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Customer Benefit Package
A customer benefit package (CBP) forms as a part of the operations management (OM) toolkit. It involves a clearly defined set of tangible (goods) and intangible (services) features that the customer recognizes, purchases, or uses. This can be the real or perceived value that a customer experiences or believes they are receiving through dealing with a company. Overview A combination of a primary product with additional goods and services defines the total product to the customer. In other words, a CBP is a combination of services and goods that adds value to the primary product acquired by the customer. The primary product is the "core" offering that attracts customers and satisfies their basic needs. These goods and services adding value to the primary product are called peripheral goods and services, which are not essential to the primary product, but enhance it. Examples of peripheral goods and services in the fast food industry include toys (peripheral goods) that are offered as ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Operations Management
Operations management is concerned with designing and controlling the production (economics), production of good (economics), goods and service (economics), services, ensuring that businesses are efficiency, efficient in using resources to meet customer requirements. It is concerned with managing an entire production system that converts inputs (in the forms of raw materials, Manual labour, labor, consumers, and energy) into outputs (in the form of goods and services for consumers). Operations management covers sectors like banking systems, hospitals, companies, working with suppliers, customers, and using technology. Operations is one of the major functions in an organization along with supply chains, marketing, finance and human resources. The operations function requires management of both the strategic and day-to-day production of goods and services. In managing manufacturing or service operations, several types of decisions are made including operations strategy, product ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Goods
In economics, goods are anything that is good, usually in the sense that it provides welfare or utility to someone. Alan V. Deardorff, 2006. ''Terms Of Trade: Glossary of International Economics'', World Scientific. Online version: Deardorffs' Glossary of International Economics"good" an Goods can be contrasted with bads, i.e. things that provide negative value for users, like chores or waste. A bad lowers a consumer's overall welfare. Economics focuses on the study of economic goods, i.e. goods that are scarce; in other words, producing the good requires expending effort or resources. Economic goods contrast with free goods such as air, for which there is an unlimited supply.Samuelson, P. Anthony., Samuelson, W. (1980). Economics. 11th ed. / New York: McGraw-Hill. Goods are the result of the Secondary sector of the economy which involves the transformation of raw materials or intermediate goods into goods. Utility and characteristics of goods The change in utility (pl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Customer
In sales, commerce, and economics, a customer (sometimes known as a Client (business), client, buyer, or purchaser) is the recipient of a Good (economics), good, service (economics), service, product (business), product, or an Intellectual property, idea, obtained from a seller, vendor, or distribution (business), supplier via a financial transaction or exchange (economics), an exchange for money or some other valuable consideration. Etymology and terminology Early societies relied on a gift economy based on favours. Later, as commerce developed, less permanent human relations were formed, depending more on transitory needs rather than enduring social desires. Customers are generally said to be the purchasers of goods and services, while clients are those who receive personalized advice and solutions. Although such distinctions have no contemporary semantic weight, Employment agency, agencies such as law firms, film studios, and health care providers tend to prefer '':wikt:clien ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Basic Needs
The basic needs approach is one of the major approaches to the measurement of absolute poverty in developing countries globally. It works to define the absolute minimum resources necessary for long-term physical well-being, usually in terms of Consumption (economics), consumption goods. The poverty line is then defined as the amount of income required to satisfy the needs of the people. The "basic needs" approach was introduced by the International Labour Organization's World Employment Conference in 1976. "Perhaps the high point of the WEP was the World Employment Conference of 1976, which proposed the satisfaction of basic human needs as the overriding objective of national and international development policy. The basic needs approach to development was endorsed by governments and workers' and employers' organizations from all over the world. It influenced the programmes and policies of major multilateral and bilateral development agencies, and was the precursor to the human de ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fast Food Restaurant
A fast-food restaurant, also known as a quick-service restaurant (QSR) within the industry, is a specific type of restaurant that serves fast food, fast-food cuisine and has minimal Foodservice#Table service, table service. The food served in fast-food restaurants is typically part of a "Western pattern diet, meat-sweet diet", offered from a limited menu, cooked in bulk in advance and kept hot, finished and packaged to order, and usually available for Take-out, take away, though seating may be provided. Fast-food restaurants are typically part of a chain store#Restaurant chains, restaurant chain or Franchising, franchise operation that provides standardized ingredients and/or partially prepared foods and supplies to each restaurant through controlled supply channels. The term "fast food" was recognized in a dictionary by Merriam–Webster in 1951. While the first fast-food restaurant in the United States was a White Castle (restaurant), White Castle in 1921, fast-food resta ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Customer Benefit Package
