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107-727: Checkout may refer to: a point of sale terminal Google Checkout , Google's online payment services Check-Out (The Price Is Right) , a segment game from The Price Is Right in information management, it means blocking a file for editing; see Revision control The Checkout , an Australian television series See also [ edit ] Check-in (disambiguation) All pages with titles containing checkout All pages with titles beginning with checkout All pages with titles containing check out All pages with titles beginning with check out All pages with titles beginning with check-out Topics referred to by

214-642: A POS machine may need to process several qualities about a single product, like selling price, balance, average cost, quantity sold, description and department. Highly complex programming is involved (and possibly considerable computer resources) to generate such extensive analyses. POS systems are designed not only to serve the retail, wholesale and hospitality industries as historically is the case. Currently POS systems are also used in goods and property leasing businesses, equipment repair shops, healthcare management, ticketing offices such as cinemas and sports facilities and many other operations where capabilities such as

321-492: A POS system. Vendors and retailers are working to standardize development of computerized POS systems and simplify interconnecting POS devices. Two such initiatives were OPOS and JavaPOS , both of which conform to the UnifiedPOS standard led by The National Retail Foundation . OPOS ( OLE for POS) was the first commonly adopted standard and was created by Microsoft , NCR Corporation , Epson and Fujitsu-ICL . OPOS

428-598: A Vertical Integration Strategy include the internal costs for the business and the need for overhead costs. Also if the business is not well organized and fully equipped and prepared the business will struggle using this strategy. There are also competitive disadvantages as well, which include; creates barriers for the business, and loses access to information from suppliers and distributors. In terms of market position, firms may be classified as market leaders, market challengers, market followers or market nichers. Most firms carry out strategic planning every 3– 5 years and treat

535-487: A built-in camera and as payment terminals using built-in NFC technology or an external payment card reader. A number of POS companies built their software specifically to be cloud-based. Other businesses who launched pre-2000s have since adapted their software to evolving technology. Cloud-based POS systems are different from traditional POS largely because user data, including sales and inventory, are not stored locally, but in

642-462: A business’s competitive position while addressing challenges and opportunities in the industry. Managerial marketing involves executing specific and targeted objectives. Marketing strategy allows a firm to narrow down its visions into practical and achievable goals while Marketing management involves practical planning to implement these goals. The term higher-order planning is often used to refer to marketing strategy since this strategy helps establish

749-475: A button for every menu item. By pressing the [Grill] button, a second or third order could be worked on while the first transaction was in progress. When the customer was ready to pay, the [Total] button would calculate the bill, including sales tax for almost any jurisdiction in the United States. This made it accurate for McDonald's and very convenient for the servers and provided the restaurant owner with

856-436: A check on the amount that should be in the cash drawers. Up to eight devices were connected to one of two interconnected computers so that printed reports, prices, and taxes could be handled from any desired device by putting it into Manager Mode . In addition to the error-correcting memory, accuracy was enhanced by having three copies of all important data with many numbers stored only as multiples of 3. Should one computer fail,

963-451: A cloud-based POS are instant centralization of data (important especially to chain stores), ability to access data from anywhere there is internet connection, and lower start-up costs. Cloud based POS requires an internet connection. For this reason it important to use a device with 3G connectivity in case the device's primary internet goes down. In addition to being significantly less expensive than traditional legacy point of sale systems,

1070-453: A company's overarching mission statement . Strategies often specify how to adjust the marketing mix ; firms can use tools such as Marketing Mix Modeling to help them decide how to allocate scarce resources, as well as how to allocate funds across a portfolio of brands. In addition, firms can conduct analyses of performance, customer analysis, competitor analysis , and target market analysis. Marketing strategies may differ depending on

1177-402: A competitive advantage. In recent years, the advent of digital marketing has revolutionized strategic marketing practices, introducing new avenues for customer engagement and data-driven decision-making. The terms “strategic” and “managerial” marketing distinguish between two processes, each with different goals and conceptual tools. Strategic marketing involves implementing policies that boost

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1284-418: A competitive advantage. The resource-based view suggests that organizations must develop unique, firm-specific core competencies that will allow them to outperform competitors by doing things differently and in a superior manner. Barney stated that for resources to hold potential as sources of sustainable competitive advantage, they should be valuable, rare, and imperfectly imitable. A key insight arising from

1391-506: A complex network of inter-related assets and capabilities, organizations can adopt many possible competitive positions. Although scholars debate the precise categories of competitive positions that are used, there is general agreement, within the literature, that the resource-based view is much more flexible than Porter's prescriptive approach to strategy formulation. Hooley et al., suggest the following classification of competitive positions: The choice of competitive strategy often depends on

