CAPE Introduction - Assets - Cambridge University Press
Cambridge University Press978-0-521-71385-6 - Management of Business for CAPE Unit 2Peter Stimpson and Kathleen SinghExcerptMore informationCAPE introductionThis book has been specifically written for studentsfollowing the CAPE Management of Business course,Unit 2. It has a companion volume that covers Unit 1 ofthis syllabus.This volume follows the Unit 2 part of the syllabusvery closely and it therefore provides all of the materialand support needed by all students.The key and distinctive feature of both books is theemphasis on Caribbean issues. These are reflected in notonly the content of each chapter – with frequent andappropriate references to regional details or examples –but also in many of the case studies and activities thatoccur within each chapter and in the ‘Over-to-you’section at the end of each chapter. These constantreminders of the business environment in theCaribbean in general enable students to put the syllabusmaterial into a familiar context.Using the bookIt is unlikely that even the keenest student will read thistext from cover to cover in one evening! Instead, itshould be used to support and guide learning as astudent progresses through the syllabus. The study ofeach syllabus topic will be helped by the followingfeatures of each chapter: Every chapter begins with a list of targets that givea sense of direction to the material being covered. A clear reference is given at the start of eachchapter to the syllabus module and section referredto in the chapter. Each topic is explained carefully, often usingrevision tables of summary ‘advantages anddisadvantages’, to aid memory. At important stages in every chapter there areactivities, often based on real-world case studies,that invite students to test their understanding ofthe topics just covered. These activities containquestions that test different ‘skills’. These skillsreflect the assessment objectives of the CAPE examiners: knowledge, application, analysis andjudgement (or evaluation).The Over-to-you section at the end of each chaptercontains many short revision questions to teststudents’ understanding of the topics explained inthe chapter. There are further activities and casestudy exercises and some essay questions thatrequire detailed and structured answers.Towards the end of the book there is a detailedglossary of all important syllabus terms for ease ofreference.There is a whole section devoted to multiple choicequestions with at least five questions related toeach chapter.Finally, the answers to the multiple choicequestions are given together with some suggestedanswers to selected case study questions. Thesequestions with suggested answers have beenflagged up with a * throughout the book.Skills needed by students of Management ofBusinessYour final CAPE examinations will test the followingskills:1 Knowledge and critical understanding of the syllabuscontent.2 Application of this knowledge and criticalunderstanding of problems and issues that arise fromboth familiar and unfamiliar business situations.3 Analysis of problems, issues and situations. This skillcan be demonstrated by: distinguishing between statements of fact andopinion, using Business Studies theories to explain ananswer, explaining trends in data and the likely causes ofthem, examining the implications of a suggested idea orstrategy.1 Cambridge University Presswww.cambridge.org
Cambridge University Press978-0-521-71385-6 - Management of Business for CAPE Unit 2Peter Stimpson and Kathleen SinghExcerptMore informationCAPE introduction4 Evaluation and judgement. This skill can bedemonstrated by: weighing up the reliability of data, discussing issues and arguing points in order toreach an appropriate conclusion, discriminating between alternative explanations, judging the usefulness of the main concepts andmodels of Business Studies.All of these skills will be developed as you progressthrough this book, especially if you work through themany questions that are presented for your selfassessment.Finally, the author hopes that the book, as well asproviding essential subject support for CAPE students,will achieve two further objectives. Firstly, it willencourage students to be observant and curious aboutall forms of business activity. Secondly, as aconsequence, they will be keen to discover what ishappening in business organisations at both nationaland local levels and to bring these findings to theirstudies. You are strongly advised to support and updateyour knowledge through frequent references to businessnewspapers and magazines, business-oriented TVprogrammes and business internet sites.Good luck with your examinations!2 Cambridge University Presswww.cambridge.org
Cambridge University Press978-0-521-71385-6 - Management of Business for CAPE Unit 2Peter Stimpson and Kathleen SinghExcerptMore informationUnit 2Applications inmanagement Cambridge University Presswww.cambridge.org
