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The person responsible for meeting the customer at the customer's location is often referred to as: a. Inside sales b. Counter sales c. Outside sales d. Purchasing e. None of the above - Answer-c. Outside sales Which of the following are SPECIFIC service outputs provided by the typical industrial distributor? a. Local inventory b. Transportation to the customers place of business c. Service after the sale d. Both A and B e. All of the above - Answer-e. All of the above 3M produc...

When Ordering a product - ️️You should always order enough to stock on hand to where customers can buy whatever they want, whenever they want. 4 Steps of the Sales Process - ️️1. Attention 2. Discovery 3. Solution 4. Commitment Lone Star Electric Supply - ️️Guest Speaker: Jason Roberson Siemens - ️️Guest Speaker: Glen Irving SunSource - ️️Guest Speaker: Tom Liversay Valero - ️️Guest Speaker: Cash Discounts - ️️given to encourage buyers to promote payment pro...

Rolligon - National Oilwell Varco is a manufacturer of oil field-related equipment located close to College Station, Texas. Their product is shipped throughout the world. They purchase many components from local distributors to be used in their products. Rolligon - National Oilwell Varco is an example of: - ️️OEM When Texas A&M University decided to build a new building, they paid a company by the name of Vaughn Construction to oversee the process. Vaughn will hire other companies to p...

Operating Expenses (OE) - ️️All costs necessary to provide services for the distributor's customer: - Warehouse cost - Inventory holding cost - Transportation cost - Bad Debt Expense: Money you expect to not get back, "This man owes me $200 from 30 years ago" Selling, General, and Administrative Expenses (SG&A) - ️️- Salaries, commissions, and other payroll costs that we pay our executives and sales persons - Outside Sales: Travel costs, Entertainment costs, Advertising...

Industrial Channel Design - ️️Manufacturer to end user. Manufacturer to distributor to end user. Manufacturer to master distributor to distributor to end user. End User - ️️does not resell in present form (OEM, MRO, Contractors) Required Services - ️️Custom value components: Form, Place, Time Distribution components - ️️Knowledge, logistics, financing... distributors bridge the gap between suppliers and customers Knowledge - ️️Product knowledge, product application, ven...

What is the price dependent on? - ️️1. What the manufacturer wants it to be 2. The market place 3. Supplier analyses the market and decides the price that it is willing to pay for the product to the manufacturer. Trade discounts are how the distributor is paid for their services to manufacturer and the customer GM - ️️Gross margin- The difference in what the distributor pays for the product and what they spend GM = - ️️Selling price - COGS- Adjustments Markup - ️️The mone...

Required Services fall into at least 1 of what 3 components of Distribution? - ️️- Knowledge -Logistics -Financing Required Services fall in to at least one of what 3 components of Distribution? - ️️- Knowledge -Logistics -Financing Knowledge - ️️-Product Knowledge -Product Application -Vendor Knowledge -Customer Knowledge -Financing Knowledge -Logistical Knowledge Financing - ️️-Traditional Lending -Consignment -Extending Credit Logistics - ️️-Wait time -De...

Commodity pricing - ️️set by the market 4 P's - ️️1. Product 2. Performance 3. Processes 4. Presence Cosmic law of business - ️️Can be profitable with at least 2 of these: 1. Cheap 2. Good 3. Fast Power of small numbers - ️️ Balance sheet items - ️️ OEM - ️️Original Equipment Manufacturer 3 end users - ️️mro, oem, Contractor items Distributor profitability items - ️️1. Buy Lower 2. Sell Higher 3. Collect Sooner 4. Pay Later 5. Turn Inventory Mo...

what are major trends that benefit distribution - ️️increasing value of info move towards mass customization increase in just in time inventory reductions in the number of vendors Purchasing time - ️️when the customer wants to place orders assortment - ️️bundling products and services wait time - ️️how long the customer is willing to wait breaking bulk - ️️selling products in smaller quantities than allowed by the manufacturer. taking 1 can out of a 12 pack packaging...

Commitment - ️️Asking for the business The beginning of a relationship When making a point, end your statements with questions What is the most common mistake most sales-people make during the selling process? - ️️The solution What is the definition of selling? - ️️Successful selling should be centered on understanding your customers first Then, deploying a common/replicable process to create and manage opportunities and manage key customer relationships. COGS - ️️Cost o...

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Each of the following is a method to evaluate internal controls based on the framework set by the Committee of Sponsoring Organizations (COSO), except A. Distinguishing economy risk from industry risk and enterprise risk. B. Evaluating internal control systems that focus first on risk identification of specific losses. C. Identifying mitigating controls to prevent losses. D. Testing to determine whether the controls are operating effectively and have prevented losses in the past. - Answer...

Coso Framework 3/5 Information and communication: D External Communication a. attribute of principle b. approaches to applying - ️️a. Attributes of the Principle Open communications with all interested parties from customers to suppliers as well as the external auditor is the major attribute of external communication. b. Approaches to Applying the Principle Surveys and ongoing contacts with external parities applies this principal to the achievement of the information and communicatio...

Risk Assessment (4) - ️️6. the organization specifies objectives with sufficient clarity to enable the identification and assessment of risks relating to objectives 7. identifies risks to the achievement of its objectives across the entity and analyzes risks as a basis for determining how the risks should be managed 8. considers the potential for fraud in assessing risks to the achievement of objectives 9. the organization identifies and assess changes that could significantly impact th...

What are the 5 Framework principles of the control environment? - ️️-Integrity and ethical values of the organization -Parameters enabling the board of directors to carry out its governance oversight responsibilities -Organizations structure and assignment of authority and responsibility -Process for attracting, developing, and retaining competent individuals -The organization holds individuals accountable for their internal control responsibilities in the pursuit of objectives What ...

What are the assessment techniques for Risk Assessment? - ️️Benchmarking (best practice) Probabilistic Models (statistics) Non-probabilistic Models (opinions) Value is maximized when: - ️️Strategy balances risks and returns as well as efficiency and effectiveness in accomplishing objectives. What are the ERM Objectives? - ️️Strategy Operations Reporting Compliance What are the components of Setting Objectives? - ️️Strategy Operations Reporting Compliance What are th...

The 3 Principles of Control Activities - ️️1) Selects and develops control activities that contribute to the mitigation of risks to the achievement of objectives to acceptable levels. (eg recons, supervision, variance analysis). 2) Selects and develops general control activities over technology to support the achievement of objectives. 3) Deploys control activities through policies that establish what is expected and procedures that put policies into action. COSO's 5 essential comp...

5 Components of ERM - ️️G-Governance and Culture - (DOVES) O-Strategy and OBJECTIVE Setting - (SOAR) P-Performance - (VAPIR) R-Review and Revision - (SIR) O-Information, Communication, and Reporting (ONGOING) - (TIP) Governance and Culture - (G)opro - DOVES - ️️D-Defines DESIRED Culture O-Exercises Board OVERSIGHT V-Demonstrates Commitment to Core VALUES E-Attracts, Develops, and Retains Capable EMPLOYEES S-Establishes Operating STRUCTURE Strategy and OBJECTIVE Setting - g(O)pr...

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