1498-410: A cost advantage over early entrants due to the use of product imitation. However, if a business is switching markets, this could take the cost advantage away due to the expense of changing markets for the business. Late Entry into a market does not necessarily mean there is a disadvantage when it comes to market share, it depends on how the marketing mix is adopted and the performance of the business. If

1605-421: A database before commercial implementation complicates the development. POS system accuracy is demanding, given that monetary transactions are involved continuously not only via the sale window but also at the back end through the receiving and inputting of goods into the inventory. Calculations required are not always straightforward. There may be many discounts and deals that are unique to specific products, and

1712-491: A decade back. These systems are usually designed for restaurants, small and medium-sized retail operations with fairly simple sale processes as can be culled from POS system review sites. It appears from such software reviews that enterprise-level cloud-based POS systems are currently lacking in the market. "Enterprise-level" here means that the inventory should be capable of handling a large number of records, such as required by grocery stores and supermarkets. It can also mean that

1819-420: A diversification strategy is that the benefits could take a while to start showing, which could lead the business to believe that the strategy in ineffective. Another disadvantage or risk is, it has been shown that using the horizontal diversification method has become harmful for stock value, but using the vertical diversification had the best effects. A disadvantage of using the horizontal integration strategy

1926-475: A few examples to understand the basics. Marketing scholars have suggested that strategic marketing arose in the late 1970s and its origins can be understood in terms of a distinct evolutionary path: Marketing strategy involves mapping out the company's direction for the forthcoming planning period, whether that be three, five, or ten years. It involves undertaking a 360° review of the firm and its operating environment to identify new business opportunities that

2033-455: A full-fledged inventory management system, including the ability to provide FIFO (First In First Out) and LIFO (Last In First Out), reports of their goods for accounting and tax purposes. In the hospitality industry , POS system capabilities can also diverge significantly. For instance, a restaurant is typically concerned about how the sale window functions: whether it has functionality such as creating item buttons, various discounts, adding

2140-469: A great deal of skill and judgment. Strategic analysis is designed to address the first strategic question, "Where are we now?" Traditional market research is less useful for strategic marketing because the analyst is not seeking insights about customer attitudes and preferences. Instead, strategic analysts are seeking insights into the firm's operating environment to identify possible future scenarios, opportunities, and threats. Mintzberg suggests that

2247-563: A highly vertically integrated business this creates different economies therefore creating a positive performance for the business. Vertical integration is seen as a business controlling the inputs of supplies and outputs of products as well as the distribution of the final product. Some benefits of using a Vertical integration strategy is that costs may be reduced because of the reducing transaction costs which include finding, selling, monitoring, contracting and negotiating with other firms. Also by decreasing outside businesses input it will increase

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2354-400: A keyboard & mouse), it is far more common to utilize touchscreens as they allow for faster response and better customization for the retailer. In the past, most IBM systems used a primarily keyboard-based interface, and NCR previously used side-keys on their displays before touchscreens were widely available, similar to their ATM products. The POS system software can typically handle

2461-412: A lower risk when first entering a new market. By being a first entrant, it is easy to avoid higher switching costs compared to later entrants. For example, those who enter later would have to invest more expenditure in order to encourage customers away from early entrants. However, while Market Pioneers may have the “highest probability of engaging in product development” and lower switching costs, to have

2568-402: A major data center can fail completely, such as in a fire. On-premises installations are therefore sometimes seen alongside cloud-based implementation to preempt such incidents, especially for businesses with high traffic. The on-premises installations may not have the most up-to-date inventory and membership information. For such contingency, a more innovative though highly complex approach for

2675-405: A market have serious market-share advantages above all those who enter later. Pioneers have the first-mover advantage, and in order to have this advantage, business’ must ensure they have at least one or more of three primary sources: Technological Leadership, Preemption of Assets or Buyer Switching Costs. Technological Leadership means gaining an advantage through either Research and Development or

2782-537: A merge has happened, this increases the knowledge of the business and marketing area they are focused on. The last benefit is more opportunities for deviation to occur in merged businesses rather than independent businesses. Vertical integration is when business is expanded through the vertical production line on one business. An example of a vertically integrated business could be Apple. Apple owns all their own software, hardware, designs and operating systems instead of relying on other businesses to supply these. By having

2889-471: A modular real-time multi-tasking multi-user operating system. A wide range of POS applications have been developed on platforms such as Windows and Unix. The availability of local processing power, local data storage, networking, and graphical user interface made it possible to develop flexible and highly functional POS systems. Cost of such systems has also declined, as all the components can now be purchased off-the-shelf. In 1993, IBM adopted FlexOS 2.32 as

