4..pptx

Interactive Corporate Interface for Business a  Interactive Corporate Interface for Business a Production of Goods and Services a Objectives: Define marketing and marketing management. Explain the responsibilities of the market that is included in producti...

Interactive Corporate Interface for Business a  Interactive Corporate Interface for Business a Production of Goods and Services a Objectives: Define marketing and marketing management. Explain the responsibilities of the market that is included in production and pricing. Discuss the importance of marketing in an enterprise. a  Table of Contents THE CONCEPT AND HOW TO DEVELOP 01 FACTORS OF 04 PRODUCT AND PRODUCTION MANAGEMENT ON HOW TO CONTROL INVENTORY MARKETING CONCEPT AND PHILOSOPHY, 02 COST OF PRODUCTION 05 MARKET RESEARCH AND NEED FOR MARKETING PLAN MAKING PRODUCTION, CONCEPT FAIR PRICING, 03 PLANNING, AND 06 BASIC PRINCIPLES PRODUCING QUALITY PRICING, AND PRICING SERVICES a  01 THE CONCEPT AND FACTORS OF PRODUCTION -Edmar Tribujena- a The concept of production refers to the process of creating goods and services to satisfy human wants and needs. a  Factors of production, also known as inputs or resources, are the various elements required in the production process. These factors are combined and utilized to produce the desired output. The four primary factors of production are: a  1. Land: Land refers to all natural resources used in production, including physical space, minerals, water, forests, a92737 and agricultural land. It encompasses both renewable and non-renewable resources. The land is essential for activities such as agriculture, mining, and construction. 2. Labor: Labor represents the human effort, both physical and mental, involved in the production process. It includes the skills, abilities, and knowledge of workers. Labor can be divided into two categories: skilled and unskilled labor. Skilled labor requires specialized training or education, while unskilled labor refers to work that can be done with minimal training or experience. a  3. Capital: Capital refers to the man-made resources used in production, such as machinery, equipment, tools, buildings, a92737 and infrastructure. It includes both physical capital (e.g., factories, vehicles) and financial capital (e.g., money, investments). Capital is necessary for increasing productivity and efficiency in the production 4. Entrepreneurship: process. Entrepreneurship refers to the ability to organize and combine the other factors of production to create and operate a business. Entrepreneurs take risks and make decisions to initiate, manage, and innovate the production process. They identify opportunities, allocate resources, and bear the uncertainties associated with the business environment. a These four factors of production are interrelated and complementary. They are used in varying proportions depending on the type of production and the industry. The efficient combination and utilization of these factors contribute to the overall productivity and economic growth of a nation. a  02 COST OF PRODUCTION - Jhuzan G. Ebron- a Cost of Production The cost of production reflects all the costs that a business pays that are associated with manufacturing a product or providing a service. These costs include both direct and indirect business costs; direct costs are connected to the product, while indirect costs involve the maintenance and running of the company. a  Average Cost - The average cost is determined by the total cost of one unit in your production a92737 line. You can calculate the average cost by figuring out the total cost of production and then dividing that sum by the number of units you produced. Fixed Cost- Fixed costs, as the name implies, is a costs that don’t change over time. Fixed costs aren’t influenced by the amount you produce when in production, but are still part of the overall cost of production. a  Variable Costs- are costs that change and are wedded to the production process. Over time, these a92737 costs can fluctuate, making them harder to accurately forecast. If production sales go up, variable costs will do the same. If production costs go down, then so do the variable costs. Examples of variable costs in manufacturing are the cost of raw materials, piece-rate work, production supplies, commissions, delivery costs, packaging, credit card fees, etc. a  Direct Cost- direct costs are tied to the production of your product line. Direct costs tend to be variable costs, a92737 but not always. They can also be fixed costs. The rent for a factory is tied to production and, therefore, part of a company’s direct costs. Indirect Cost- indirect costs as those production costs that aren’t directly associated with the production of a product. These can be supplies, depreciation, utilities, production supervisory wages, machine maintenance and repair, fringe benefits of the indirect manufacturing personnel, etc. a  Overhead Cost- Overhead costs make up the total of all the indirect costs that are incurred during the a92737 