Ch. 7,10,11,12,13 & 14 Marketing
Commerce 1800 with Kemp at University of Virginia
About this deck
By: Alexandra Rodriguez
Textbook:
Understanding Business
Created: 2010-12-15
Size: 168 flashcards
Views: 105
Textbook:
Understanding BusinessCreated: 2010-12-15
Size: 168 flashcards
Views: 105
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Marketing
the activity, set of institutions, and processes for creating, communicating, delivering , and exchanging offerings that have value for customers, clients, partners, and society at large.
Marketing concept
a 3-part business philosophy: (1) a customer
(2) a service orientation
(3) a profit orientation
Customer relationship management
(CRM) the process of learning as much as possible about present customers and doing everything you can over time to satisfy them--or even exceed their expectations--with goods & services
Marketing Mix
the ingredients that go into a marketing program: product, price, place, and promotion.
Product
any physical good, service, or idea that satisfies a want or need plus anything that would enhance the product in the eyes of consumers, such as the brand.
Test marketing
the process of testing products among potential users.
Brand name
a word, letter, or group that differentiates one seller's goods and services from those of competitor's.
Promotion
all the techniques sellers use to inform people about and motivate them to buy their products or services.
Marketing research
the analysis of markets to determine opportunities and challenges, and to find the information needed to make good decisions.
Secondary Data
information that has already been compiled by others and published in journals and books or made available online.
Primary Data
data that you gather yourself (not from secondary sources such as books & magazines).
Focus group
a small group of people who meet under the direction of a discussion leader to communicate their opinions about an organization, its products, or other given issues.
Environmental scanning
the process of identifying the factors that can affect marketing success.
Consumer Market
consists of all the individuals or households that want goods and services for personal consumption or use and have the resources to buy them.
B2B business to business Market
consists of all the individuals and organizations that want foods and servies to use in producing other goods & services or to sell, rent, or supply goods to others.
Market Segmentation
the process of dividing the total market into groups with similar characteristics.
Target Marketing
marketing directed toward those groups (market segments) an organization decides it can serve profitably.
Geographic segmentation
dividing a market by cities, counties, states, or regions.
Demographic Segmentation
dividing the market by age, income and education level.
Psychographic segmentation
dividing the market using the group's values, attitudes, and interests.
Benefit segmentation
dividing the market by determining which benefits of the product to talk about.
Volume Segmentation
dividing the market by usage.
Niche Marketing
the process of finding small but profitable market segments and designing or finding products for them.
one-to-one marketing
developing a unique mis of goods and services for each individual customer.
Mass Marketing
developing products and promotions to please large groups of people.
Relationship Marketing
marketing strategy with the goal of keeping individual customers over time by offering them products that exactly meet their requirements.
Value
good quality at a fair price.
Total Product Offer
everything that consumers evaluate when deciding whether to buy something; also called a value package.
Product Line
a group of products that are physically similar or are intended for a similar market.
Product Mix
the combination of product lines offered by a manufacturer.
Product Differentiation
the creation of real or perceived product differences
Convenience Goods & Services
products that the consumer wants to purchase frequently and with a minimum of effort.
Shopping Goods & Services
those products that the consumer buys only after comparing value, quality, price, and style from a variety of sellers.
Specialty Goods & Services
consumer products with unique characteristics and brand identity.
Unsought goods and services
products consumers are unaware of, haven't necessarily thought of buying, or suddenly find they need to solve and unexpected problem.
Industrial goods
(sometimes called business goods or B2B goods) products used in the production of other products. They are sold in the B2B market.
Bundling
grouping two or more products together and pricing them as a unit.
Trademark
a brand that has exclusive legal protection for both its brand name and its design.
Manufacturer's brand names
the brand names of manufacturer's that distribute products nationally.
Dealer (Private-label) Brands
products that don't carry that manufacturer's name but carry a distributor or retailer's name instead.
Generic Goods
Nonbranded products that usually sell at a sizable discount compared to national or private-label brands.
Knockoff brands
Illegal copies of national brand-name goods.
Brand Equity
the value of the brand name and associated symbols.
Brand Loyalty
the degree to which customer's are committed to further purchases of a brand.
Brand awareness
how quickly or easily a given brand name comes to mind when a product category is mentioned.
Brand association
the linking of a brand to other favorable images.
Brand Manager
a manager who as direct responsibility for one brand or one product line; called a "product manager" in some firms.
Product Screening
reduces the number of new-product ideas a firm is working on at any one time so it can focus on the most promising.
Product Analysis
making cost estimates and sales forecasts to get a feeling for the profitability of new-product ideas.