2996-400: A myriad of customer based functions such as sales, returns, exchanges, layaways, gift cards , gift registries, customer loyalty programs, promotions, discounts and much more. POS software can also allow for functions such as pre-planned promotional sales, manufacturer coupon validation, foreign currency handling and multiple payment types. The POS unit handles the sales to the consumer, but it

3103-418: A notable strength of cloud-based point of sale systems is the ability to switch to a different product, by a different developer, without having to purchase new hardware. The many developers creating new software applications help to ensure that the system is supported for longer than a typical legacy POS system. A number of noted emerging cloud-based POS systems came on the scene less than a decade or even half

3210-603: A recent publication suggests that 72 techniques are essential. No optimal technique can be identified as useful across all situations or problems. Determining which technique to use in any given situation rests with the analyst's skills. The choice of tool depends on a variety of factors including: data availability; the nature of the marketing problem; the objective or purpose, the analyst's skill level as well as other constraints such as time or motivation. The most commonly used tools and techniques include: Research methods Analytical techniques The vision and mission address

3317-494: A registry tweak solution has been found for this. POS systems are one of the most complex software systems available because of the features that are required by different end users. Many POS systems are software suites that include sale, inventory, stock counting, vendor ordering, customer loyalty and reporting modules. Sometimes purchase ordering, stock transferring, quotation issuing, barcode creating, bookkeeping or even accounting capabilities are included. Each of these modules

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3424-487: A remote server. The POS system is also not run locally, so there is no installation required. Depending on the POS vendor and the terms of contract, compared to traditional on-premises POS installation, the software is more likely to be continually updated by the developer with more useful features and better performance in terms of computer resources at the remote server and in terms of fewer bugs and errors. Other advantages of

3531-473: A service charge, holding of receipts, queuing, table service as well as takeaways, merging and splitting of a receipt. These capabilities may be insufficient for a spa or slimming center which would require, in addition, a scheduling window with historical records of customers' attendance and their special requirements. A POS system can be made to serve different purposes to different end users depending on their business processes. Often an off-the-shelf POS system

3638-542: A specialized x86-based computer running Windows Embedded or Linux ), a method for employee input, cash drawer, receipt printer , barcode scanners (which may incorporate a scale), and an interface for processing Card payments and Processing Customer Information (a Payment Terminal ). It can also include a conveyor belt , checkout divider , wireless handheld scanners, integrated card processing systems, and customer-facing displays to display totals and show advertisements. While some systems use typical PC interfaces (such as

3745-413: A user to adjust the inventory of each product based on physical count, track expiry of perishable goods, change pricing, provide audit trail when modification of inventory records is performed, be capable of multiple outlet functionality, control of stocks from HQ, doubling as an invoicing system, just to name some. It is clear that POS system is a term that implies a wide range of capabilities depending on

3852-409: A variety of factors including: the firm's market position relative to rival firms, the stage of the product life cycle. A well-established firm in a mature market will likely have a different strategy than a start-up . Growth of a business is critical for business success. A firm may grow by developing the market or by developing new products. The Ansoff product and market growth matrix illustrates

3959-706: Is a COM -based interface compatible with all COM-enabled programming languages for Microsoft Windows . OPOS was first released in 1996. JavaPOS was developed by Sun Microsystems , IBM , and NCR Corporation in 1997 and first released in 1999. JavaPOS is for Java what OPOS is for Windows, and thus largely platform independent. There are several communication ways POS systems use to control peripherals such as: There are also nearly as many proprietary protocols as there are companies making POS peripherals. Most POS peripherals, such as displays and printers, support several of these command protocols to work with many different brands of POS terminals and computers. The design of

4066-427: Is a realistic, long-term future scenario for the organization. (Vision statements should not be confused with slogans or mottos.) It is a "clearly articulated statement of the business scope." A strong vision statement typically includes the following: Some scholars point out the market visioning is a skill or competency that encapsulates the planners' capacity "to link advanced technologies to market opportunities of

4173-473: Is applied to those who are Late Followers in the market. By having a different strategy, it allows the followers to create their own unique selling point and perhaps target a different audience in comparison to that of the Market Pioneers. Early following into a market can often be encouraged by an established business’ product that is “threatened or has industry-specific supporting assets”. Following

4280-492: Is completed the shorter the queue time which improves customer satisfaction, the less space it takes, which benefits shoppers and staff. High-traffic operations such as grocery outlets and cafes need to process sales quickly at the sales counter so the UI flow is often designed with as few popups or other interruptions to ensure the operator isn't distracted and the transaction can be processed as quickly as possible. Although improving

