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Buying Centre
A buying center, also called a decision-making unit (DMU), brings together "all those members of an organization who become involved in the buying process for a particular product or service". The concept of a decision-making unit (DMU) for purchasing purposes was developed in 1967 by Robinson, Farris and Wind (1967). A DMU consists of all the people of an organization who are involved in the buying decision. The decision to purchase involves those with purchasing and financial expertise and those with technical expertise, and (in some cases) an organization's top management.Wesley J. Johnston and Thomas V. BonomaThe Buying Center: Structure and Interaction Patterns in ''Journal of Marketing'', Vol. 45, No. 3 (Summer, 1981), pp. 143-156, accessed on 5 October 2024 McDonald, Rogers and Woodburn (2000) state that identifying and influencing all the people involved in the buying decision is a prerequisite in the process of selling to an organization. Modelling buying centers The c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Buying Decision Process
As part of consumer behavior, the buying decision process is the decision-making process used by consumers regarding the market transactions before, during, and after the purchase of a Good (economics), good or Service (economics), service. It can be seen as a particular form of a cost–benefit analysis in the presence of multiple alternatives. To put it simply, In consumer behavior, the buyer decision process refers to the series of steps consumers follow when making choices about purchasing goods or services, including activities before, during, and after the transaction. Common examples include shopping and deciding what to eat. Decision-making is a psychological construct. This means that although a decision cannot be "seen", we can infer from observable behavior that a decision has been made. Therefore, we conclude that a psychological "decision-making" event has occurred. It is a construction that imputes a commitment to action. That is, based on observable actions, we ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Competitive Tendering
An invitation to tender (ITT, also known as a call for bids or a request for tenders) is a formal, structured procedure for generating competing offers from different potential suppliers or contractors looking to obtain an award of business activity in works, supply, or service contracts, often from companies who have been previously assessed for suitability by means of a supplier questionnaire (SQ) or pre-qualification questionnaire (PQQ). Unlike a request for proposal (RFP), which is used when a company sources for business proposals, ITTs are used when a government or company does not require the submission of an original business proposal and is looking solely to award a contract based on the best tender submitted. As a result, whereas ITTs are often decided based on the best price offered, decisions on RFPs may also involve other considerations such as technology and innovation. Both are forms of reverse auction. At the same time, variants may be requested in an ITT, which ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Business-to-business
Business-to-business (B2B or, in some countries, BtoB) refers to trade and commercial activity where a business sees other businesses as its customer base. This typically occurs when: * A business sources materials for its production process for output (e.g., a food manufacturer purchasing salt), i.e. providing raw material to the other company that will produce output. * A business needs the services of another for operational reasons (e.g., a food manufacturer employing an accountancy firm to audit their finances). * A business re-sells goods and services produced by others (e.g., a retailer buying the end product from the food manufacturer). Business-to-business activity is thought to allow business segmentation. B2B is often contrasted with business-to-consumer (B2C) trade. Organization Successful B2B operations depend upon sales personnel understanding the purchasing behaviour and outlook of the types of business they wish to work with. B2B involves specific challenges a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Procurement
Procurement is the process of locating and agreeing to terms and purchasing goods, services, or other works from an external source, often with the use of a tendering or competitive bidding process. The term may also refer to a contractual obligation to "procure", i.e. to "ensure" that something is done. When a government agency buys goods or services through this practice, it is referred to as '' government procurement'' or public procurement. Procurement as an organizational process is intended to ensure that the buyer receives goods, services, or works at the best possible price when aspects such as quality, quantity, time, and location are compared. Corporations and public bodies often define processes intended to promote fair and open competition for their business while minimizing risks such as exposure to fraud and collusion. Almost all purchasing decisions include factors such as delivery and handling, marginal benefit, and fluctuations in the prices of goods. Org ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Small And Medium-sized Enterprises
Small and medium-sized enterprises (SMEs) or small and medium-sized businesses (SMBs) are businesses whose personnel and revenue numbers fall below certain limits. The abbreviation "SME" is used by many national agencies and international organizations such as the World Bank, the OECD, European Union, the United Nations, and the World Trade Organization (WTO). In any given national economy, SMEs outnumber large companies by a wide margin and also employ many more people. On a global scale, SMEs make up 90% of all companies and more than 50% of all employment. For example, in the EU, 99% of all businesses are SMEs. Australian SMEs makeup 98% of all Australian businesses, produce one-third of the total GDP (gross domestic product) and employ 4.7 million people. In Chile, in the commercial year 2014, 98.5% of the firms were classified as SMEs. In Tunisia, the self-employed workers alone account for about 28% of the total non-farm employment, and firms with fewer than 100 employees ac ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Beth Rogers