Cambridge University Press978-0-521-71385-6 - Management of Business for CAPE Unit 2Peter Stimpson and Kathleen SinghExcerptMore informationMajor decisions in production andfactors involved in production1This chapter covers Unit 2, Module 1, Sections 1 and 2.On completion of this chapter you should be able to: understand the major production decisions that business managers take explain and differentiate between the job, batch and flow production systems identify and explain the main factors involved in productionIntroduction to production and operationsmanagement Operations management used to be known simply asproduction management. This may still be appropriatewhen the value of a country’s output is dominated bysecondary industries producing goods from factories.As the relative importance of this sector of industryhas declined in many countries so the focus on ‘pureproduction’ has also changed. The issues considered byfactory managers, and the decisions they take, are stillrelevant in the modern world. However, as these samedecisions apply to all forms of business activity the switchin name has taken place to allow all businesses whether inprimary, secondary or tertiary production to be analysedwhen considering the ‘management of operations’.Operations management is concerned with the use ofresources – land, labour and capital – to provide goodsand services that will satisfy the demands identified bythe market research department. In doing this,operations managers must be concerned with: efficiency of production: keeping costs as low aspossible will help to give competitive advantage; Essentially, operations managers are aiming toproduce goods and services of the required quality, inthe required quantity, at the time needed, in the mostcost effective way.The production processIn all businesses at all stages of production theproduction process is basically the same. ‘Inputs’ areconverted or transformed into ‘outputs’. This can besimply illustrated (see Figure 1.1).What to produceDeciding what to produce is a key issue in the success ofany business. There are two diverse approaches to takingthis decision. One is based on knowing what the marketResourcesInputsLandCapitalLabourquality: the good or service must be suitable forthe purpose intended;flexibility: the need to adapt to new methods ofworking and new products is increasinglyimportant in today’s world.Finished goodsProductionProcessServicesOutputComponents forother firmsFigure 1.1 The production process4 Cambridge University Presswww.cambridge.org
Cambridge University Press978-0-521-71385-6 - Management of Business for CAPE Unit 2Peter Stimpson and Kathleen SinghExcerptMore informationMajor decisions in production and factors involved in productionwants and producing products to meet consumer needsthat have been identified. This is called marketorientation. At the other extreme is product orientation– producing what the business is best at.Market orientation and product orientationThis is an important distinction. Most businesses wouldtoday describe themselves as being ‘market oriented’ or‘market led’. This means that the firm focuses onconsumer needs and wants and devotes production andmarketing resources to satisfying them. This approachrequires market research and market analysis to indicatepresent and future consumer demand. The consumer isput first. The business will attempt to produce whatconsumers want rather than try to sell them a productthey may not really want to buy. It has certainimportant advantages, especially in fast-changing,volatile consumer markets. In these cases, increasingconsumer awareness of competitors’ products, pricesand image can result in significant fluctuations inpopularity of goods and services. The benefits of marketorientation are: The chances of newly developed products failing inthe market are much reduced – but not eliminated– if effective market research has been undertakenfirst. With the huge cost of developing newproducts, such as cars or computers, this is aconvincing argument for most businesses to usethe market-oriented approach. If consumer needs are being met with appropriateproducts then they are likely to survive longer andmake higher profits than those that are being soldfollowing a product-led approach. Constant feedback from consumers – marketresearch never actually ends – will allow theproduct and how it is marketed to be adapted tochanging tastes before it is too late and beforecompetitors ‘get there first’.On the whole, then, the days of developing a productand then finding a market for it – the product-orientedconcept – are fast disappearing. However, product-ledmarketing still exists to an extent and the followinginstances help to explain why:1 Product-oriented businesses invent and developproducts in the belief that they will find consumersto purchase them. The development of the iPod wasdriven more by technical innovation than byconsumer needs – consumers were not aware thatsuch versatile products were likely to be madeavailable until the basic concept had been inventedand developed into an innovative new product. Pureresearch in this form is rare but still exists, forexample in pharmaceutical and electronic industries.Here, there is still the belief that if they produce aninnovative product of a good enough quality then itwill be purchased.Young man listening to his