4387-498: Is different from Wikidata All article disambiguation pages All disambiguation pages Point of sale To calculate the amount owed by a customer, the merchant may use various devices such as weighing scales , barcode scanners, and cash registers (or the more advanced "POS cash registers", which are sometimes also called "POS systems" ). To make a payment, payment terminals , touch screens, and other hardware and software options are available. The point of sale

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4494-434: Is in vogue among both end-users and vendors. The basic, fundamental definition of a POS System is a system which allows the processing and recording of transactions between a company and its consumers, at the time in which goods and/or services are purchased. Early electronic cash registers (ECR) were controlled with proprietary software and were limited in function and communication capability. In August 1973, IBM released

4601-450: Is inadequate for customers. Some customization is required, and this is why a POS system can become very complex. The complexity of a mature POS system extends to remote networking or interlinking between remote outlets and the HQ such that updating both ways is possible. Some POS systems offer the linking of web-based orders to their sale window. Even when local networking is only required (as in

4708-480: Is interlinked if they are to serve their practical purpose and maximize their usability. For instance, the sale window is immediately updated on a new member entry through the membership window because of this interlinking. Similarly, when a sale transaction is made, any purchase by a member is on record for the membership window to report providing information like payment type, goods purchased, date of purchase and points accumulated. Comprehensive analysis performed by

4815-425: Is not just for processing sales but comes with many other capabilities, such as inventory management, membership systems, supplier records, bookkeeping, issuing of purchase orders, quotations and stock transfers, hide barcode label creation, sale reporting and in some cases remote outlet networking or linkage, to name some major ones. Nevertheless, it is the term POS system rather than retail management system that

4922-413: Is often referred to as the point of service because it is not just a point of sale but also a point of return or customer order. POS terminal software may also include features for additional functionality, such as inventory management , CRM , financials, or warehousing . Businesses are increasingly adopting POS systems, and one of the most obvious and compelling reasons is that a POS system eliminates

5029-948: Is only one part of the entire POS system used in a retail business. The controlling servers, or "Back-office" computers, typically handle other functions of the POS system such as inventory control, pricing, purchasing, receiving and transferring of products to and from other locations. Other typical functions of a POS system are: store sales information for enabling customer returns, reporting purposes, sales trends and cost/price/profit analysis. Customer information may be stored for receivables management, marketing purposes and specific buying analysis. Many retail POS systems include an accounting interface that "feeds" sales and product losses, cash drawer expected totals, and cashier productivity information to independent accounting applications. Marketing strategy Marketing strategy refers to efforts undertaken by an organization to increase its sales and achieve competitive advantage . In other words, it

5136-412: Is that it is an open platform for a business to expand and build away from the already existing market. High levels of horizontal integration lead to high levels of communication within the business. Another benefit of using this strategy is that it leads to a larger market for merged businesses, and it is easier to build good reputations for a business when using this strategy. A disadvantage of using

5243-448: Is that it is possible to identify successful companies that pursue a hybrid strategy – such as low-cost positions and differentiated positions simultaneously. Toyota is a classic example of this hybrid approach. Other scholars point to the simplistic nature of the analysis and the overly prescriptive nature of the strategic choices which limits strategies to just three options. Yet others point to research showing that many practitioners find

5350-403: Is that this limits and restricts the field of interest that the business. Horizontal integration can affect a business's reputation, especially after a merge has happened between two or more businesses. There are three main benefits to a business's reputation after a merge. A larger business helps the reputation and increases the severity of the punishment. As well as the merge of information after

5457-448: Is the method of advertising a company's products to the public through an established plan through the meticulous planning and organization of ideas, data, and information. Strategic marketing emerged in the 1970s and 1980s as a distinct field of study, branching out of strategic management . Marketing strategies concern the link between the organization and its customers, and how best to leverage resources within an organization to achieve

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5564-535: Is to benefit in some way consumers on a micro level from person to person and then second, keep all of society as a whole in contentment. In 1980, Michael Porter developed an approach to strategy formulation that proved to be extremely popular with both scholars and practitioners. The approach became known as the positioning school because of its emphasis on locating a defensible competitive position within an industry or sector. In this approach, strategy formulation consists of three key strands of thinking: analysis of

5671-441: The ergonomics is possible, a clean, fast-paced look may come at the expense of sacrificing functions that are often wanted by end-users such as discounts, access to commission earned screens, membership and loyalty schemes can involve looking at a different function of the POS to ensure the point of sale screen contains only what a cashier needs at their disposal to serve customers. The advent of cloud computing has given birth to

