BMGT 110 Final: cumulative final - review, notes

• School: University of Maryland
• Department: Business and Management
• Course: BMGT 110
• Professor: Howard Frank

Document Summary

Compare your value chain to the industry"s: product sourcing, distribution/delivery, custom fitting. Zero in on price drivers (activities that impact differentiation) Zero in on cost drivers (activities that represent large percentages of costs: primary activities (supply chain management) Marketing identify unmet needs (product, price, promotion, place) Operations management transforms output to input. Logistics manages inbound and outbound flow of materials: operational effectiveness (oe) company"s ability to perform similar activities better than rivals, hypercompetition when one company copies another"s oe. 4 eras of marketing: production produce as much as possible, people will keep buying, selling selling and advertising; persuading customers, marketing the marketing concept, customer relations enhance customer satisfaction and long-term loyalty. Define the question (problem/opportunity) and determine the present. Collect research data (primary and secondary data) Choose the best solution and implement it (follow up to make sure changes are effective: 5 steps in the process of consumer behavior.