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What is a Universal Product Code (UPC)?A UPC, short for universal product code, is a type of code printed on retail product packaging to aid in identifying a particular item. It consists of two parts – the machine-readable barcode, which is a series of unique black bars, and the unique 12-digit number beneath it. The purpose of UPCs is to make it easy to identify product features, such as the brand name, item, size, and color, when an item is scanned at checkout. In fact, that’s why they were created in the first place – to speed up the checkout process at grocery stores. UPCs are also helpful in tracking inventory within a store or warehouse. To obtain a UPC for use on a product a company has to first apply to become part of the system. GS1 US, the Global Standards Organization, formerly known as the Uniform Code Council, manages the assigning of UPCs within the US. Parts of a UPCAfter paying a fee to join, GS1 assigns a 6-digit manufacturer identification number, which becomes the first six digits in the UPC on all the company’s products. That number identifies the particular manufacturer of the item. The next five digits of the UPC is called an item number. It refers to the actual product itself. Within each company is a person responsible for issuing item numbers, to ensure that the same number isn’t used more than once and that old numbers referring to discontinued products are phased out. Many consumer products have several variations, based on, for example, size, flavor, or color. Each variety requires its own item number. So a box of 24 one-inch nails has a different item number than a box of 24 two-inch nails, or a box of 50 one-inch nails. The last digit in the 12-digit UPC is called the check digit. It is the product of several calculations – adding and multiplying several digits in the code – to confirm to the checkout scanner that the UPC is valid. If the check digit code is incorrect, the UPC won’t scan properly. Advantages of UPCsUPCs have a number of advantages to businesses and consumers. Because they make it possible for barcode scanners to immediately identify a product and its associated price, UPCs improve speed. They improve efficiency and productivity, by eliminating the need to manually enter product information. They also make it possible to track inventory much more accurately than hand counting, to know when more product is needed on retail shelves or in warehouses. Or when there is an issue with a particular product and consumers who purchased it need to be alerted or a recall issued, UPCs allow products to be tracked through production to distribution to retail stores and even into consumer homes. Join 446,005 entrepreneurs who already have a head start.Get free online marketing tips and resources delivered directly to your inbox. No charge. Unsubscribe anytime. You may also be interested in:This site uses cookies and other tracking technologies to assist with navigation, providing feedback, analyzing your use of our products and services, assisting with our promotional and marketing efforts, and provide content from third parties. Get more information about cookies and how you can refuse them by clicking on the learn more button below. By not making a selection you will be agreeing to the use of our cookies. Firms with a competitive advantage over others typically have access to special resources that others do not or are able to use resources more efficiently, resulting in higher revenue growth, profitability, or productivity growth (efficiency), all of which ultimately in the long run translate into higher stock market valuations than their competitors. Michael Porter's competitive forces model describes five competitive forces that shape the fate of the firm.
Figure 3-10
There are four generic strategies used to manage competitive forces, each of which often is enabled by using information technology and systems:
You can use the business value chain model to identify areas where information systems will improve business processes. You can also benchmark your business processes against your competitors or others in related industries, and identify and implement industry best practices.
A firm's value chain is linked to the value chains of its suppliers, distributors, and customers. Information systems can be used to achieve strategic advantage at the industry level by working with other firms to develop industry-wide standards for exchanging information or business transactions electronically, which force all market participants to subscribe to similar standards. Such efforts increase efficiency, making product substitution less likely and perhaps raising entry costs., Internet technology has made it possible to create highly synchronized industry value chains called value webs. A value web is a collection of independent firms that use information technology to coordinate their value chains to produce a product or service for a market collectively. It is more customer-driven and operates in a less linear fashion than the traditional value chain. Figure 3-12
A large corporation is typically a collection of businesses. Information systems can improve the overall performance of these business units by promoting synergies and core competencies.
Business models based on a network may help firms strategically by taking advantage of network economics. In network economics, the marginal costs of adding another participant or creating another product are negligible, whereas the marginal gain is much larger. For example, the more people offering products on eBay, the more valuable the eBay site is to everyone because more products are listed, and more competition among suppliers lowers prices. Another network-based strategy is the virtual company, or virtual organization, which uses networks to link people, assets, and ideas, enabling it to ally with other companies to create and distribute products and services without being limited by traditional organizational boundaries or physical locations. One company can use the capabilities of another company without being physically tied to that company. The traditional Porter model of competitive forces assumes a relatively static industry environment; relatively clear-cut industry boundaries; and a relatively stable set of suppliers, substitutes, and customers. With the emergence of the digital firm and the Internet, some modifications to the original competitive forces model are needed. Some of today's firms are much more aware that they participate in business ecosystems, loosely coupled but interdependent networks of suppliers, distributors, outsourcing firms, transportation service firms, and technology manufacturers. In a business ecosystem, cooperation takes place across many industries rather than many firms. Figure 3-13
Business ecosystems can be characterized as having one or a few keystone firms that dominate the ecosystem and create the platforms used by other niche firms. Keystone firms in the Microsoft ecosystem include Microsoft and technology producers such as Intel and IBM. Niche firms include thousands of software application firms, software developers, service firms, networking firms, and consulting firms that both support and rely on the Microsoft products. What statement is true of universal standards in the sale of international products?Which of the following statements is true of universal standards in the sale of international products? The lack of universal standards limits the expansion of an industry.
Which statement is true for the ISO 9000 standards?Answer and Explanation: It helps companies monitor, document, and certify the elements of their production processes that lead to quality. ISO 9000 helps companies effectively document the quality system elements needed to maintain an efficient quality system.
What is true of the ISO 9000 standards quizlet?The ISO 9000 is generally voluntary except for certain regulated products. The ISO 9000 guarantees that a manufacturer produces a "quality" product or service. A complete assessment for recertification of the ISO 9000 is done annually.
Which of the following is true of commercial relationships in countries with collectivistic and high context cultures?Which of the following is true of commercial relationships in countries with collectivistic and high-context cultures? The commercial relationship will be limited to a one-time provision of the good or service.
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Which statement is true of universal standards in the sale of international products?
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