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Chapter 1-4

RMG 301 Chapter 1-4 Glossary.doc

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Ryerson University
Retail Management
RMG 301
Norman Shaw

Chapter 1 Glossary RMG 301 Business analytics -a process of transforming data into actions through analysis and insights in the context of organizational decision making and problem solving Customer benefit package (CBP) -a clearly defined set of tangible (goods-content) and intangible (service-content) features that the customer recognizes, pays for, uses, or experiences Durable good -a product that does not quickly wear out and typically lasts at least three years Economic sustainability -an organization's commitment to address current business needs and economic vitality, and to have the agility and strategic management to prepare successfully for future business, markets, and operating environments Environmental sustainability -an organization's commitment to the long-term quality of our environment Good -a physical product that you can see, touch, or possibly consume Moments of truth -any episodes, transactions, or experiences in which a customer comes into contact with any aspect of the delivery system, however remote, and thereby has an opportunity to form an impression Nondurable good -a product that is no longer useful once it's used, or lasts for less than three years Operations management -the science and art of ensuring that goods and services are created and delivered successfully to customers Peripheral goods or services -those that are not essential to the primary good or service, but enhance it Primary good or service -the "core" offering that attracts customers and responds to their basic needs Process -a sequence of activities that is intended to a create a certain result Service -any primary or complementary activity that does not directly produce a physical product Service encounter -an interaction between the customer and the service provider Service management -integrates marketing, human resources, and operations functions to plan, create, and deliver goods and services, and their associated service encounters Social sustainability -an organization's commitment to maintain healthy communities and a society that improves the quality of life Sustainability -refers to an organization's ability to strategically address current business needs and successfully develop a long-term strategy that embraces opportunities and manages risk for all products, systems, supply chains, and processes to preserve resources for future generations Variant -a CBP feature that departs from the standard CBP and is normally location- or firm-specific Chapter 2 RMG 301 Backward integration -refers to acquiring capabilities toward suppliers Forward integration -refers to acquiring capabilities toward distribution or even customers Multinational enterprise -an organization that sources, markets, and produces its goods and services in several countries to minimize costs, and to maximize profit, customer satisfaction, and social welfare Offshoring -the building, acquiring, or moving of process capabilities from a domestic location to another country location while maintaining ownership and control Operational structure -the configuration of resources, such as suppliers, factories, warehouses, distributers, technical support centers, engineering design and sales offices, and communication links Outsourcing -the process of having suppliers provide goods and services that were previously provided internally Supply chain -the portion of the value chain that focuses primarily on the physical movement of goods and materials, and supporting flows of information and financial transactions through the supply, production, and distribution processes Value -the perception of the benefits associated with a good, service, or bundle of goods and services (i.e., the customer benefit package) in relation to what buyers are willing to pay for them Value chain -a network of facilities and processes that describes the flow of materials, finished goods, services, information, and financial transactions from suppliers, through the facilities and processes that create goods and services, and that those deliver them to the customer Value chain integration -the process of managing information, physical goods, and services to ensure their availability at the right place, at the right time, at the right cost, at the right quantity, and with the highest attention to quality Value
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