burinsess year 12 term 1 flash cards

Managing Inputs

Efficient management of resources like materials, labour, technology, and facilities to reduce costs and improve reliability.

Competitive Advantage

An edge a business has over its rivals, allowing it to generate greater sales or margins.

Supplier Partnerships

Collaborations with suppliers to secure reliable and cost-effective materials.

Global Sourcing

The practice of sourcing goods and services from around the world to obtain cost advantages.

Input Management

Strategic selection and use of inputs to maximize productivity and minimize waste.

Streamlined Production

A method of production that improves speed and accuracy by reducing lead times and operational errors.

Technology and Automation

Use of machines and software to enhance operational efficiency and output consistency.

Continuous Improvement

The ongoing effort to improve products, services, or processes to reduce waste and increase competitiveness.

Real-Time Inventory Tracking

A system that provides up-to-date data on inventory levels to improve operational efficiency.

Automated Replenishment Systems

Technology that automatically manages inventory levels to ensure product availability.

In-Store Systems

Operational frameworks used within physical retail stores to enhance customer service and efficiency.

Online Systems

Digital frameworks that support e-commerce and enhance workflow for online orders.

Optimising Transforming Processes

Methods to enhance production efficiency, speed, and quality of outputs.

Operational Consistency

Reliability in operational processes that ensures steady performance and output quality.

Customer Satisfaction

The degree to which customers are happy with a company's products and services.

Brand Reputation

The perception of a brand in the marketplace, influenced by its output quality and service.

Efficient Distribution

The ability to deliver products to customers quickly and reliably.

Product Differentiation

The process of distinguishing a product from similar offerings in the marketplace.

Click-and-Collect Services

A retail service that allows customers to buy products online and collect them from a store.

Home Delivery

Delivery of products to a customer's home, enhancing convenience.

Customised Printing Services

Personalized printing solutions offered to meet specific customer needs.

High Service Standards

Expectations of quality that ensure customer trust and loyalty.

Output Management

The process by which businesses create and deliver products or services to meet customer needs.

Long-Term Competitive Advantage

Sustainable benefits that enable a business to outperform its competitors over time.

Innovation in Product Design

The process of developing new or improved products to meet market demands.

Customer Loyalty

The tendency of customers to continually purchase from a brand due to satisfaction and trust.

Operational Speed

The rate at which a business can fulfill orders, affecting customer satisfaction.

Market Changes

Shifts in consumer preferences, competition, or other market dynamics that impact business operations.

Output Quality

The standard of the final products or services delivered to customers.

Delivery Reliability

Consistency in delivering products to customers as promised.

Warranties

Promises made by a seller regarding the condition of a product and the commitment to fix or replace issues.

Customer Service

Support provided to customers before, during and after making a purchase.

Product Variety

The different types of products offered by a business to meet diverse customer needs.

Operational Errors

Mistakes or defects that occur in the production or delivery process.

Lead Times

The amount of time taken from the initiation of a process to its completion.

Workflow

The sequence of processes through which a piece of work passes from initiation to completion.

Strategic Selection of Inputs

Deliberate choice of resources to optimize efficiency and cost-effectiveness.

Enhancing Customer Experience

Activities or changes made to improve the satisfaction of the consumer with the services or products.

Cost Efficiency

Achieving maximum productivity with minimal expense.

High Product Availability

A situation where products are consistently in stock for customers to purchase.

Response to Customer Needs

How quickly and effectively a business can meet the demands and questions of its customers.

Service Differentiation

Providing unique services that distinguish a business from its competitors.

Fast Responses

The ability to react quickly to changes in market conditions or customer preferences.

Efficient Workflow Processes

Streamlined operations that allow for faster and more accurate service delivery.

Streamlining Operations

Improving processes to reduce waste and increase ease of work.

Competitive Position

The standing of a business relative to its competitors in the market.

Enhanced Responsiveness

The ability to quickly adapt to changes and customer requests within a business.

