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- 2. Equations Have Changed The New One.. PROFIT = PRICE - COST The Old One.. PRICE = COST + PROFIT
- 4. Evolution of an Economy Extractive Goods Producing Trade & Commerce Domestic Services Refining & extending Human Capacities Health Education Research Arts Transportation Retailing Finance & Insurance Real Estate Government Hospitality Beauty Treatment Laundry Repair & Maintenance Child – Day Care Manufacturing Processing Agriculture Mining Fishing Forestry
- 5. Significance & Role of Sectors in Nations Economy
- 6. Significance & Role of Sectors in Nations Economy 52 30 18
- 8. 8 What is a Product? A Product is anything that can be offered to a market for attention, acquisition, use, or consumption and that might satisfy a want or need. Includes: Physical Objects Services Events Persons Places Organizations Ideas Combinations of the above
- 9. Classification of Products • Consumer Durables Electronics IT products Automotive • Consumer Consumables (FMCG) Beauty Aids Toiletries Medicines Foods & Beverages Fertilisers • Industrial (B2B) Cement Ship Building • Military Vehicles Weapons & Arms Ammunition Clothing
- 10. 10 Unsought Products New innovations Products consumers don’t want to think about these products Require much advertising & personal selling i.e Life insurance, blood donation Product Classifications Consumer Products Specialty Products Special purchase efforts High price Unique characteristics Brand identification Few purchase locations i.e Lamborghini, Rolex Shopping Products Buy less frequently Higher price Fewer purchase locations Comparison shop i.e Clothing, cars, appliances Convenience Products Buy frequently & immediately Low priced Mass advertising Many purchase locations i.e Candy, newspapers
- 12. 13 What is a Service? A Service is a form of product that consist of activities, benefits, or satisfactions offered for sale that are essentially intangible and do not result in the ownership of anything. Examples include: Banking Hotels Tax Preparation Home Repair Services
- 13. Classification of Services • Business Services Consulting Finance Banking (Personal / B2B) Insurance • Trade Services Retailing Maintenance Repairs • Infrastructure Services Communication Transportation Rail/Road Network Airline Services • Social / Personal Restaurants Hotels Service Apartments Day care for children Hospitals, clinics • Public Administration Education Government – Water – Electricity
- 14. 1-16 Products vs Services Can be resold Can be inventoried Some aspects of quality measurable Selling is distinct from production Reselling unusual Difficult to inventory Quality difficult to measure Selling is part of service Goods Service
- 15. 1-17 Products vs Services Product is transportable Site of facility important for cost Often easy to automate Revenue generated primarily from tangible product Provider, not product is transportable Site of facility important for customer contact Often difficult to automate Revenue generated primarily from intangible service. Goods Service
- 16. Manufacturing vs Service Characteristic Manufacturing Service Output Customer contact Uniformity of input Labor content Uniformity of output Measurement of productivity Opportunity to correct Tangible Low High Low High Easy High Intangible High Low High Low Difficult Low quality problems High
- 17. Quiz: Product vs Service Operations Element Product Service Output Tangible Intangible Demand Per Product Uniform Variable Ownership Possible Not Possible Customer Involvement No or Low High
- 18. Parameter Service Goods Customer Participation in production process Yes No Simaltaneous production & Consumption Yes No Can be stocked (Inventoried) No Yes Full Impact of Demand Transferred to System Yes No Selection of Location dectated by Customers Yes No Economies of Scale Difficult Possible Standardisation Difficult Possible Performed in Controlled Environment ? Yes Control on Decentralised Facilities ? Yes Employee Attitude & Performance Important ? See , Touch, Feel , Test Possible Yes No What is the Product? Process Goods Can the Output be Measured Easily? ? Yes "In Service Business,you cannot make happy guests with unhappy employees."J.Willard Marriott. Quiz: Product vs Service Operations
- 19. 21 Products-Service Continuum Pure Tangible Good Pure Service Soap Tangible Good With Accompanying Services Auto With Accompanying Repair Services Hybrid Offer Restaurant Service With Accompanying Minor Goods Airline Trip With Accompanying Snacks Doctor’s Exam
- 21. 1-23 Products-Service Continuum 0 25 50 75 100 25 50 75 100 Automobile Computer Installed Carpeting Fast-food Meal Restaurant Meal Auto Repair Hospital Care Advertising Agency Investment Management Consulting Service Counseling Percent of Product that is a Good Percent of Product that is a Service
- 23. 1-25 Production Process Manufacturing Processing Conversion Land Manpower Material Machine Money MIS Motivation Goods Comparison Actual v/s Planned Inputs Conversion Process Outputs Monitor Output Adjustments Needed
- 24. Example - Food Processor Inputs Processing Outputs Raw Vegetables Cleaning Canned vegetables Metal Sheets Making cans Water Cutting Energy Cooking Labor Packing Building Labeling Equipment
- 25. Manufacturing Operations - Classification Capital Intensive versus Labour Intensive Manufacturing Capital Intensive Labor Intensive Monitored by Unskilled Operators Automatic Operated by Skilled Operators Unskilled Labor Skilled Labor Professionals Chemicals , paper production Food production, saw mill Autos, power plants Toys, leather goods Tailored clothes, eyeglasse s Sculptors , artists
- 26. Service Process 28 (Men, Machine, Material)
- 27. Example - Hospital Process Inputs Processing Outputs Doctors, nurses Examination Healthy patients Hospital Surgery Medical Supplies Monitoring Equipment Medication Laboratories Therapy
- 28. Value-Added The difference between the cost of inputs and the price of outputs. Inputs Land Labor Capital Transformation/ Conversion process Outputs Goods Services Control Feedback Feedback Feedback Value added
- 29. 1-31 Operations Strategy Operations function is the set of activities that creates goods and services by transforming inputs into outputs Production is the creation of goods and services Operations Management is the management of systems or processes that create goods and/or provide services
- 30. Operations Strategy Operations Strategy is the design; operation; improvement of system that create & deliver the firm’s primary products & services Transformation (Conversion) Process Energy Materials Labor Capital Information Goods or Services Feedback information for control of process inputs & process technology Operations as a System
- 31. 1-33 Functions - Manufacturer Operations Finance/ Accounting Marketing Production Control Manufacturing Quality Control Purchasing Manufacturing
- 32. 1-34 Functions - Bank Operations Finance/ Accounting Marketing Check Clearing Teller Scheduling Transactions Processing Security Commercial Bank © 1984-1994 T/Maker Co.
- 33. 1-35 Functions - Airline Operations Finance/ Accounting Marketing Ground Support Flight Operations Facility Maintenance Catering Airline © 1984-1994 T/Maker Co.