5778-864: The 1990s, offering an alternative to limited displays like two-line VFDs used in the IBM 4683 . The performance of the employees using the POS devices, a controllable cost for the business, depends upon the ease of learning, ease of use, and level of employee experience with it. Although experienced employees work more quickly with mechanically keyed entry , some systems favoured adopting GUI technology for ease of learning or for ergonomic factors. The key requirements that must be met by modern POS systems include high and consistent operating speed, reliability, ease of use, remote supportability, low cost, and rich functionality. Retailers can reasonably expect to acquire such systems (including hardware) for about $ 4000 US (as of 2009) per checkout lane. Reliability depends not wholly on

5885-622: The IBM 3650 and 3660 store systems that were, in essence, a mainframe computer used as a store controller that could control up to 128 IBM 3653/3663 point of sale registers. This system was the first commercial use of client-server technology, peer-to-peer communications, local area network (LAN) simultaneous backup, and remote initialization. By mid-1974, it was installed in Pathmark stores in New Jersey and Dillard's department stores. One of

5992-474: The POS machine must quickly process the differences and the effect on pricing. There is much complexity in the programming of such operations, especially when no error in calculation can be allowed. Other requirements include that the system must have functionality for membership discount and points accumulation/usage, quantity and promotional discounts, mix and match offers, cash rounding up, invoice/delivery-order issuance with outstanding amount. It should enable

6099-445: The advantage of learning from their early competitors and improving the benefits or reducing the total costs. This allows them to create a strategy that could essentially mean gaining market share and most importantly, staying in the market. In addition to this, markets evolve, leading to consumers wanting improvements and advancements on products. Late Followers have the advantage of catching the shifts in customer needs and wants towards

6206-408: The approach to be overly theoretical and not applicable to their business. During the 1990s, the resource-based view (also known as the resource-advantage theory ) of the firm became the dominant paradigm. It is an interdisciplinary approach that represents a substantial shift in thinking. It focuses attention on an organization's internal resources as a means of organizing processes and obtaining

6313-401: The area around the checkout instead as the point of purchase ( POP ) when they are discussing it from the customer's perspective. This is particularly the case when planning and designing the area as well as when considering a marketing strategy and offers. Some point of sale vendors refer to their POS system as "retail management system" which is a more appropriate term, since this software

6420-448: The basis for competing over the forthcoming planning period. For this reason, some companies engage external consultants, often advertising or marketing agencies, to provide an independent assessment of the firm's capabilities and resources. There is one strategy that is at times weaved into marketing strategies, however not explicitly stated. And it is unethical in that it specifically targets unsuspecting minority groups. First, consider

6527-427: The basis of their IBM 4690 OS in their 469x series of POS terminals. This was developed up to 2014 when it was sold to Toshiba , who continued to support it up to at least 2017. With increased options for commodity hardware and a more competitive market, the 1990s saw increased attention paid to the user interaction between store employees and POS systems. Touchscreens and larger displays became widely available in

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6634-477: The capabilities-performance relationship. Such a logic of analysis was implicit in the original formulation of RA theory and although it was taken into consideration by several scholars, it has never been articulated explicitly and tested empirically. In the resource-based view, strategists select the strategy or competitive position that best exploits the internal resources and capabilities relative to external opportunities. Given that strategic resources represent

6741-631: The case of a high-traffic supermarket), there is the ever-present challenge for the developer to keep most if not all of their POS stations running. This puts high demand not just on software coding but also designing the whole system covering how individual stations and the network work together, and special consideration for the performance capability and usage of databases. Due to such complexity, bugs and errors encountered in POS systems are frequent. With regard to databases, POS systems are very demanding on their performance because of numerous submissions and retrievals of data - required for correct sequencing

6848-455: The cashier switches over to the cloud system, the locally processed sale records are then automatically submitted to the remote system, thus maintaining the integrity of the remote database. Although cloud-based POS systems save the end-user startup cost and technical challenges in maintaining an otherwise on-premises installation, there is a risk that if the cloud-based vendor closes down it may result in more immediate termination of services for

6955-536: The database. Enterprise database Microsoft SQL Server, for example, has been known to freeze up (including the OS) entirely for many minutes under such conditions showing a "Timeout Expired" error message. Even a lighter database like Microsoft Access will slow to a crawl over time if the problem of database bloating is not foreseen and managed by the system automatically. Therefore, the need to do extensive testing, debugging and improvisation of solutions to preempt failure of

