The basic idea of a business that explains which customer needs will be met, how the functions and operations will be organized, and how money will flow in and out is called a business model.
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The basic idea of a business that explains which customer needs will be met, how the functions and operations will be organized, and how money will flow in and out is called a business model.
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- Nike and Adidas let customers design their own custom shoes on their website, allowing them to choose colors of the different shoe parts. The shoes are made to order, but are not significantly more expensive than regular Nike or Adidas shoes and are shipped to customers quickly. How is this possible? Group of answer choices a) Nike and Adidas have better manufacturing facilities than other shoe companies. b) Nike and Adidas use mass customization to streamline the manufacturing process for customized goods. c) Nike and Adidas can effectively predict customer orders and make the shoes before they are ordered so they are ready to ship. d) Nike and Adidas have all of the possible combinations in stock and can simply ship the shoes that match the customer's choices.Please do not give solution in image format thanku A business incurs the following costs: •Labor: $145/unit•Materials: $75/unit•Rent: $450,000/month Assume the firm produces 2 million units per month. The total variable cost, per month, is ____ million. The total fixed cost, per month, is ____ million. The total cost is ____ million.The Role of Information Technology in Business Success Source:Information technology is the study, design, development, implementation, support or management of computer-based information systems. Information technology has become very important in the business world. Many businesses use information technology to support their goal of making the business more success ful in terms of performance and productivity. Organisations need to maintain enough stock to meet demand without investing in more than they require. By using information technology in inventory management, a company is able to track the quantity of each i tem. Electronic commerce (e-commerce) through the Internet, electronic mails (e-mails), Websites, and other facilities enables a businessman to be linked with every corner of the world, and thus opens up greater opportunities in the global market. Delays in processing a business transaction may become synonymous to wasting an opportunity. Therefore, a quick and…
- The Role of Information Technology in Business Success Source:Information technology is the study, design, development, implementation, support or management of computer-based information systems. Information technology has become very important in the business world. Many businesses use information technology to support their goal of making the business more success ful in terms of performance and productivity. Organisations need to maintain enough stock to meet demand without investing in more than they require. By using information technology in inventory management, a company is able to track the quantity of each i tem. Electronic commerce (e-commerce) through the Internet, electronic mails (e-mails), Websites, and other facilities enables a businessman to be linked with every corner of the world, and thus opens up greater opportunities in the global market. Delays in processing a business transaction may become synonymous to wasting an opportunity. Therefore, a quick and…The Role of Information Technology in Business Success Source:Information technology is the study, design, development, implementation, support or management of computer-based information systems. Information technology has become very important in the business world. Many businesses use information technology to support their goal of making the business more success ful in terms of performance and productivity. Organisations need to maintain enough stock to meet demand without investing in more than they require. By using information technology in inventory management, a company is able to track the quantity of each i tem. Electronic commerce (e-commerce) through the Internet, electronic mails (e-mails), Websites, and other facilities enables a businessman to be linked with every corner of the world, and thus opens up greater opportunities in the global market. Delays in processing a business transaction may become synonymous to wasting an opportunity. Therefore, a quick and…"MacGyver Corporation manufactures a product called Miracle Goo, which comes in handy for just about anything. The thick tarry substance is sold in six-gallon drums. Two raw materials are used; these are referred to by people in the business as A and B. Two types of labor are required also. These are mixers (labor class I) and packers (labor class II). You were recently hired by the company president, Pete Thorn, to be the controller. You soon learned that MacGyver uses a standard-costing system. Vari-ances are computed and closed into Cost of Goods Sold monthly. After your first month on the job, you gathered the necessary data to compute the month’s variances for direct material and direct labor. You finished everything up by 5:00 p.m. on the 31st, including the credit to Cost of Goods Sold for the sum of the variances. You decided to take all your notes home to review them prior to your formal presenta-tion to Thorn first thing in the morning. As an afterthought, you…
- Outline the difference between design capacity and effective capacity. Describe their role in production and operations management. Design capacity is the maximum designed capacity or output rate. Effective capacity is the amount of storage that is allocated to applications. Both design and effective capacity helps businesses with budgeting and scaling which assist in identifying optimal levels of operation.Capital, one of the factors of production, includes machines, tools, buildings, information, and technology. True FalseThe Role of Information Technology in Business Success Source:Information technology is the study, design, development, implementation, support or management of computer-based information systems. Information technology has become very important in the business world. Many businesses use information technology to support their goal of making the business more success ful in terms of performance and productivity. Organisations need to maintain enough stock to meet demand without investing in more than they require. By using information technology in inventory management, a company is able to track the quantity of each item. Electronic commerce (e-commerce) through the Internet, electronic mails (e-mails), Websites, and other facilities enables a businessman to be linked with every corner of the world, and thus opens up greater opportunities in the global market. Delays in processing a business transaction may become synonymous to wasting an opportunity. Therefore, a quick and…
- The Role of Information Technology in Business Success Source:Information technology is the study, design, development, implementation, support or management of computer-based information systems. Information technology has become very important in the business world. Many businesses use information technology to support their goal of making the business more success ful in terms of performance and productivity. Organisations need to maintain enough stock to meet demand without investing in more than they require. By using information technology in inventory management, a company is able to track the quantity of each item. Electronic commerce (e-commerce) through the Internet, electronic mails (e-mails), Websites, and other facilities enables a businessman to be linked with every corner of the world, and thus opens up greater opportunities in the global market. Delays in processing a business transaction may become synonymous to wasting an opportunity. Therefore, a quick and…Manufacturing operations can be classified according to the amount of processing or assembly that occurs after a customer order is received. The highest degree of processing occurs in make-to-order operations. A make-to-order operation does not start processing or assembling products until it receives a customer order. A moderate degree of processing occurs in assemble-to-order operations. A company using an assemble-to-order operation divides its manufacturing or assembly process into separate parts or modules. The lowest degree of processing occurs in make-to-stock operations (also called Because the products are standardized, meaning each product is exactly the same as the next, a company using a make-to-stock operation starts ordering parts and assembling finished products before receiving customer orders. A second way to categorize manufacturing operations is by manufacturing flexibility, meaning the degree to which manufacturing operations can easily and quickly change the…You are a Systems Analyst in a famous Burger chain. Due to its popularity, the demands from customers also increased exponentially. The CEOs of this restaurant expressed their concern that they are not able to meet such a high demand causing more wait times for customers during lunch hours, always running low on inventory due to which food preparation is impacted. Your task is to determine the requirements in the areas of Inventory Management, Marketing, Customer Service and Food Preparation. You decide that the best way to collect requirements from cooks and waiters is to interview them. You also decide to prepare a questionnarie to distribute to customers. 1. Assume you are preparing a Customer Satisfaction Questionnaire. Prepare 6 questions that you would ask , 3 open and 3 closed 2. What type of questions would you ask the waiters and cooks? Prepare a total of 6 questions that you would ask waiters and cooks. Your questions must be a mix of both open and closed ended.