production of a product. Overhead costs are included in the cost of finished goods in inventory and work- in-progress inventory when looking at a manufacturer’s balance sheet. Marginal Cost- Marginal costs are those costs that come about due to a company producing additional goods because of accidental damages or other causes. These costs, however, don’t impact the fixed costs, but they can increase the variable cost. a  03 MAKING PRODUCTION, PLANNING, AND PRODUCING QUALITY -Christian Josh Decierdo- a To effectively manage production and ensure high-quality output, it is essential to focus on three key aspects: production planning, production management, and quality control. Here’s a breakdown of each aspect and some strategies to consider:​ a Production Planning Define clear production goals: Clearly establish the objectives, targets, and timelines for production. This includes setting production volume, delivery schedules, and resource allocation.​ Conduct demand forecasting: Analyze historical data, market trends, and customer feedback to forecast demand accurately. This will help you plan production levels and adjust inventory accordingly.​ ​ a  Develop a production schedule: Create a detailed plan that outlines the sequence and timing of production a92737 activities. Consider factors such as machine availability, labor requirements, and lead times for raw materials.​ Optimize resource allocation: Efficiently allocate resources, including labor, machinery, and materials, to maximize productivity and minimize bottlenecks.​ a Production Management Implement effective communication channels: Establish clear lines of communication between different departments involved in production. This ensures that everyone is informed, aligned, and can quickly address any issues or changes.​ Monitor progress and performance: Regularly track production activities and measure key performance indicators (KPIs) such as production output, cycle times, and quality metrics. Use this dataa to identify  Implement lean manufacturing principles: Adopt lean manufacturing techniques such as just-in- time (JIT) inventory management, continuous improvement processes, and waste reduction strategies. These principles help optimize production efficiency and eliminate non-value- added activities.​ Foster a culture of collaboration and continuous learning: Encourage teamwork, employee engagement, and a learning mindset within the production team. Promote cross-training to enhance flexibility and ensure that knowledge is shared effectively.​ a Quality Control Set quality standards: Clearly define quality requirements and establish benchmarks for products or services. This can include specifications, tolerances, and industry standards.​ Implement quality assurance processes: Develop robust quality assurance processes to prevent defects, monitor production stages, and conduct inspections and tests at various checkpoints.​ a  Train employees on quality control: Provide comprehensive training to production personnel on quality control techniques, error prevention, and problem-solving methodologies. Encourage them to take ownership of quality and report any issues promptly.​ Continuous improvement: Implement a culture of continuous improvement by collecting and analyzing data on quality metrics, conducting root cause analysis for defects or non- conformities, and implementing corrective and preventive actions.​ a Remember, effective production planning, management, and quality control require a systematic approach and continuous monitoring. Regularly review and refine your processes to adapt to changing market dynamicsa and  04 HOW TO DEVELOP PRODUCT AND MANAGEMENT ON HOW TO CONTROL INVENTORY -Rhea Joy Lim- a  DEVELOP A NEW PRODUCT When you look to develop a new a92737 product, it's best to start with a plan. The plan will let you identify the process and timeline to design, create and build your product. RESEARCH YOUR IDEA Define or describe your idea - What exactly is the product or service you want to develop? Defining your product in these early stages will help to keep you on track. a  IDENTIFY YOUR MARKET What will set this product or a92737 service apart from your competition? What is the benefit of your proposed new product? What are your target customers' frustration? MAKE OR BUILD AND TEST YOUR PROTOTYPE Get a working prototype of your new product. Depending on the nature of the product, this stage might take a while: a  WRITE A MARKETING STRATEGY AND PLAN Once you've got your product in place, a92737 you need to figure out a strategy for marketing to your customers. Your marketing strategy and marketing. Plan will direct your product launch and help you make the most of opportunities to LAUNCHINGpromote YOUR PRODUCT your ( business and product.) Deciding when, how, and where to launch your product will determine its early impact on the market. A Launch helps to showcase a new product to the market and let customers know that is available for purchase. Creating a launch plan can help build