QMS 202 Study Guide - Midterm Guide: Supply Chain, Retail, Sales Promotion

• School: Ryerson University
• Department: Quantitative Methods
• Course: QMS 202
• Professor: Gunawardena Egodawatte

Document Summary

Is the activity, set of institutions and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners, and society at large. The social process by which individuals and groups obtain what they need and want through creating and exchanging products and values with others. Price- list price, discounts, bundling, and credit terms. B2b: wholesaling is business to business (e. g. costco) B2c: business to consumer (e. g. all retailing business stores) C2c: consumer to consumer (e. g. kijij, ebay, amazon, etc. ) Production-oriented era: most firms believe a good will sell itself. Sales-oriented era: firms found an answer to overproduction by focusing on sales. Market-oriented era: the focus was on what customers wanted. Value-based era: maintains the market orientation, but also includes a focus on giving greater value than the competition. Value reflects the relationship of benefits to costs. Means implementing a marketing strategy according to what customers value.