Wednesday, 24 April 2024, 3:02 AM
Site: Bcom International Supply Chain Management
Course: Bcom International Supply Chain Management (IMM)
Glossary: SCS Glossary
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ParagraphParagraph – a group of sentences built around a single key concept or idea. |
ParaphrasingParaphrasing – rewriting or repeating something using your own words but not changing the meaning. |
Perfect CompetitionPerfect competition is a market form where there are a large number of small firms, none of which can influence the market equilibrium price, since each firm’s output is very small compared to the total market supply. |
Perfectly Elastic DemandPerfectly elastic demand exists when the quantity demanded drops to zero with an increase in price. |
Perfectly Inelastic DemandPerfectly inelastic demand exists when the quantity demanded remains unchanged with a change in price. |
Performance ManagementProcess that links what individuals and teams do on a daily basis with the larger goals, value and cultural practices of the organisation and the needs of the customers. |
Personal SellingVan Heerden and Drotsky (2018) define personal selling as the exchange of ideas or information, verbally or non-verbally between the customer and the salesperson. Furthermore, the aim of communication in personal selling is to inform the customer and persuade them to purchase a product or service. Personal selling takes place directly with the customer through face-to-face communication, therefore, it can be seen as a two-way transaction between the salesperson and the customers. |
PersuadeTo convince someone of your argument or reasoning. |
PEST AnalysisPEST Analysis is a measurement tool which is used to assess markets for a particular product or a business at a given time frame. PEST stands for Political, Economic, Social, and Technological factors. Once these factors are analysed organisations can take better business decisions. |
PlagiarismPlagiarism – copying the ideas of others into your submission without giving the source due acknowledgment by referencing it. |