iPodSource: Alamy.2 Production-oriented businesses concentrate theirefforts on efficiently producing high-quality goods.They reckon that if the product is of high enoughquality then it will be purchased by consumers whovalue this feature above market fashion or fad-typegoods. Such quality-driven firms do still exist,especially in product areas where quality or safety isof great importance, such as bottled water plants orthe making of crash helmets.The trend then is towards market orientation. Twoother points are worth noting though. Firstly, if abusiness attempts to respond to every passing consumertrend or market fashion then it may well over-stretch itsresources and end up not doing anything particularlywell. Trying to offer choice and range so that everyconsumer need is met can be expensive. A third way –5 Cambridge University Presswww.cambridge.org
Cambridge University Press978-0-521-71385-6 - Management of Business for CAPE Unit 2Peter Stimpson and Kathleen SinghExcerptMore informationManagement of Business – Unit 2between market and product orientation – is calledasset-led marketing. This is based on market researchtoo but does not attempt to satisfy all consumers in allmarkets. Instead, the firm will consider its ownstrengths in terms of people, assets and image and willonly make those products that use and take advantageof those strengths. Using this approach, Levi Straussrestricts its product to clothing and BMW does notenter the commercial vehicle or motor caravan markets.These, and many other firms, focus on their existingassets and products rather than enter entirely newmarkets.It is very important to realise that not all marketingoriented businesses will succeed. Market research andidentifying consumer needs is not a guarantee ofbusiness success. Success and survival in the competitivemarkets of the twenty-first century depend upon thewhole marketing process. This includes market researchbut does not end there. The marketing chapters willfocus on the entire marketing process. Finding out whatthe consumer wants and then supplying it at a profitrequires the following: establishing marketing objectives, carrying out effective market research andidentifying target groups, analysing the markets the firm operates in or plansto enter, designing and developing the product, testing consumer reaction to product, price andpackaging, deciding on the most appropriate price, establishing a suitable promotion strategy andpromotion budget, putting in place an effective distribution system, continually assessing product sales against target –adjusting marketing variables if sales fail to meetbudgeted levels.Value analysisThis is the process of analysingwhether a product or a newproduct design can be made moreefficiently without reducing itsconsumer appeal. There are threemain features involved in thedesign of any new product. Theseare:Performance/qualityAppearanceEconomy of manufactureFigure 1.2 Three criteria of value analysisPerformance – does it have the features looked forby consumers and will it be reliable? For example,does a washing machine have all of the functionsexpected by consumers and will it last, on average,for an acceptable number of years? Appearance – does it look right? Is the appearanceof the product appropriate for the market it isaimed at? Economy of manufacture – can it be made at a costlevel that will allow a profit to be made?These three features are illustrated in Figure 1.2.The three corners of the triangle are all ‘pulling’ theproduct in different directions. For example, the mostreliable washing machine that could last for twentyyears may prove to be too expensive to make. A reallylow slung carwithoutstandingappearance maynot be able tohold four adultpassengers – a requirement of the market segment it isaimed at. Finally, a product that is really economical toproduce may not have the features expected by themarket and may be too flimsy to last long.How can a compromise be reached? That is the workof value analysts. They will work closely with all relevantdepartments – marketing, production and finance inparticular – to arrive at the best combination of thesethree features. In the process they may come up with 6 Cambridge University Presswww.cambridge.org
Cambridge University Press978-0-521-71385-6 - Management of Business for CAPE Unit 2Peter Stimpson and Kathleen SinghExcerptMore informationMajor decisions in production and factors involved in productionideas that allow the product to be made more cheaplybut not at the expense of quality or looks. This mighthappen if the value analysts suggest a different type ofmaterial to be used in the product that cuts costs but notappearance or performance. Successful value analysis willinvolve team working between departments.Comparisons with the competitors’ best products in themarket might also be necessary. Value analysis will havebeen worthwhile if the final product turns out to becheaper to produce than the original design – perhapscheaper than that of competitors too – but still offers theconsumer good looks and ‘value for money’.How to produce: production methodsThere are several different ways in