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Business Studies Topic 1 Operations Full Syllabus Notes
Business Studies
29 Pages • Complete Study Notes • Year: Pre-2021
Topic 1 Operations Syllabus Notes Business Studies Topic 1: Operations • Operations & Operations Management - Role of operations management - Influences on operations management - Operations processes - Operations Strategies • Operations Processes (transformation & value adding) - Business inputs & outputs - Marketing - Finance - Human Resources • The strategic role of management - cost leadership, good/service differentiation A strategic decision is one that affects the business in the long term. The strategic goals are to improve: - - Efficiency Productivity - Quality of outputs Therefore, all strategic decisions will focus on lower cost to an industry benchmark through efficiency and producing a good or service that is different to and competitive against rivals in the market. There are 3 types of strategies that are commonly used by businesses to gain and maintain a competitive advantage. These are: - Cost leadership - Product Differentiation - Market Segmentation
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