7062-548: The definition of ethics , which is the moral question of whether or not something is socially acceptable. Applying this definition to marketing strategy, companies must be wary that they do not purposefully seek to seclude groups of people based on their cultural background. A company that is seeking to expand internationally has a duty to establish their marketing agenda with multiple cultures in mind, so as to prevent bodies of people from getting left out. Marketing strategies have two goals: first of which, keeping with company's goals,

7169-453: The developer but at times on the compatibility between a database and an OS version. For example, the widely used Microsoft Access database system had a compatibility issue when Windows XP machines were updated to a newer version of Windows. Microsoft offered no immediate solution. Some businesses were severely disrupted in the process, and many downgraded back to Windows XP for a quick resolution. Other companies utilized community support, for

7276-409: The developer is to have a trimmed down version of the POS system installed on the cashier computer at the outlet. On a daily basis the latest inventory and membership information from the remote server is automatically updated into the local database. Thus should the remote server fail, the cashier can switch over to the local sale window without disrupting sales. When the remote server is restored and

7383-402: The efficient use of inputs into the business. Another benefit of vertical integration is that it improves the exchange of information through the different stages of the production line. Some competitive advantages could include; avoiding foreclosures, improving the business marketing intelligence, and opens up opportunities to create different products for the market. Some disadvantages of using

7490-514: The end-user compared to the case of a traditional full on-premises POS system where it can still run without the vendor. Another consideration is that a cloud-based POS system actually exposes business data to service providers - the hosting service company and the POS vendor which have access to both the application and database. The importance of securing critical business information such as supplier names, top selling items, customer relationship processes cannot be underestimated given that sometimes

7597-456: The end-user requirements. POS system review websites cannot be expected to cover most let alone all the features. Unless one is a developer, it is unrealistic to expect the reviewer to know all the aspects of a POS system. For instance, a POS system might work smoothly on a test database during the review but not when the database grows significantly in size over months of usage. And this is only one among many hidden critical functionality issues of

7704-416: The few key success factors or trade secrets of a business are actually accessible through the POS system. This security and privacy concern is an ongoing issue in cloud computing . The retail industry is one of the predominant users of POS terminals. The POS interface at a retail establishment varies greatly depending on the industry and owner of the retailer, but usually includes a cash register (typically

7811-425: The firm could potentially leverage for competitive advantage. Strategic planning can also reveal market threats that the firm may need to consider for long-term sustainability. Strategic planning makes no assumptions about the firm continuing to offer the same products to the same customers in the future. Instead, it is concerned with identifying the business opportunities that are likely to be successful and evaluating

7918-428: The firm must select one approach to the exclusion of all others. Firms that try to be all things to all people can present a confusing market position which ultimately leads to below-average returns. Any ambiguity about the firm's approach is a recipe for "strategic mediocrity" and any firm that tries to pursue two approaches simultaneously is said to be "stuck in the middle" and destined for failure. Porter's approach

8025-458: The firm's capacity to leverage such opportunities. It seeks to identify the strategic gap , which is the difference between where a firm is currently situated (the strategic reality or inadvertent strategy ) and where it should be situated for sustainable, long-term growth (the strategic intent or deliberate strategy ). Strategic planning seeks to address three deceptively simple questions, specifically: A fourth question may be added to

8132-518: The first microprocessor-controlled cash register systems was built by William Brobeck and Associates in 1974, for McDonald's Restaurants . It used the Intel 8008 , an early microprocessor (forerunner to the Intel 8088 processor used in the original IBM Personal Computer ). Each station in the restaurant had its own device which displayed the entire order for a customer — for example, [2] Vanilla Shake, [1] Large Fries, [3] BigMac — using numeric keys and

8239-404: The first-mover advantage, it can be more expensive due to product innovation being more costly than product imitation. It has been found that while Pioneers in both consumer goods and industrial markets have gained “significant sales advantages”, they incur larger disadvantages cost-wise. Being market pioneer can, more often than not, attract entrepreneurs or investors depending on the benefits of

8346-565: The five forces to determine the sources of competitive advantage; the selection of one of three possible positions which leverage the advantage and the value chain to implement the strategy. In this approach, the strategic choices involve decisions about whether to compete for a share of the total market or for a specific target group (competitive scope) and whether to compete on costs or product differences (competitive advantage). This type of thinking leads to three generic strategies: According to Porter, these strategies are mutually exclusive and

8453-438: The following are required: processing monetary transactions, allocation and scheduling of facilities, keeping record and scheduling services rendered to customers, tracking of goods and processes (repair or manufacture), invoicing and tracking of debts and outstanding payments. Different customers have different expectations within each trade. The reporting functionality alone is subject to so many demands, especially from those in