anticipation and create momentum for the product. a You should try and make sure that everyone inside the business and your customers know about the new product. a KEEP REVIEWING YOUR PRODUCT How are you going to keep your share of the market? After your product is launched? How do you innovate to keep yourself ahead of other products and businesses? The better you're able to anticipate changes to your competition, market, and audience, the stronger your product will remain. a  PROTECT YOUR IDEA Once you've developed and refined your product, it's important you get the right intellectual property (IP) to protect your idea. Automatic protection is given to copyrights, circuit layout rights, confidential information and trade secrets. However, you should also look into formally registering. Your IP so that you can stop competitors from copying your most valuable asset. a  MANAGE ON HOW TO CONTROL INVENTORY Inventory is the stocks of raw materials, in-process goods, and finished goods and it must be managed and controlled to prevent having so much and running it short. The basic idea behind inventory control is to operate your business effectively with the least amount of stock. In order to do this, you should know when to order, how often to order, and how much to order. Distinguishing the basic stock goods and seasonal goods a is important EXPERTS SUGGEST SEGREGATING YOUR INVENTORY INTO A, B, AND C GROUPS. A group: Items in the A group are higher-ticket items. You need fewer of these items. C group: Items in the C category are lower-cost items that turn over quickly B group: The B group consists of in- between items. This moderately priced move more slowly than C items but faster than A items. a  TRACK ALL PRODUCT INFORMATION TO MANAGE INVENTORY BETTER Keep product information for all items in your inventory. This information should include the following: SKUs Barcode data Suppliers Countries of origin Lot numbers a AUDIT YOUR INVENTORY FOR BETTER INVENTORY Some businesses do a comprehensive inventory count once a year. Others do monthly, weekly, or even daily spot checks of their hottest items. Many do all of the above. Regardless of how often you do it, prioritize physically counting your inventory regularly to ensure it matches what you think you have. a  ANALYZE SUPPLIER PERFORMANCE FOR BETTER INVENTORY MANAGEMENT An unreliable supplier can cause problems for your inventory. If you have a supplier that's habitually late with deliveries, frequently shorts an order or is the source of supply chain delays, it's time to take action. a  PRACTICE THE 80/20 INVENTORY RULE FOR BETTER INVENTORY MANAGEMENT. As a general rule, 80 percent of your profits come from 20 percent of your stock. Prioritize managing this 20 percent of your inventory. You should understand these items' complete sales cycles - including how many you sell in a week or a month - and closely monitor them. These items make the most money, so a managing  BE CONSISTENT IN HOW YOU RECEIVE STOCK FOR BETTER INVENTORY MANAGEMENT It may seem like common sense to ensure your team processes incoming inventory. However, do you have a standard process that everyone follows, or does each employee receiving and processing incoming stock do it differently? a Minor discrepancies in receiving new stock can leave you scratching your head at the end of the month or year, wondering why your numbers don't align with your purchase orders. a  TRACK SALES FOR EFFECTIVE INVENTORY MANAGEMENT Tracking sales may seem obvious. However, effective sales tracking goes beyond adding up money at the end of the day. You should understand, on a daily basis, what items you sold and how many you sold, and update your inventory totals. a ORDER RESTOCKS YOURSELF FOR BETTER INVENTORY MANAGEMENT Some vendors offer to reorder inventory for you. On the surface, this seems like a plus. Your time and your team’s time are freed while someone else manages the restocking process. a  INVEST IN INVENTORY MANAGEMENT TECHNOLOGY Very small businesses might be able to handle inventory management efforts with spreadsheets and notebooks. However, as your business grows, you risk spending excessive time on inventory instead of running your company. a Good inventory management software makes inventory tasks easier. Before choosing a solution, ensure you understand your needs and that the product is easy to use with essential analytics features.a  USE INVENTORY MANAGEMENT TOOLS THAT INTEGRATE WITH YOUR OTHER SOLUTIONS Inventory management software isn't the only technology for managing stock. For example, mobile scanners and POS systems can help you stay on track. When investing in technology, prioritize systems that work together. For example, the best POS system for your business should communicate with your inventory management software. You won't have to transfer data from one system to another and risk inaccurate a  05 MARKETING CONCEPT AND PHILOSOPHY, MARKET RESEARCH AND NEED FOR MARKETING PLAN -Honey Bernido & Mariah Montecalvo- a MARKETING CONCEPT A strategy