Q4M1
Q4M1
Q4M1
PRODUCTION
AND BUSINESS
MODEL
4 M’S OF
PRODUCTION
AND BUSINESS
MODEL
An entrepreneurial venture may either be a sole
proprietorship, a partnership, or a corporation, engaged in
merchandising, manufacturing, or service. Nevertheless,
whatever type and nature of business ventures is opened to
exploit different business opportunities, innovation or
creativity defines the distinction between an entrepreneur
and an ordinary business person.
Thus, the concept of innovation or creativity must, in
almost all instances, be introduced and practiced. An
entrepreneur finds way to introduce innovation from the
production process to the marketing stage, while an ordinary
businessperson simply imitates business practices and
procedures.
The concept of innovation or creativity can easily be
practiced and highly noticeable in a manufacturing operation
since raw materials are transformed to finished goods through
the production process. Innovation can be introduced from the
production phase up to packaging and delivery.
The three important elements in the production system
are; the input, the transformation of production process and
the output.
The Input includes the following:
1. Manpower
2. Materials
3. Machine
4. Design
5. Instructions
The Production process, also referred to as the
transformation or conversion process, is the stage of
production where the materials are transformed into the
final product with the aid of manpower and machine.