Entrepreneurship Notes – Week 8

4Ms OF MARKETING

Operations Management – it is about delivering products and services to customers to meet or surpass
their expectations.

 Customer Outcome Expectations – quality expectations, delivery expectations, price

expectations.

4Ms of Marketing

 Manpower – worker or human workforce involved in the manufacturing process of business;

factories with the most advanced and automated machines still require good people.
 Method – system and step-by-step process in the business selection of the method of production
is dependent on some factors: product to produce, mode of production, manufacturing equipment
to use, required skills to do the work.
 Machines – it refers to the manufacturing equipment used in the production of goods or delivery
of services.
 Materials – it refers to the raw materials needed in the production or manufacturing of a product.

Additional Ms of Operations

 Money
 Management

4Ms of Operation helps the business to…

 Achieve all its objectives

 Satisfy its customers
 Introduce new products in the market
 Support other functional areas in the organization such as marketing, finance, and human
resource