which goods andservices can be produced. They are usually classifiedinto: job production, batch production, mass or flow production (including masscustomisation), cell production.Job productionThis is normally used for the production of single, oneoff, products. These products are frequently large and areoften unique. Thus, good examples of job productionwould be the Channel Tunnel in the UK or the newVolume car manufacturers use flow productionSource: Courtesy Ford Company.Yangtze dam in China. However, products do not have tobe large to be produced by job production. Individualwedding cakes and made-to-measure suits are alsoexamples of job production. In order to be consideredjob production, each individual product has to becompleted before the next product is started. Thus, atany one time, there is only one product being made.New, small, firms often use job production, beforethey get the chance to expand. Job production enablesspecialised products to be produced and tends to bemotivating for workers, because they produce thewhole product and can take pride in it. However, thissort of production tends to be expensive, often takes along time to complete, and is usually labour intensive.The labour force also needs to be highly skilled andthis is not always easy to achieve. Aston Martin is anexample of a very expensive car that is individuallyproduced for the needs of each customer. Each engineis hand-built and carries a plate with the engineer’sname on it.Batch productionBatch production involves the production of productsin separate batches, where the products in the batch gothrough the whole production process together. Theproduction process involves a number of distinct stagesand the defining feature of batch production is thatevery unit in the batch must go through an individualproduction stage before the batch as a whole moves onto the next stage.The most quoted exampleof this form of production is abaker making batches of rolls.First, the dough is mixed andkneaded. Then, after being leftfor a time, the dough isseparated into individualamounts, the right size forrolls. After this, the rolls arebaked together and then theyare left to cool. When theyhave cooled, they are put ondisplay in the shop andanother batch can beprepared. Each roll has gonethrough the process with theother rolls in the batch and all7 Cambridge University Presswww.cambridge.org
Cambridge University Press978-0-521-71385-6 - Management of Business for CAPE Unit 2Peter Stimpson and Kathleen SinghExcerptMore informationManagement of Business – Unit 2the rolls have undergone each stage of the batch beforegoing on to the next stage.Batch production allows firms to use division oflabour in their production process and it enables somegain from economies of scale (see unit 1, chapter 3). Itis usually employed in industries where demand is forbatches of the product – such as different schooluniforms. It also allows each individual batch to bespecifically matched to the demand and the design andcomposition of batches can be easily altered. However,there are drawbacks. Batch production tends to havehigh levels of work-in-progress stocks at each stage ofthe production process and the work may well beboring and demotivating for the workers.Batch production should not be confused with flowproduction. Some firms produce ‘batches’ of productsusing a flow production system, for example a soft drinksfirm may bottle a batch of 20,000 cans of orange drinkbefore resetting the line and producing a ‘batch’ ofanother drink. This is not, however, batch production.The individual items are free to move through the processwithout having to wait for others, so it must be flow.Flow productionThe process of flow production is used where individualproducts move from stage to stage of the productionprocess as soon as they are ready, without having to waitfor any other products. Flow production systems arecapable of producing large quantities of output in arelatively short time and so it suits industries where thedemand for the product in question is high andconsistent. It also suits the production of a standardiseditem that only requires minimal alterations. An examplewould be a Pepsi Cola production plant like the one in HoChi Minh City, Vietnam. Here, the product is standardisedin that it is a can of soft drink of a standard size. Thesystem is flow production because the cans move throughthe various stages independently. However, the firm canmake changes t
CAPE introduction This book has been specifically written for students following the CAPE Management of Business course, Unit 2. It has a companion volume that covers Unit 1 of this syllabus. This volume follows the Unit 2 part of the syllabus very closely and it therefore provides all of the material and support needed by all students.
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Cambridge University Press 978-1-107-63581-4 – Cambridge Global English Stage 6 Jane Boylan Kathryn Harper Frontmatter More information Cambridge Global English Cambridge Global English . Cambridge Global English Cambridge Global English
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