and supply chain play in business and production?

They influence business and production processes

Why is it important to identify problems of the business in the future?

To prepare for potential issues and find solutions

In what ways do the 4M’s of operations assist in understanding business opportunities?

They aid in identifying future business problems and addressing them

Which of the following best describes the 4M’s of operations?

Manpower, Method, Machine, Materials

What is the significance of a prototype in product development?

It is a replica of the product for testing and evaluation

Which factor is NOT considered in the production method?

Marketing strategy

What does the term 'Value chain' refer to in business context?

Process by which a company adds cost to an article

What is the role of 'Manpower' in production operations?

Workers involved in production

How is 'Supplier' defined in business operations?

An entity that supplies goods and services to customers

What is the primary purpose of a 'Product Description'?

To explain the benefits of a product to customers

In selecting equipment for production, what factors may an entrepreneur consider?

Cost and capacity of the equipment only

'Supply chain' involves which of the following?

System of organizations involved in moving products from supplier to customer

'Business model' describes which aspect of an organization's operation?

What is the significance of market positioning in business?

To differentiate a brand or product from its competitors in the market

How does effective market positioning benefit a business?

By increasing brand visibility and consumer recall

What role does market positioning play in marketing strategy?

It helps define the target audience and create tailored marketing messages

Why is it important for businesses to assess their market position regularly?

To maintain competitive advantage and adapt to market changes

What impact can effective market positioning have on consumer behavior?

It can influence brand preference and purchase decisions

How does successful market positioning contribute to brand loyalty?

By creating a strong emotional connection with consumers

What is the term for creating an image or identity in the minds of the target market for a product or brand?

Market positioning

What is the primary consideration for an entrepreneur when selecting equipment for production?

Cost-effectiveness

Which factor is important in the production method selection?

Environmental impact

How does considering the 4M’s of production help in addressing consumer preferences?

By ensuring quality control

What does 'Business model' primarily describe in an organization's operation?

Revenue generation approach

What is the significance of developing a prototype in product development?

Functionality and design testing

What does 'Value chain' refer to in a business context?

Supplier and internal processes integration

'Supply chain' mainly involves which of the following?

Supplier and internal processes coordination

How can the 4M’s of operations assist in understanding business opportunities?

By identifying potential areas for improvement

Test your understanding of the 4 M’s of Production and Business Model with this instructional material. Developed with inputs from educators, this module aims to enhance knowledge in entrepreneurship. Share your feedback with the Department of Education to contribute to the improvement of educational resources.

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