Officeworks' Supplier Management

Officeworks leverages strong supplier partnerships and global sourcing to ensure a vast product range, competitive pricing, and high product availability, reflecting efficient input management.

Officeworks' Integrated Operations

Officeworks utilizes technology and automation, including online systems, real-time inventory tracking, and automated replenishment systems, to streamline production and enhance operational speed and consistency across its retail and online channels.

Officeworks' Customer-Centric Output Strategy

Officeworks focuses on enhancing customer experience through services like Click-and-Collect, home delivery, customized printing services, and high service standards, demonstrating effective output management and service differentiation.

Officeworks' Competitive Edge

Officeworks maintains a long-term competitive advantage through product variety, cost efficiency, and enhanced responsiveness to market changes and customer needs, supported by continuous improvement and innovation.

Officeworks' Product Range Strategy

Officeworks offers a comprehensive range of products, from office supplies to technology and furniture, catering to diverse customer segments and business needs.

Officeworks' Cost Leadership Approach

Officeworks achieves competitive pricing through economies of scale, efficient supply chain management via global sourcing, and strong supplier relationships.

Officeworks' Labour Skills and Training

Officeworks invests in training its staff to be knowledgeable about products and services, ensuring high-quality customer assistance and personalized advice.

Officeworks' Supply Chain Efficiency

The company uses advanced systems to manage its supply chain, optimizing logistics from supplier to store and customer, reducing lead times and costs.

Officeworks' In-Store Pickup Efficiency

The 'Click-and-Collect' service is streamlined with efficient in-store processes, allowing customers to quickly retrieve online orders, enhancing convenience.

Officeworks' Warehouse Automation

Officeworks utilizes automated warehousing systems to efficiently sort, pick, and pack products, improving the speed and accuracy of dispatch for both online and in-store replenishment.

Officeworks' Commitment to Sustainability

Officeworks integrates sustainable practices across its operations, including responsible sourcing, waste reduction, and recycling programs, appealing to environmentally conscious customers.

Officeworks' Data-Driven Decision Making

Officeworks leverages sales data and customer insights to optimize inventory levels, product assortments, and marketing strategies, enhancing operational effectiveness.

Officeworks' Post-Purchase Support

The company offers warranties, returns policies, and dedicated customer service to support customers after a purchase, building trust and loyalty.

Officeworks' Print & Copy Services

Beyond retail products, Officeworks provides value-added services like printing, copying, and shredding, diversifying its offerings and generating additional revenue streams.

Officeworks' Omnichannel Experience

Officeworks seamlessly integrates its online and physical store channels, allowing customers to shop and interact across multiple touchpoints for a consistent brand experience.

Officeworks' Customer Feedback Loop

The business actively collects and analyzes customer feedback to identify areas for improvement in products, services, and overall customer experience.

Officeworks' Value Proposition

Officeworks' value proposition focuses on offering 'Lowest Prices, Biggest Range, Every Day' alongside high service levels, appealing to both cost-conscious and convenience-seeking customers.

Officeworks' Response to Online Competitors

By developing robust online systems, integrating in-store services, and offering flexible delivery options, Officeworks effectively competes with pure-play online retailers.

Officeworks' Market Positioning

Officeworks positions itself as a market leader in office supplies and related services, targeting individuals, small businesses, and educational institutions.

Officeworks' Innovation in Services

The company continuously innovates its service offerings, such as expanding custom printing capabilities or introducing new tech services, to stay relevant and competitive.

Officeworks' Focus on Small Businesses (SMBs)

Officeworks provides tailored solutions, bulk purchasing options, and business accounts to support small and medium-sized enterprises, a key customer segment.

Officeworks' Employee Engagement

High levels of employee engagement are fostered through training and a supportive work environment, contributing to better customer service and operational efficiency.

Officeworks' Inventory Turnover Optimisation

Through real-time tracking and automated replenishment, Officeworks aims to optimize inventory turnover, reducing holding costs and