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Entrep-Q4-Lesson-1.1

The document outlines the 4Ms of Production: Methods, Manpower, Machine, and Materials, which are essential for understanding business operations. It emphasizes the importance of each M in relation to business opportunities, including the need for effective product descriptions and prototyping. Additionally, it discusses materials requisitioning options and the significance of protecting intellectual property through patents and trademarks.

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Marry Nathalie Marin Salvador
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2 views

Entrep-Q4-Lesson-1.1

The document outlines the 4Ms of Production: Methods, Manpower, Machine, and Materials, which are essential for understanding business operations. It emphasizes the importance of each M in relation to business opportunities, including the need for effective product descriptions and prototyping. Additionally, it discusses materials requisitioning options and the significance of protecting intellectual property through patents and trademarks.

Uploaded by

Marry Nathalie Marin Salvador
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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ENTREPRENEURSHIP

Describe the 4Ms of


Production in
Relation to the Business
Opportunity
Learning Objectives
• Be able to have an understanding of the 4Ms of
Operations.
• Describe each of the 4Ms in relation to the
business opportunity.
• Develop an effective product description
• Be able to create own product example and
test it.
What are the 4Ms of Production?
• Method
• Manpower
• Machine
• Materials
4Ms of Production
They are also called as the four
critical domains, usually
associated to manufacturing.
4Ms of Production
1. Methods - suggest the process of combining
raw materials and how these are going to be
transformed using the other factor inputs of
production. This resource input is also called
technology or techniques of production since it
prescribes the intensity in the use of factor
inputs.
4Ms of Production
2. Manpower– the right human resources who
will handle certain business operations. It is one of
the highest cost of operating the business, but also
the most instrumental to its success.
- It does not only include labor or muscular power
nut also intellectual, creative abilities and other
qualities of individuals that can contribute to
the production.
4Ms of Production
3. Machine - technology used in efficiently
operating the business. It was also described as
the “best friend” of manpower in producing goods
and offering services. Machines are not limited
only to physical equipment but can also pertain to
new technologies.
4Ms of Production
4. Materials - to be used in creating a product or
performing a service, which includes
supply chain management
Materials Requisitioning Options
• Manufacturing own products or offer
services
• Outsourcing of manufacturing or service
activities to a third party.
Materials Requisitioning Options
When outsourcing the entrepreneur must
protect its product through a trademark or a
patent and a noncompeting or nondisclosure
agreement.
Patent – the right to protect the entrepreneur
regarding the product or service.
Trademark – a sign or symbol that helps to
distinguish the product from the others
Non disclosure Agreement – states that the third
party will be given full access to any confidential
information provided that it should be disclosed to
anyone else.
Materials Requisitioning Options
• Purchasing own products or services
from present suppliers
Another M in this list
Money – it is a financial resource used to
purchase all the resources needed by the firm
for its operation. The owners of the company
contribute seed money for the initial
operations of the firm.
Resource Inputs Two Major
Categories
• Intermediate inputs – are semi-
processed materials that need
further transformation to produced
a finished product. They are also
called raw materials or materials
Resource Inputs Two Major
Categories
• Factor inputs – are the transforming
inputs that will process the
intermediate inputs into finished
products. They are also called
productive inputs because of their
transforming properties.
Product Description
- is one of the important aspect of
selling, you have to visualize what your
target market will patronize and would
like to have.
3 Rules to Visualize a
Product Descriptions That Sell
1. Know who your target audience is –
you might want to highlight the things
that might interest your potential
buyers. You can actually do this by
knowing what specific demographics
you are going to cater.
3 Rules to Visualize a
Product Descriptions That Sell
2. Focus on the Product Benefits – know
the difference between product features and
benefits. A product feature is a factual
statement about the product that provides
technical information. A product benefit, on
the other hand, tells how the product can
improve the buyer’s life.
3 Rules to Visualize a
Product Descriptions That Sell
3. Use good product images – aside
from the description, a quality image
will do the trick.
What is Prototype?
is an initial creation of a product that
shows the basics of what product will
look like, what it will do and how it will
work.
Advantages of Prototypes
1. Creating prototype gives you the opportunity to test and refine
the functionality of your design.
2. It makes it possible to test the performance and quality of the
materials.
3. It will help you describe your products more effectively with
potential buyers.
4. It will encourage others to treat you more seriously.
Individual Activity
• Suppose that you are going to put up a new
business venture, how will you plan to do your
operations?
• What Method will you use?
• Who will you hire for a specific task?
• Will you use Machineries?
• How about the materials?
Individual Activity
Fill the boxes below on how will you apply what you have learned
regarding the 4Ms of production/operation.
Explain your answers.
Directions: In short bond paper
Individual Activity
Rubrics
Thank You

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