Beth Rogers (born 1957) was Head of the Marketing and Sales academic community at the University of Portsmouth Business School (2012–2017). She pioneered professional selling and sales management curricula for postgraduates, undergraduates and work-based learners at University of Portsmouth Business School. Portsmouth was the first UK business school listed as a "Top Sales School" by the University Sales Education Foundation. Dr Rogers chaired the steering group which launched National Occupational Standards for sales in the UK (2005–2009), and was also a member of the Learning Advisory Group of the Chartered Institute of Marketing (2010–2016). She continues to contribute to HE and the sales profession as a visiting fellow at Cranfield School of Management and as an Honorary Fellow of the Institute of Sales Professionals. Her recent book with sales development practitioner Dr Jeremy Noad, "Selling Professionally", is the IPS textbook for the UK L4 Sales Executive apprenticeshi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Interaction Theory
Interaction theory (IT) is an approach to questions about social cognition, or how one understands other people, that focuses on bodily behaviors and environmental contexts rather than on mental processes. IT argues against two other contemporary approaches to social cognition (or what is sometimes called ‘theory of mind’), namely theory theory (TT) and simulation theory (ST). For TT and ST, the primary way of understanding others is by means of ‘mindreading’ or ‘mentalizing’ – processes that depend on either theoretical inference from folk psychology, or simulation. In contrast, for IT, the minds of others are understood primarily through our embodied interactive relations. IT draws on interdisciplinary studies and appeals to evidence developed in developmental psychology, phenomenology, and neuroscience. Origins According to Michael et al (2013), “The recent surge of interactionist approaches to social cognition can be traced back to Shaun Gallagher’s prop ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Supplier Evaluation
Supplier evaluation and supplier appraisal are terms used in business and refer to the processes of evaluating and approving potential suppliers by quantitative assessment. The aim of the process is to ensure a portfolio of best-in-class suppliers is available for use. Supplier evaluation can also be applied to current suppliers in order to measure and monitor their performance for the purposes of ensuring contract compliance, reducing costs, mitigating risk and driving continuous improvement. Process Supplier evaluation is a continual process within purchasing departments, and forms part of the pre-qualification step within the purchasing process, although in many organizations, it includes the participation and input of other departments and stakeholders. Most experts or firms experienced in collecting supplier evaluation information prefer doing so using five-step processes for determining which to approve. Their processes often take the form of either a questionnaire or interview ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Market Opportunity
A market analysis studies the attractiveness and the dynamics of a special market within a special industry. It is part of the industry analysis and thus in turn of the global environmental analysis. Through all of these analyses the strengths, weaknesses, opportunities and threats (SWOT) of a company can be identified. Finally, with the help of a SWOT analysis, adequate business strategies of a company will be defined. The market analysis is also known as a documented investigation of a market that is used to inform a firm's planning activities, particularly around decisions of inventory, purchase, work force expansion/contraction, facility expansion, purchases of capital equipment, promotional activities, and many other aspects of a company. Market segmentation Market segmentation is the basis for a differentiated market analysis. Differentiation is important. One main reason is the saturation of consumption, which exists due to the increasing competition in offered products ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Organizational Structure
An organizational structure defines how activities such as task allocation, coordination, and supervision are directed toward the achievement of organizational aims. Organizational structure affects organizational action and provides the foundation on which standard operating procedures and routines rest. It determines which individuals get to participate in which decision-making processes, and thus to what extent their views shape the organization's actions.Jacobides., M. G. (2007). The inherent limits of organizational structure and the unfulfilled role of hierarchy: Lessons from a near-war. Organization Science, 18, 3, 455–477. Organizational structure can also be considered as the viewing glass or perspective through which individuals see their organization and its environment. Organizations are a variant of clustered entities. An organization can be structured in many different ways, depending on its objectives. The structure of an organization will determine the mode ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Maintenance, Repair And Operations
The technical meaning of maintenance involves functional checks, servicing, repairing or replacing of necessary devices, equipment, machinery, building infrastructure and supporting utilities in industrial, business, and residential installations. Terms such as "predictive" or "planned" maintenance describe various cost-effective practices aimed at keeping equipment operational; these activities occur either before or after a potential failure. Definitions Maintenance functions can be defined as maintenance, repair and overhaul (MRO), and MRO is also used for maintenance, repair and operations. Over time, the terminology of maintenance and MRO has begun to become standardized. The United States Department of Defense uses the following definitions: Federal Standard 1037C and from MIL-STD-188 and from the Department of Defense Dictionary of Military and Associated Terms * Any activity—such as tests, measurements, replacements, adjustments, and repairs—intended to retain ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monash University
Monash University () is a public university, public research university based in Melbourne, Victoria (state), Victoria, Australia. Named after World War I general Sir John Monash, it was founded in 1958 and is the second oldest university in the state. The university has a number of campuses, four of which are in Victoria (Monash University, Clayton campus, Clayton, Monash University, Caulfield campus, Caulfield, Monash University, Peninsula campus, Peninsula, and Monash University, Parkville Campus, Parkville), one in Monash University Malaysia Campus, Malaysia and another one in Indonesia. Monash also owns landed property, land (3.6 hectares) in Notting Hill, Victoria, Notting Hill, opposite its Clayton campus. Monash has a research and teaching centre in Monash University, Prato Centre, Prato, Italy, a graduate research school in IITB-Monash Research Academy, Mumbai, India and graduate schools in Southeast University-Monash University Joint Graduate School, Suzhou, China and T ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
