Explain Figure 1 in Lesson 1. How does the framework work? Figure 1. OM Framework Source: Chase, Richard et.al. Production and Operations management, Manufacturing and Services 9th ed. Market Place *BASE YOUR ANSWERS HERE! The market place (the firm's customers for its products/services) shapes the firm's corporate strategy. The corporate strategy must be based on the corporate mission and reflects how the firm plans to use all its resources and functions ( marketing, finance, operations). The operation's strategy specifies how the firm will employ its production capabilities to support its corporate strategy The marketing strategy addresses how the firm will sell and distribute its g/s. The finance strategy identifies how best to utilize the firm's financial resources. Corporate Strategy Finance Strategy Operations Strategy Marketing Strategy Operations Management People Plants Parts Processes Planning and Controlling System DON'T GET ANSWERS ON THE INTERNET