8560-408: The following: The generic competitive strategy outlines the fundamental basis for obtaining a sustainable competitive advantage within a category. Firms can normally trace their competitive position to one of three factors: It is essential that the internal analysis provide a frank and open evaluation of the firm's superiority in terms of skills, resources or market position since this will provide

8667-460: The future, and to do so through a shared understanding of a given product market. A mission statement is a clear and concise statement of the organization's reason for being and its scope of operations, while the generic strategy outlines how the company intends to achieve both its vision and mission. Mission statements should include detailed information and must be more than a simple motherhood statement . A mission statement typically includes

8774-510: The general direction for the firm while providing a structure for the marketing program. Marketing Management is a combined effort of strategies on how a business can launch its products and services. On the other hand, Marketing strategy is the combination of many processes where the business owner or marketer can attract potential customers via several channels. It can be through offline channels or online channels. Marketing Strategy Examples – Marketing Management Examples – These are

8881-491: The inventory library stock levels when selling products, real-time reports accessible from a remote computer, staff timesheets and a customer library with loyalty features. Cloud-based POS systems are also created to be compatible with a wide range of POS hardware and sometimes tablets such as Apple's iPad . Thus cloud-based POS also helped expand POS systems to mobile devices , such as tablet computers or smartphones . These devices can also act as barcode readers using

8988-418: The list, namely 'How do we know when we got there?' Due to the increasing need for accountability, many marketing organizations use a variety of metrics to track strategic performance, allowing for corrective action to be taken as required. On the surface, strategic planning seeks to address three simple questions, however, the research and analysis involved in strategic planning are very sophisticated and require

9095-656: The market. If there is an upside potential and the ability to have a stable market share, many businesses would start to follow in the footsteps of these pioneers. These are more commonly known as Close Followers. These entrants into the market can also be seen as challengers to the Market Pioneers and the Late Followers. This is because early followers are more than likely to invest a significant amount in Product Research and Development than later entrants. By doing this, it allows businesses to find weaknesses in

9202-502: The need for price tags . Selling prices are linked to the product code of an item when adding stock, so the cashier merely scans this code to process a sale. If there is a price change, this can also be easily done through the inventory window. Other advantages include the ability to implement various types of discounts, a loyalty scheme for customers, and more efficient stock control. These features are typical of almost all modern ePOS systems. Retailers and marketers will often refer to

9309-478: The other could handle the entire store. In 1986, Gene Mosher introduced the first graphical point of sale software featuring a touchscreen interface under the ViewTouch trademark on the 16-bit Atari 520ST color computer. It featured a color touchscreen widget-driven interface that allowed configuration of widgets representing menu items without low level programming. The ViewTouch point of sale software

9416-722: The possibility of electronic point of sale (EPOS) systems to be deployed as software as a service , which can be accessed directly from the Internet using any internet browser . Using the previous advances in the communication protocols for POS's control of hardware, cloud-based POS systems are independent from platform and operating system limitations. EPOS systems based in the cloud (most small-business POS today) are generally subscription-based, which includes ongoing customer support. Compared to regular cash registers (which tend to be significantly cheaper but only process sales and prints receipts), POS systems include automatic updating of

9523-421: The process as a means of checking whether the company is on track to achieve its vision and mission. Ideally, strategies are both dynamic and interactive, partially planned and partially unplanned. Strategies are broad in their scope in order to enable a firm to react to unforeseen developments while trying to keep focused on a specific pathway. A key aspect of marketing strategy is to keep marketing consistent with

9630-406: The products produced before, thus leading to improvements and expansion on the aforementioned product. Therefore, it could also lead to customer preference, which is essential in market success. Due to the nature of early followers and the research time being later than Market Pioneers, different development strategies are used as opposed to those who entered the market in the beginning, and the same

9737-400: The products. When bearing in mind customer preference, customer value has a significant influence. Customer value means taking into account the investment of customers as well as the brand or product. It is created through the “perceptions of benefits” and the “total cost of ownership”. On the other hand, if the needs and wants of consumers have only slightly altered, Late Followers could have

9844-399: The receipt number, checking various discounts, membership, calculating subtotal, so forth - just to process a single sale transaction. The immediacy required of the system on the sale window such as may be observed at a checkout counter in a supermarket cannot be compromised. This places much stress on individual enterprise databases if there are just several tens of thousands of sale records in

9951-458: The resource-based view is that not all resources are of equal importance nor possess the potential to become a source of sustainable competitive advantage. The sustainability of any competitive advantage depends on the extent to which resources can be imitated or substituted. Barney and others point out that understanding the causal relationship between the sources of advantage and successful strategies can be very difficult in practice. Barney calls