that companies and marketing agencies design and implement in order to satisfy customers’ needs, maximize profits, satisfy customer needs, and beat the competitors or outperform them. a  FIVE MARKETING CONCEPT AND PHILOSOPHY Product Sales Producti Orientatio Orientatio on n n a  FIVE MARKETING CONCEPT AND PHILOSOPHY Marketing Holistic Orientatio Marketin n g Orientati on a Production Its basic premise is that customers prefer products that are easy to find and at a very low price. This way, entrepreneurs will focus on making their production process more efficient in order to reduce costs and sell in mass. a Product Orientation The theory is that consumers prefer quality products with superior features to mid-range products. In addition, items that are highly innovative will also be preferred by users. Companies dedicate their resources to creating quality products that will stand out in the market. a Sales Orientation It’s based on the idea that customers never buy products willingly. you need to create offers and promotions so that the consumer becomes aware of their existence and buys as many units as possible. a Marketing Orientation Its main focus is the customer, so entrepreneurs have to be concerned with studying the profile of the target audience in order to offer them products and services adjusted to their needs. the effort will go into researching metrics, statistics, and customer care. Then, you have to work to develop marketing strategies that will allow you to differentiate yourself from the competition. a Holistic Marketing Orientation Is an evolution of all of the above. We love the fact that its approach is more comprehensive for its supporters, everything is important, from the customer to the product, to the competition. a Market Research Any set of techniques used to gather information and better understand a company's target market. Businesses use this information to design better products, improve user experience, and craft a marketing strategy that attracts quality leads and improves conversation rates. a a Marketing Plan The advertising strategy that a business will implement to sell its product or service. The marketing plan will help determine who the target market it, how best to reach them, at what price point the product or service should be sold, and how the company will measure its efforts. a WHY IS THERE A NEED TO HAVE A MARKETING PLAN? Identify your target market and how your product or service can benefit from it. Identify how you might attract new customers. Encourage your existing customers to continue purchasing your product or service. Set goals and time frames for your marketing activities. a  STEPS IN MAKING A MARKETING PLAN Do Your Research Write a Brand Summary Define Your Target Audience Add a Situational Analysis Outline Marketing Objectives Create the Marketing Strategy List the Tactics and Implementation a  06 CONCEPT FAIR PRICING, BASIC PRINCIPLES PRICING, AND PRICING SERVICES -Lyra Anggay & Kynth Pamocino - a What is The price concept? The theory of price is an economic theory that states that the price for a specific good or service is determined by the relationship between its supply and demand at any given point. Prices should rise if demand exceeds supply and fall if supply exceeds demand. a What is Fair Pricing? The price at which you make sales. The “fair price” is the price at which you, the seller, and someone else, the buyer, agree to transact. The market, your niche, your competitors, and your brand decide your fair a Types of Pricing Method 1. Cost-oriented pricing method = method of pricing is a traditional method that is widely used by most entrepreneurs even today. 2. Market-oriented pricing method = the product price is decided based on the latest market trend and research. a Role of Pricing Pricing is one of the most important aspects of launching a new product. If you price too high, you may not get the sales you need to make your product profitable. On the other hand, if you price too low, you may sell many units but not make enough profit to sustain your business. Market maturity is one key factor. a a  There are three fundamental pricing principles: Cost- Competiti Value Plus ve Pricing Pricing Pricing a Cost-plus Pricing Is the simplest and most common pricing principle. It entails taking the product cost (including material cost, labor cost, shipping, marketing, and overhead) and adding a percentage to it. a Competitive Pricing Uses competitors' pricing as a benchmark and then prices your product at or below that benchmark. This principle implies that the competition has determined a reasonable price and the prices being used are being accepted by the marketplace. a Value Pricing Sets the price based on what the customer thinks the product is worth. Companies that sell unique products are better positioned to take advantage of value pricing. For this to work, the company must have insights into how customers value the product. a  Interactive THANK YOU Corporate FOR Interface for LISTENING! Business a