A customer benefit package (CBP) forms as a part of the operations management (OM) toolkit. It involves a clearly defined set of tangible (goods) and intangible (services) features that the customer recognizes, purchases, or uses. This can be the real or perceived value that a customer experiences or believes they are receiving through dealing with a company. Overview A combination of a primary product with additional goods and services defines the total product to the customer. In other words, a CBP is a combination of services and goods that adds value to the primary product acquired by the customer. The primary product is the "core" offering that attracts customers and satisfies their basic needs. These goods and services adding value to the primary product are called peripheral goods and services, which are not essential to the primary product, but enhance it. Examples of peripheral goods and services in the fast food industry include toys (peripheral goods) that are offered as ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Communication Channel
A communication channel refers either to a physical transmission medium such as a wire, or to a logical connection over a multiplexed medium such as a radio channel in telecommunications and computer networking. A channel is used for information transfer of, for example, a digital bit stream, from one or several '' senders'' to one or several '' receivers''. A channel has a certain capacity for transmitting information, often measured by its bandwidth in Hz or its data rate in bits per second. Communicating an information signal across distance requires some form of pathway or medium. These pathways, called communication channels, use two types of media: Transmission line-based telecommunications cable (e.g. twisted-pair, coaxial, and fiber-optic cable) and broadcast (e.g. microwave, satellite, radio, and infrared). In information theory, a channel refers to a theoretical ''channel model'' with certain error characteristics. In this more general view, a storag ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Value Chain
A value chain is a progression of activities that a business or firm performs in order to deliver goods and services of Value (economics), value to an end customer. The concept comes from the field of business management and was first described by Michael Porter in his 1985 best-seller, ''Competitive Advantage: Creating and Sustaining Superior Performance''. According to the OECD Secretary-General , the emergence of global value chains (GVCs) in the late 1990s provided a catalyst for accelerated change in the landscape of international investment and trade, with major, far-reaching consequences on governments as well as enterprises . Role of the business unit According to Porter, the appropriate level for constructing a value chain is the business unit within a business,Michael E. Porter (1985) Competitive advantage: creating and sustaining superior performance. The Free Press not a division (business), business division or the company as a whole. Porter is concerned that analy ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contract
A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more parties. A contract typically involves consent to transfer of goods, services, money, or promise to transfer any of those at a future date. The activities and intentions of the parties entering into a contract may be referred to as contracting. In the event of a breach of contract, the injured party may seek judicial remedies such as damages or equitable remedies such as specific performance or rescission. A binding agreement between actors in international law is known as a treaty. Contract law, the field of the law of obligations concerned with contracts, is based on the principle that agreements must be honoured. Like other areas of private law, contract law varies between jurisdictions. In general, contract law is exercised and governed either under common law jurisdictions, civil law jurisdictions, or mixed-law jurisdictions that combine elem ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Quality Management
Total quality management, Total Quality management (TQM), ensures that an organization, product, or service consistently performs as intended, as opposed to Quality Management, which focuses on work process and procedure standards. It has four main components: quality planning, quality assurance, quality control, and quality improvement. Customers recognize that quality is an important attribute when choosing and purchasing products and services. Suppliers can recognize that quality is an important differentiator of their offerings, and endeavor to compete on the quality of their products and the service they offer. Thus, quality management is focused both on product and service quality. Advancement In earlier periods, arts and crafts were led by Master craftsman, master craftspeople or artists who supervised studios, trained apprentices, and oversaw the product development process. With the advent of the Industrial Revolution, steam engines, and mass production, the role of crafts ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Risk Management
Risk management is the identification, evaluation, and prioritization of risks, followed by the minimization, monitoring, and control of the impact or probability of those risks occurring. Risks can come from various sources (i.e, Threat (security), threats) including uncertainty in Market environment, international markets, political instability, dangers of project failures (at any phase in design, development, production, or sustaining of life-cycles), legal liabilities, credit risk, accidents, Natural disaster, natural causes and disasters, deliberate attack from an adversary, or events of uncertain or unpredictable root cause analysis, root-cause. Retail traders also apply risk management by using fixed percentage position sizing and risk-to-reward frameworks to avoid large drawdowns and support consistent decision-making under pressure. There are two types of events viz. Risks and Opportunities. Negative events can be classified as risks while positive events are classifi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Information Technology
Information technology (IT) is a set of related fields within information and communications technology (ICT), that encompass computer systems, software, programming languages, data processing, data and information processing, and storage. Information technology is an application of computer science and computer engineering. The term is commonly used as a synonym for computers and computer networks, but it also encompasses other information distribution technologies such as television and telephones. Several products or services within an economy are associated with information technology, including computer hardware, software, electronics, semiconductors, internet, Telecommunications equipment, telecom equipment, and e-commerce.. An information technology system (IT system) is generally an information system, a communications system, or, more specifically speaking, a Computer, computer system — including all Computer hardware, hardware, software, and peripheral equipment � ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
