Strategic Role of Operations Management (HSC SSCE Business Studies): Flashcards
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Strategic (in business context)
Strategic (in business context)
Long-term, broad aims affecting all key business areas
Profit centres
Profit centres
Business areas that directly generate income and profits
Cost centres
Cost centres
Areas that incur costs but don't directly generate revenue
Cost leadership strategy
Cost leadership strategy
Having lowest costs or being most price-competitive in market
Product differentiation
Product differentiation
Distinguishing goods or services from competitors' offerings
Standardisation
Standardisation
Producing homogeneous or identical products
Cross-docking (Walmart)
Cross-docking (Walmart)
Transferring products directly without long-term storage
Cross branding
Cross branding
Strategic alliances that add value through partnerships
Goods vs services: tangibility
Goods vs services: tangibility
Goods are tangible; services are intangible
Operations management dual goals
Operations management dual goals
Maximise revenue and minimise costs