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Push–pull Strategy
The business terms ''push'' and ''pull'' originated in logistics and supply chain management, but are also widely used in marketing and in the hotel distribution business. Walmart is an example of a company that uses the push vs. pull strategy. Supply-chain management Complete definition There are several definitions on the distinction between push and pull strategies. Liberopoulos (2013) identifies three such definitions: # A pull system initiates production as a reaction to present demand, while a push system initiates production in anticipation of future demand. # In a pull system, production is triggered by actual demands for finished products, while in a push system, production is initiated independently of demands. # A pull system is one that explicitly limits the amount of WIP that can be in the system, while a push system has no explicit limit on the amount of WIP that can be in the system. Other definitions are: * ''Push'': As stated by Bonney et al. (1999) ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
CONWIP English
CONWIP (CONstant work in process) are pull-oriented production control systems. Such systems can be classified as pull and push systems (Spearman et al. 1990). In a Push-pull strategy, push system, the production order is scheduled, and the material is pushed into the production line. In a Push-pull strategy, pull system, the start of each product assembly process is triggered by the completion of another at the end of production line. This pull-variant is known for its ease of implementation. CONWIP is a kind of single-stage kanban system and is also a hybrid push-pull system. While kanban systems maintain tighter control of system WIP through the individual cards at each workstation, CONWIP systems are easier to implement and adjust, since only one set of system cards is used to manage system WIP.Marek, Richard P. et al., Understanding the fundamentals of Kanban and CONWIP pull systems using simulation, Proceedings of the 2001 Winter Simulation Conferenc/ref> CONWIP uses cards to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Point Of Sale
The point of sale (POS) or point of purchase (POP) is the time and place at which 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 can also be 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 (or the more advanced "POS cash registers", which are sometimes also called "POS systems"). To make a payment, payment terminals, touch screens, and other hardware and software options are available. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marketing Mix Modeling
Marketing mix modeling (MMM) is statistical analysis such as multivariate regressions on sales and marketing time series data to estimate the impact of various marketing tactics (marketing mix) on sales and then forecast the impact of future sets of tactics. It is often used to optimize advertising mix and promotional tactics with respect to sales revenue or profit. The techniques were developed by econometricians and were first applied to consumer packaged goods, since manufacturers of those goods had access to accurate data on sales and marketing support. Improved availability of data, massively greater computing power, and the pressure to measure and optimize marketing spend has driven the explosion in popularity as a marketing tool. In recent times MMM has found acceptance as a trustworthy marketing tool among the major consumer marketing companies. History The term marketing mix was developed by Neil Borden who first started using the phrase in 1949. “An executive is a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marketing Strategy
Marketing strategy allows organizations to focus limited resources on best opportunities to increase sales and achieve a competitive advantage in the market. Strategic marketing emerged in the 1970s/80s as a distinct field of study, further building on strategic management. Marketing strategy highlights the role of marketing as a link between the organization and its customers, leveraging the combination of resources and capabilities within an organization to achieve a competitive advantage (Cacciolatti & Lee, 2016). Marketing management versus marketing strategy The distinction between "strategic" and "managerial" marketing is used to distinguish "two phases having different goals and based on different conceptual tools. Strategic marketing concerns the choice of policies aiming at improving the competitive position of the firm, taking account of challenges and opportunities proposed by the competitive environment. On the other hand, managerial marketing is focused on the implem ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Decision Making
In psychology, decision-making (also spelled decision making and decisionmaking) is regarded as the cognitive process resulting in the selection of a belief or a course of action among several possible alternative options. It could be either rational or irrational. The decision-making process is a reasoning process based on assumptions of values, preferences and beliefs of the decision-maker. Every decision-making process produces a final choice, which may or may not prompt action. Research about decision-making is also published under the label problem solving, particularly in European psychological research. Overview Decision-making can be regarded as a problem-solving activity yielding a solution deemed to be optimal, or at least satisfactory. It is therefore a process which can be more or less rational or irrational and can be based on explicit or tacit knowledge and beliefs. Tacit knowledge is often used to fill the gaps in complex decision-making processes. Usually, both o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lean Thinking
