ENT 022 Lesson 5 & 6: Needs, Wants and Branding & 6Ms

Needs

Refers to the things that a person must have in order to survive.

Wants

Refers to things that a person must have in order to be happy, comfortable, and satisfied.

Maslow's hierarchy of Needs

Sample

Brand

refers to the name, design, color, symbol, quality, features, or a combination of these elements that make the product separate and distinct from similar products of the competitors.

Umbrella Approach

All products carry the same brand name.

House Brand Approach

Every product of the same business has a separate brand name that distinguishes it from the rest of the company's products. In house brand approach, the problems and negative perception about one product will not affect the other products.

Production Process

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

Manpower

Method

Machine

Materials

4M's of Production

Manpower

Human workforce involved in the manufacture of products. It is considered as the most critical and important factor of production.

Method

The process or technique of converting raw materials to finished product.

1. Product to produce

2. Mode of production

3. Manufacturing equipment to use, and

4. Required skills to do the work

Methods of Production

Machine

Refers to the manufacturing equipment used in the production of goods or delivery services.

1. Types of products to be produced

2. Cost of equipment

3. Capacity of Equipment

4. Availability of spare parts in the local market

5. Efficiency of the equipment

6. The skills required in running the equipment

Materials

Refers to the raw materials needed in the production of a product. __________ basically form part of the finished product.

1. Cost

2. Quality

3. Availability

4. Credibility of suppliers

5. Waste that the raw materials may produce

Components of Materials