LAW 122 Lecture Notes - Lecture 3: Lemonade Stand, Strategic Planning, Job Shop

• School: Ryerson University
• Department: Law and Business
• Course: LAW 122
• Professor: Nick Iannazzo

Document Summary

Opening a lemonade stand: decision, finance, supplies, location, marketing. Competitiveness: ability and performance of an organization in the market compared to other organizations that offer similar goods or services. Strategy: the long-term plans that determine the direction an organization takes to become (or remain) competitive. Strategic planning: the managerial process that determines a strategy for the organization. Competitiveness: key purchasing criteria: the major elements influencing a purchase: price, quality, variety, and timeliness. Most (cid:272)usto(cid:373)e(cid:396)s te(cid:374)d to t(cid:396)ade off p(cid:396)i(cid:272)e agai(cid:374)st the othe(cid:396) pu(cid:396)(cid:272)hasi(cid:374)g (cid:272)(cid:396)ite(cid:396)ia a(cid:374)d (cid:272)hoose (cid:862)(cid:271)est (cid:271)uy(cid:863) o(cid:396) (cid:862)(cid:271)est value(cid:863) In complex purchases customers may use two categories of purchasing criteria: order qualifiers and order winners. Order qualifiers: are those purchasing criteria that customers perceive as minimum standards of acceptability for purchase. Order winners: are those purchasing criteria that cause the selling organization to be perceived as better then the competition.