➿ The Strategic Role of Operations Management in a Business Explained. Watch this video! 🎥

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🌟 Ready to take your business to the next level? Join us as we unveil the dynamic world of "The Strategic Role of Operations Management in a Business." 🚀
In this eye-opening video, we're breaking down the strategic impact of operations management, where every decision affects the entire business. 🌐
Discover how operations management contributes to the direction and planning of your business, helping you reach new heights of success! 💼
Learn the keys to maximizing profits while minimizing costs. Explore the essential aspects of cost management, including input costs, labour costs, processing costs, inventory costs, and quality management. 📊
Explore the concept of cost leadership, aiming to be the price leader in your market. Find out how businesses like Bunnings leverage scale and strategic buying to reduce costs and stay competitive. 🏭
Dive into the world of goods and services, understanding how product differentiation can give your business a competitive edge. Whether it's varying product features, quality, or augmented benefits, we've got the insights you need! 🎯
Don't miss out on this opportunity to revolutionize your business strategy. Hit that play button and watch your business thrive! 🎥🚀💰
Strategic means affecting all business functions. The strategic role of operations management is to contribute to the direction and plan of the business. The main goal of business is to minimise costs to maximise profits. A strategic role of operations is the management of costs. The different operations costs for a business are Input, Labour, Processing, Inventory, and Quality management. • Cost leadership aims to have the lowest costs and the most competitive prices in the market.
The business must still be profitable. Operations Management, therefore, must find ways to reduce costs in production. Example: Bunnings. A business can cut costs by increasing the scale/size of the business. How? By buying in bulk, the business can negotiate lower costs per unit. Goods/service differentiation: Tangible - they can be seen and touched. It tends to be standardised. It can be owned and transferred between people. It can take considerable time between production and consumption.
It is easy to determine costs by calculating inputs and adding margins. Services: Intangible. Generally customised. It cannot be owned. Production and consumption occur at the same time. The value of a service depends on what the consumer is prepared to pay. Product Differentiation. Operations must find a way to distinguish their products from their competitors. This gives them a competitive advantage.
This will differ between goods and services. Product Differentiation: Goods. Varying the actual product features. Operations search for ways to make their product features attractive to the consumer. Varying product quality. Making a low-quality alternative to attract a different group of consumers.
Varying the augmented features. This refers to add-ons or additional benefits. Product Differentiation: Services. Varying the amount of time spent on a service. Example: Hair salons. Varying the level of expertise brought to service. Some service providers will offer a higher level of expertise. Varying the qualifications and experience of the service provider.
This can be an important factor when consumers are choosing their service provider. Varying the quality of materials/ technology used in service delivery. Computer-Aided Manufacturing (CAM). Medical technologies. Cross Branding: Operations may offer consumers added benefits from a cross-branding arrangement.

[@agnestorres2401]

This video is an example of a quality product! Please continue teaching. Thank you.

[@iitutorcom]

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[@felixmukuka4823]

The content is well simplified and very insightful resulting into attaining the desired ultimate go. Job weldone

[@temiafolabi1676]

Absolutely brilliant lecture on strategic Operations Management and linking it with marketing 👌 Thank you

[@serwaamargaret6027]

This lecturer is superb

[@martinmhlanga3007]

Service can be owned if u buy an air ticket, you have bought the service. This could be the only example how many can u come up with.

[@diamondcushion8424]

I love the way you teach. thank you

[@bd087]

Qantas and JetStar provide services and this should not be used as an example in tangible goods, it's in contradiction to the fundamentals explained initially.

[@chloehugaga2203]

are you sure this product can create smooth hair as you mentioned? My hair is still/fuzzier.

[@ntcuong01ct1]

Dear Friends, I have confused, and I have many questions: 1/ How the financial and accouting, legal, HR, supply chain, IT departments support the operations/primary activities of a manufacturing company?. the financial and accouting, legal, HR, supply chain, IT departments belong to Operation Management?. 2/ How the Sales & Marketing departments support the operations/primary activities of a manufacturing company?. Could you help?. Thank you.

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[@scottswyzirmerz8622]

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[@iitutorcom]

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[@ruthnkulidesousa4833]

I've just passed supply chain management and operations and supply chain are very similar

[@hrushikeshpanchwagh4753]

How's operations management ?

[@NitinkrDhariwal]

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[@manaazmohamad7912]

Thank you but can give me the reference also

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[@iitutorcom]

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