MGTA05H3 Lecture Notes - Lecture 6: Product Design, Iphone 5S, Iphone 5

• School: UTSC
• Department: Management
• Course: MGTA05H3
• Professor: H Laurence

Document Summary

Refers to the administration of business practices to provide the highest level of efficiency possible within the organization: efficiency is done to maximize the profit of the company. Raw materials converting materials and labour into goods and services. Raw materials and supplies need to be available at the right place, at the right time: eg. A company should not have to stop production because a certain supply has not arrived or should not have to sacrifice quality if the ingredient is delivered too early, where it is not fresh. In a business that produces something, there is a large cycle to ensure the product is placed successfully in the hands of the customers. From purchasing to raw materials to the inventory you need, to shipping and distributing to customers. If you make the most efficient system possible, ensure that you have a plan or build in resilience in case there is an issue: alternate suppliers, keep inventory in hand.