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Topic Review
Demand Chain Management
Demand chain management (DCM) is the management of relationships between suppliers and customers to deliver the best value to the customer at the least cost to the demand chain as a whole. Demand chain management is similar to supply chain management but with special regard to the customers. Demand chain management software tools bridge the gap between the customer relationship management and the supply chain management. The organization's supply chain processes are managed to deliver best value according to the demand of the customers. DCM creates strategic assets for the firm in terms of the overall value creation as it enables the firm to implement and integrate marketing and supply chain management (SCM) strategies that improve its overall performance. A study of the university in Wageningen (the Netherlands) sees DCM as an extension of supply chain management, due to its incorporation of the market orientation perspective on its concept.
  • 1.3K
  • 10 Nov 2022
Topic Review
Click Fraud
Click fraud is a type of fraud that occurs on the Internet in pay-per-click (PPC) online advertising. In this type of advertising, the owners of websites that post the ads are paid an amount of money determined by how many visitors to the sites click on the ads. Fraud occurs when a person, automated script or computer program imitates a legitimate user of a web browser, clicking on such an ad without having an actual interest in the target of the ad's link. Click fraud is the subject of some controversy and increasing litigation due to the advertising networks being a key beneficiary of the fraud. Media entrepreneur and journalist John Battelle describes click fraud as the intentionally malicious, "decidedly black hat" practice of publishers illegitimately gaming paid search advertising by employing robots or low-wage workers to repeatedly click on each AdSense ad on their sites, thereby generating money to be paid by the advertiser to the publisher and to Google.
  • 352
  • 10 Nov 2022
Topic Review
Supply Chain Engineering
Supply Chain Engineering (SCE) describes desired efficiency and effectiveness. The most essential ingredient of SCE is its integral view embodying • Local Customization • Engineering • Information Technology The engineering character is not only visible in the SCE’s content but also in its name. As SCE is still a very young method only few standard works have been published so far; however, Kukkuk C, (Snr) in his opening address to the South African mining industry in 2015, sites "SEC should be regarded as an upstream practice and should not be a silo business unit, it may well be integrated with other key disciplines that form part of the 'value chain' some principles we apply are interactive sessions for front end planning, industry lessons learned, lean optimization strategies and updated ERP/MRP solutions" The following definition therefore mainly refers to the standard work, “Supply Chain Engineering – methods of integrated logistics planning”, published in July 2010 by Dr. Joachim Miebach and Dominik Bühring. Herein SCE is defined as an independent and overall method to design supply chains.
  • 283
  • 10 Nov 2022
Topic Review
Originating Sources of Complexity
Complexity is born under the wing of the social sciences, promoting the transposition of some contents of biology and natural sciences to the social sciences and behavior of humans. The sources of complexity are diverse and often divergent some coming from immaterial and subjective sources, such as those of the human mind, which implies appreciating behaviors and individual behaviors, for example, of men and women, and of groups that affect the global system, to which other sources that derive from the rise and fall of technologies that are expected to generate progress and social development.
  • 346
  • 09 Nov 2022
Topic Review
Russian Financial Crisis (2014–2017)
The financial crisis in Russia in 2014–2015 was the result of the sharp devaluation of the Russian ruble beginning in the second half of 2014. A decline in confidence in the Russian economy caused investors to sell off their Russian assets, which led to a decline in the value of the Russian ruble and sparked fears of a Russian financial crisis. The lack of confidence in the Russian economy stemmed from at least two major sources. The first is the fall in the price of oil in 2014. Crude oil, a major export of Russia, declined in price by nearly 50% between its yearly high in June 2014 and 16 December 2014. The second is the result of international economic sanctions imposed on Russia following Russia's annexation of Crimea and the Russian military intervention in Ukraine. The crisis has affected the Russian economy, both consumers and companies, and regional financial markets, as well as Putin's ambitions regarding the Eurasian Economic Union. The Russian stock market in particular has experienced large declines, with a 30% drop in the RTS Index from the beginning of December through 16 December 2014. During the financial crisis, the economy turned to prevalent state ownership, with 60% of productive assets in the hands of the government. By 2016, the Russian economy rebounded with 0.3% GDP growth and was officially out of the recession. In January 2017, Russia had foreign currency reserves of around $391 billion, an inflation rate of 5.0% and interest rate of 10.0%.
