1. Generic Brands pg. 405
2. Generic Brands- a brand indicating only the product category.
3. I look at generic brands as just something plain and doesn’t have the companies name. For example, when you go to Publix, Publix basically has a generic brand for each product. From garbage bags to bread and even cleaning supplies. Generic brands are usually cheaper, and work just has good as the regular traditional branded products. I know I usually go for generic brands depending on what kind of product it is.
1. Supply- Chain Management pg. 430
2. Supply- Chain Management- a set of approaches used to integrate the functions of operations management, supply, marketing so products are produced and distributed in the right quantities, …show more content…
Just from experience, supply- chain management handles a lot of the money as well. Basically, what can be bought and what cannot be bought. Or giving that company a budget for something they need. For instance, in a hospital setting if an operating room director needs some type of machine he or she would have to request it and the people in supply chain management look at everyone needs (meaning each department) and what is priority and will distribute money to each department, or basically tell them no. Supply- chain management is very important, and is a big part of any type of company.
1. Discount Stores pg. 470
2. Discount Stores- self-service, general-merchandise stores that offer brand name and private brand products at low prices.
3. First thing I think of when I hear discount stores is savings. Discount stores are definitely very convenient and helps save a lot of money. It just makes people feel good when they can go into a place like Ross or Marshalls and get name brand things paying only twenty dollars compared to eighty dollars. On top of being a discounted store like Wal-Mart, they also provide coupons as well. Basically, you’re getting additional discounts, and who doesn’t like saving their money!
1. Word-of-mouth Communication pg. 522
2. Word-of-mouth Communication- personal informal exchanges of communication that customers share with one another about products, brands, and …show more content…
There is a lot of people out there including myself who strive to pay low prices. If there is an opportunity or option to pay fifteen dollars for something that is the same but charging for fifty dollars, I’m going to go to the store that is charging fifteen dollars. There are stores like Wal-Mart, K-Mart, Target etc. that do strive for lower prices. That’s where the generic brands come into play, having low prices. But, you can price conscious even in expensive stores; meaning choosing the cheapest wallet out of the three.
1. Negotiated Pricing pg. 637
2. Negotiated Pricing- establishing a final price through bargaining between seller and customer.
3. Negotiating pricing is actually a huge part of my job. When negotiating pricing you want to make sure the customer is happy, but you still want to make sure the company is making money as well. One of our negotiating strategies is that, if a hospital buys one of our bigger machines we will throw in a smaller one for free. Or if they buy one of our bigger machines we will discount all the products that have to go with it. In some cases, though even if the company loses money or not even making a profit, they will still give the customer what they want. You want to make sure they are happy and get the word