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COMMERCE 1E03 Final: Chapter 10 Exam Study Guide

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Rita Cossa

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Chapter10-GoodsandServices Canada’s Economy Today: • Facing some serious challenges in its ability to remain a modern, competitive industrial country • Today’s business climate is characterized by constant and restless change and dislocation, as ever-newer technologies and increasing global competition force companies to respond quickly to these challenges • Through the adoption of newer, more advanced technologies and practices (because of Research and Development) industries can: o Increase production capabilities o Improve productivity o Expand lines of new goods and services • Mostly focused on natural resources • Largely Impacted by USA, India and China Challenges of Canada’s Economy: • Constant change • Newer technologies • Global competition • Inadequate improvement in productivity • Inadequate education and retention of workforce • Many foreign owned companies with profits being transferred to home countries • Inadequate spending on research and development What is being done in the business world? 1. Customer Focus 2. Maintaining relationships with suppliers (also other companies that satisfy customer needs) 3. Practicing Continuous Improvement 4. Quality Focus 5. Cost savings through site selection (location) 6. Reliance on the Internet to Unite companies 7. Adopting production techniques Operations Management • Production Management – all he activities that managers do to help their firms create goods o TO reflect the change in importance from manufacturing to services, the term production often has been replaced by operations to reflect both goods and services production. • Talking operations management to the internet: o Rapidly growing companies do very little production themselves as they create new relationships over the internet as tasks o Software development, call-centre jobs and back-office jobs have been leaving north America over time o Newer jobs include accounting, financial analysis, medicine, architecture, aircraft maintenance, law, film production, and banking activities • Operations Management Planning o Facility Location ▪ Reasons why Business move: • Inexpensive labour or the right kind of labour in another place • Reducing time to market • Get closer to their international customer ▪ Facility Location in the future • New developments in IT will give firms more choices • Greater focus on tax situation and degree of government involvement o Corporate taxes are the #1 factor with other soft factors including quality of life, talent pool, and even the CEO’s own desires o Facility Layout ▪ Refers to the physical arrangement of resources in the production process ▪ Facility layout depends on the processes that are to be performed ▪ For services, are designed to help customers find and buy things ▪ o Materials Required Planning (MRP) ▪ A computer-
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