Chapter 13 Principles of Business 9e Production and Business Operations

The economy begins with retailing.

Manufacturing involves changing and improving the form of another product.

Custom manufacturers work closely with individual customers.

Businesses must develop new products to keep up with competition and changing customer needs.

Mass production usually requires a smaller work area than custom production.

The best practices among all competitors are called benchmarks.

A business that offers products that meet customer needs at competitive prices cannot fail.

Logistics personnel are responsible for locating and purchasing supplies.

An operational plan identifies how work will be done, who will do it, and what resources will be needed.

Standards are steps to be followed for performing a particular work activity.