10058-453: The resource-based view paradigm, Cacciolatti & Lee (2016) proposed a novel resource-advantage theory based framework that builds on those organizational capabilities that are relevant to marketing strategy and shows how they have an effect on firm performance. The capabilities-performance model proposed by Cacciolatti & Lee (2016) illustrates the mechanism whereby market orientation, strategic orientation, and organizational power moderate

10165-413: The retail/wholesale industry. To cite special requirements, some business's goods may include perishables and hence the inventory system must be capable of prompting the admin and cashier on expiring or expired products. Some retail businesses require the system to store credit for their customers, credit which can be used subsequently to pay for goods. A few companies expect the POS system to behave like

10272-400: The sale window is the most important one for the user. This user interface is highly critical when compared to those in other software packages such as word editors or spreadsheet programs where the speed of navigation is not so crucial for business performance. For businesses at prime locations where real estate is at a premium, it can be common to see a queue of customers. The faster a sale

10379-412: The same term [REDACTED] This disambiguation page lists articles associated with the title Checkout . If an internal link led you here, you may wish to change the link to point directly to the intended article. Retrieved from " https://en.wikipedia.org/w/index.php?title=Checkout&oldid=626464744 " Category : Disambiguation pages Hidden categories: Short description

10486-450: The second central question, 'Where are we going?' At the conclusion of the research and analysis stage, the firm will typically review its vision statement , mission statement and, if necessary, devise a new vision and mission for the outlook period. At this stage, the firm will also devise a generic competitive strategy as the basis for maintaining a sustainable competitive advantage for the forthcoming planning period. A vision statement

10593-531: The situation where there is a connection to a firm's organized materials and when their continued competitive advantage is only partially comprehended as "casually ambiguous". Thus, a great deal of managerial effort must be invested in identifying, understanding, and classifying core competencies. In addition, management must invest in organizational learning to develop and maintain key resources and competencies. Market Based Resources include: After more than two decades of advancements in marketing strategy and in

10700-465: The so called, "Close Followers" are the "Late Entrants". They get their name from their delayed arrival into the market. Despite the thought process that late entry into the market will lead to absolute failure, there are actually a few pros for those classified as late entrants. One such pro is the ability to view how others who previously joined the market have acted and strategize market planning around their mistakes and/or successes. Late Followers have

10807-429: The system software and cloud server must be capable of generating reports such as analytics of sale against inventory for both a single and multiple outlets that are interlinked for administration by the headquarters of the business operation. POS vendors of such cloud based systems should also have a strong contingency plan for the breakdown of their remote server such as represented by fail-over server support. Sometimes

10914-522: The top planners spend most of their time engaged in analysis and are concerned with industry or competitive analyses as well as internal studies, including the use of computer models to analyze trends in the organization. Strategic planners use a variety of research tools and analytical techniques, depending on the environment complexity and the firm's goals. Fletcher and Bensoussan, for instance, have identified some 200 qualitative and quantitative analytical techniques regularly used by strategic analysts while

11021-404: The two broad dimensions for achieving growth. The Ansoff matrix identifies four specific growth strategies: market penetration , product development , market development and diversification . A horizontal integration strategy may be indicated in fast-changing work environments as well as providing a broad knowledge base for the business and employees. A benefit of horizontal diversification

11128-456: The unique situation of the individual business. According to Lieberman and Montgomery, every entrant into a market – whether it is new or not – is classified under a Market Pioneer, Close Follower or a Late follower Market pioneers are known to often open a new market to consumers based on a major innovation. They emphasize these product developments, and in a significant number of cases, studies have shown that early entrants – or pioneers – into

11235-453: The “learning curve”. This lets a business use the research and development stage as a key point of selling due to primary research of a new or developed product. Preemption of Assets can help gain an advantage through acquiring scarce assets within a certain market, allowing the first-mover to be able to have control of existing assets rather than those that are created through new technology. Thus allowing pre-existing information to be used and

11342-612: Was first demonstrated in public at Fall Comdex, 1986, in Las Vegas Nevada to large crowds visiting the Atari Computer booth. This was the first commercially available POS system with a widget-driven color graphic touch screen interface and was installed in several restaurants in the US and Canada. In 1986, IBM introduced its 468x series of POS equipment based on Digital Research 's Concurrent DOS 286 and FlexOS 1.xx,

11449-420: Was the dominant paradigm throughout the 1980s, allowing others who sought to formulate strategy within their business model to follow his (at the time) best division of the ways in which to target the market. This only lasted a little while though, as Porter's approach began receiving a good amount of criticism mainly due to its simplicity; which is part of what made his approach so popular. One important criticism

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