Lean thinking is a management framework made up of a philosophy, practices and principles which aim to help practitioners improve efficiency and the quality of work. Lean thinking encourages whole organisation participation. The goal is to organise human activities to deliver more benefits to society and value to individuals while eliminating waste. History The term "lean thinking" was coined by mechanical engineer and MIT graduate student John Krafcik in 1988, who subsequently went on to run Google LLC's autonomous driving unit for many years. Principles Lean thinking is a way of thinking about an activity and seeing the waste inadvertently generated by the way the process is organized. It uses five key principles: *Value *Value streams *Flow *Pull *Perfection The aim of lean thinking is to create a lean culture, one that sustains growth by aligning customer satisfaction with employee satisfaction, and that offers innovative products or services profitably while minimizing ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Digital Marketing
Digital marketing is the component of marketing that uses the Internet and online based digital technologies such as desktop computers, mobile phones and other digital media and platforms to promote products and services. Its development during the 1990s and 2000s changed the way brands and businesses use technology for marketing. As digital platforms became increasingly incorporated into marketing plans and everyday life, and as people increasingly use digital devices instead of visiting physical shops, digital marketing campaigns have become prevalent, employing combinations of search engine optimization (SEO), search engine marketing (SEM), content marketing, influencer marketing, content automation, campaign marketing, data-driven marketing, e-commerce marketing, social media marketing, social media optimization, e-mail direct marketing, display advertising, e–books, and optical disks and games have become commonplace. Digital marketing extends to non-Internet channels ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Supply And Demand
In microeconomics, supply and demand is an economic model of price determination in a Market (economics), market. It postulates that, Ceteris paribus, holding all else equal, in a perfect competition, competitive market, the unit price for a particular Good (economics), good, or other traded item such as Labour supply, labor or Market liquidity, liquid financial assets, will vary until it settles at a point where the quantity demanded (at the current price) will equal the quantity supplied (at the current price), resulting in an economic equilibrium for price and quantity transacted. The concept of supply and demand forms the theoretical basis of modern economics. In macroeconomics, as well, the AD–AS model, aggregate demand-aggregate supply model has been used to depict how the quantity of real GDP, total output and the aggregate price level may be determined in equilibrium. Graphical representations Supply schedule A supply schedule, depicted graphically as a supply cu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
CONWIP
CONWIP (CONstant work in process) are pull-oriented production control systems. Such systems can be classified as pull and push systems (Spearman et al. 1990). In a push system, the production order is scheduled, and the material is pushed into the production line. In a pull system, the start of each product assembly process is triggered by the completion of another at the end of production line. This pull-variant is known for its ease of implementation. CONWIP is a kind of single-stage kanban system and is also a hybrid push-pull system. While kanban systems maintain tighter control of system WIP through the individual cards at each workstation, CONWIP systems are easier to implement and adjust, since only one set of system cards is used to manage system WIP.Marek, Richard P. et al., Understanding the fundamentals of Kanban and CONWIP pull systems using simulation, Proceedings of the 2001 Winter Simulation Conferenc/ref> CONWIP uses cards to control the number of Work in process ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kanban
Kanban (Japanese: カンバン and Chinese: 看板, meaning signboard or billboard) is a scheduling system for lean manufacturing (also called just-in-time manufacturing, abbreviated JIT). Taiichi Ohno, an industrial engineer at Toyota, developed kanban to improve manufacturing efficiency. The system takes its name from the cards that track production within a factory. Kanban is also known as the ''Toyota nameplate system'' in the automotive industry. Kanban became an effective tool to support running a production system as a whole, and an excellent way to promote improvement. Problem areas are highlighted by measuring lead time and cycle time of the full process and process steps. One of the main benefits of kanban is to establish an upper limit to work in process (commonly referred as "WIP") inventory to avoid overcapacity. Other systems with similar effect exist, for example CONWIP. A systematic study of various configurations of kanban systems, such as Generalized Kanban or ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Work In Process
Work in process (WIP), work in progress (WIP), goods in process, or in-process inventory refers to a company's partially finished goods waiting for completion and eventual sale, or the value of these items. The term is used in supply chain management, and WIP is a key input for calculating inventory on a company's balance sheet. WIP inventory in supply chain management WIP inventory calculations can help a company assess their supply chain health and guide in supply chain planning. In most cases, it is ideal to have low WIP inventory levels, and companies that manage their inventory level efficiently tend to have lower costs. Managing WIP inventory requires coordination between several functions within a company, as well as with suppliers and customers. Higher WIP inventory levels are advantageous in that they can support a surge in demand, as well as improve cycle time since there is more material in production. However, this can also increase storage costs and obsolescence risk ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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