Human Resource Management Overview

Strategies to enhance efficiency in dealings with suppliers, including supply chain optimization, inventory management, workforce management, and data security.

Clearly defined goals for each negotiation with a vendor, focusing on pricing, delivery terms, and contract conditions.

Gathering and analyzing data like historical sales, market trends, and supplier information to inform negotiation strategies.

Pricing method where the price is calculated based on the cost of producing a good, plus a percentage markup.

Pricing based on the prices of competitors in the market.

Adjusting prices based on factors like demand, competition, and real-time market conditions.

Setting very low introductory prices to quickly gain market share for a new product.

Introducing a new product at a high price that is then lowered as competition enters the market.

Filling open positions by looking at individuals within the company.

Filling open positions by looking at individuals outside the company.

The steps involved in choosing the best candidate from a pool of applicants.

The initial screening, usually done by a receptionist, to gather basic information and filter applicants.

Evaluating the written application for basic qualifications and information.

A conversation to assess a candidate's skills, experience, and suitability for the role.

Using tests to measure a candidate's personality, abilities, and suitability for the position.

Contacting previous employers or references to verify information provided by the candidate.

Setting prices based on the perceived value of a product or service to the customer. This approach focuses on customer perception of value rather than just production costs.

Manipulating prices to evoke emotional responses and make products seem cheaper. Using prices just below a round number, like $9.99 instead of $10, can make a product feel more appealing.

Offering several products or services together for a discounted price. Encourages customers to buy more than they might have otherwise.

Setting a high price for products perceived as high-quality or luxury to reinforce exclusivity and perceived value. This targets customers willing to pay more for higher quality.

The distribution channels used can influence pricing. For example, a product sold directly to consumers might have a different price than the same product sold through intermediaries.

The price of a product in the decline stage of its life cycle will typically be lower than when it was first launched. This aims to increase demand as the product nears obsolescence.

The total cash and non-cash payments given to an employee for their work. It includes base pay, benefits, and incentive programs.

The regular hourly or salary wage an employee receives, before any additional compensation.

Performance-based compensation designed to motivate employees to reach specific goals or targets.

Non-cash compensation that provides value to employees, such as health insurance, retirement plans, or paid time off.

The process of designing, implementing, and maintaining a system of financial rewards for employees, aiming to improve organizational performance.

Types of compensation include base pay, sales commissions, overtime wages, tips, bonuses, recognition pay, benefits, and stock options.

Compensation is important because it motivates employees, attracts and retains talented individuals, and contributes to overall business success.

Direct compensation includes base pay and incentive pay, while indirect compensation refers to benefits.

Improving customer service, personalization, and interactions through digital tools or processes to increase satisfaction and loyalty.

Lowering operational costs while maintaining or improving output quality through efficient systems or processes like automation, cloud services, or outsourcing.

The ability of a company to quickly adapt to market changes, customer demands, or new opportunities due to a flexible business model or technology infrastructure.

Using large volumes of retail data to gain insights, identify trends, forecast demand, measure performance, and make informed decisions that drive growth and profitability.

Includes all activities related to a company's suppliers, those who provide raw materials or inputs used in manufacturing.

Represents the 'demand' side, where managers balance supply and demand to avoid inventory shortages, overstocking, or lost sales.

Information travels in both directions, from customers to suppliers (upstream) and suppliers to customers (downstream).

Software programs designed to manage information flow within a supply chain, covering data management, planning, forecasting, visibility, and tracking.

A type of storefront display with a large glass panel at the front and a solid wall at the back, offering a clear view of the products inside.

Similar to a closed window, but with a partially covered back wall, allowing some visibility inside the store.

A display featuring a large glass panel at the front and no wall at the back, offering a completely open view of the store's interior.

A display positioned at the corner of a building, visible from two directions.

A display located at a higher level, either closed or open, creating a prominent and eye-catching view.

A small, box-like window display commonly used for showcasing jewelry and cosmetics. It offers a focused and detailed display.

The overall environment created by a retailer using sensory elements, such as lighting, color, music, and scent, to influence customers' perceptions and purchase behavior.

Using customer service as a key differentiator to build customer loyalty, gain a competitive advantage, and drive repeat business.