  • 4.4K
  • 09 Nov 2022
Topic Review
Psychographic Segmentation
Psychographic segmentation has been used in marketing research as a form of market segmentation which divides consumers into sub-groups based on shared psychological characteristics, including subconscious or conscious beliefs, motivations, and priorities to explain and predict consumer behavior. Developed in the 1970´s, it applies behavioral and social sciences to explore to understand consumers’ decision-making processes, consumer attitudes, values, personalities, lifestyles, and communication preferences. It complements demographic and socioeconomic segmentation, and enables marketers to target audiences with messaging to market brands, products or services. Some consider lifestyle segmentation to be interchangeable with psychographic segmentation, marketing experts argue that lifestyle relates specifically to overt behaviors while psychographics relate to consumers' cognitive style, which is based on their "patterns of thinking, feeling and perceiving".
  • 1.1K
  • 09 Nov 2022
Topic Review
Shelf Life
Shelf life is the length of time that a commodity may be stored without becoming unfit for use, consumption, or sale. In other words, it might refer to whether a commodity should no longer be on a pantry shelf (unfit for use), or just no longer on a supermarket shelf (unfit for sale, but not yet unfit for use). It applies to cosmetics, foods and beverages, medical devices, medicines, explosives, pharmaceutical drugs, chemicals, tires, batteries and many other perishable items. In some regions, an advisory best before, mandatory use by or freshness date is required on packaged perishable foods. The concept of expiration date is related but legally distinct in some jurisdictions.
  • 2.5K
  • 09 Nov 2022
Topic Review
Cash Transfers
Cash transfers are direct transfer payments of money to eligible people. Cash transfers are usually provided by the state and federal government.
  • 240
  • 09 Nov 2022
Topic Review
Business Engineering
Business engineering (BE) is the development and implementation of business solutions, from business model to business processes and organizational structure to information systems and information technology (cf.). Business engineering focuses on developing innovative business solutions that take a sociotechnical systems (STS) approach. The STS approach addresses an enterprise as a total system in the same manner as an airplane system or an industrial facility, since they possess a similar level of complexity. Business engineering combines knowledge in the fields of business administration, Industrial Engineering, as well as information technology and connects it to all aspects of transformation, from means of presentation to process models to cultural and political considerations (cf. Baumöl/Jung).A person is referred to as a Business Engineer when the person is a hybrid between an entrepreneur and an engineer. They must poses the understanding of how the business world operates at both macro and micro levels and be in a position to come up with solutions based on various key elements.
  • 6.6K
  • 09 Nov 2022
Topic Review
Point of Sale
The point of sale (POS) or point of purchase (POP) is the time and place where a retail transaction is completed. At the point of sale, the merchant calculates the amount owed by the customer, indicates that amount, may prepare an invoice for the customer (which may be a cash register printout), and indicates the options for the customer to make payment. It is also the point at which a customer makes a payment to the merchant in exchange for goods or after provision of a service. After receiving payment, the merchant may issue a receipt for the transaction, which is usually printed but is increasingly being dispensed with or sent electronically. To calculate the amount owed by a customer, the merchant may use various devices such as weighing scales, barcode scanners, and cash registers. To make a payment, payment terminals, touch screens, and other hardware and software options are available. The point of sale is often referred to as the point of service because it is not just a point of sale but also a point of return or customer order. POS terminal software may also include features for additional functionality, such as inventory management, CRM, financials, or warehousing. Businesses are increasingly adopting POS systems, and one of the most obvious and compelling reasons is that a POS system does away with the need for price tags. Selling prices are linked to the product code of an item when adding stock, so the cashier merely needs to scan this code to process a sale. If there is a price change, this can also be easily done through the inventory window. Other advantages include the ability to implement various types of discounts, a loyalty scheme for customers, and more efficient stock control.
  • 1.2K
  • 08 Nov 2022
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