Concept Testing
takes a product idea to consumers to test their reactions.
Commercialization
includes 1) promoting the product to distributors and retailers
2) developing strong advertising and sales campaigns to generate and maintain interest in the product among distributors and consumers
Product Life Cycle
once a product has been developed and tested, it goes to market. There it may pass through the life cycle of 4 stages: introduction, growth, maturity, and decline.
Target Costing
designing a product so that it satisfies customers and meets the profit margins desired by the firm.
Competition-based pricing
a strategy based on what all the other competitors are doing. The price can be set at, above, or below competitor's prices.
Price Leadership
the strategy by which one or more dominant firms set pricing practices all competitors in an industry follow.
Break even analysis
the process used to determine profitability at various levels of sales.
Total fixed costs
all the expenses that remain the same no matter what
Variable costs
costs that change according to the level of production
Skimming price strategy
prices a new product high, to recover research and development costs and make as much profit as possible while there's little competition.
Penetration strategy
enables the firm to penetrate or capture a large share of the market quickly.
Everyday Low Prices (EDLP)
setting prices lower than competitors and not having any sales
High-low pricing strategy
setting prices that are higher than EDLP stores, but having many special sales where the prices are lower than competitors'.
Psychological Pricing
pricing goods and services at price points that make the product appear less expensive than it is.
Human Resource Management (HRM)
the process of determining human resource needs and then recruiting, selecting, developing, motivating, evaluating, compensating, and scheduling employees to achieve organizational goals.
Look at the challenges and opportunities in human resource p. 286
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Affirmative Action
the most controversial policy enforced buy the EEOC. It was designed to "right past wrongs" by increasing opportunities for minorities and women.
Reverse Discrimination
discrimination against whites or males, as when companies are perceived as unfairly giving preference to women or minority group members in hiring and promoting.
Job Analysis
a study of what employees do who hold various job titles.
Job Description
specifies the objectives of the job, the type of work, the responsibilities and duties, working conditions, and the job's relationship to other functions.
Job Specifications
a written summary of the minimal education and skills to do a particular job.
Recruitment
the set of activities for obtaining the right number of qualified people at the right time.
Selection
the process of gathering information and deciding who should be hired, under legal guidelines, to serve the best interests of the individual and the organization.
Typical Selection Process includes 6 steps:
1) Obtaining complete application forms.
2) Conducting initial and follow-up interviews
3) Giving employment tests
4) Conducting background investigations
5) Obtaining results from physical exams
6) Establishing trial (probationary) periods
Contingent Workers
employees that include part-time workers, temporary workers, seasonal workers, independent contractors, interns, and co-op students.
Training & Development
includes all attempts to improve productivity by increasing an employee's ability to perform.
Orientation
activity that introduces new employees to the business.
On-the-job training
training at the workplace that lets the employee learn by doing or watching others first.
Apprentice Programs
a learner works alongside an experienced employee to master the skills and procedures of a craft.
Off-the-job training
training away from the workplace that develop any of a variety of skills or foster personal development.
Vestibule Training
training done in schools where employees are taught on equipment similar to that used on the job.
Management Development
the process of training and educating employees to become good managers, and then monitoring the progress of their managerial skills over time.
Performance Appraisal
an evaluation that measures employee performance against established standards in order to make decisions about promotions, compensation, training, or termination.
Fringe Benefits
include sick-leave pay, vacation pay, pension plans, and health plans that provide additional compensation to employees beyond base wages.
Cafeteria-style fringe benefits
employees choose the benefits they want up to a certain dollar amount.
Flextime Plan
work schedule that gives employees some freedom to choose when to work, as long as they work the required number of hours.
Compressed Workweek
work schedule that allows an employee to work a full # of hours per week but in fewer days.
Job Sharing
lets two or more part-time employees share one full-time job.
Union
an employee organization whose main goal is representing its members in employee-management negotiation of job-related issues.
Craft Union
an organization of skilled specialists in a particular craft or trade.
Knights of Labor
the first national labor union; formed in 1869.
American Federation of Labor
(AFL) an organization of craft unions that championed fundamental labor issues; founded in 1886.
Industrial Unions
labor organizations of unskilled and semiskilled workers in mass-production industries such as automobiles and mining.
Congress of Industrial Organizations (CIO)
union organization of unskilled workers; broke away from the AFL in 1935 & rejoined it in 1955.
Yellow-dog Contract
a contract that requires employees to agree as a condition of employment not to join a union.
Collective Bargaining
the process whereby union and management representatives negotiate a contract for workers.
Certification
formal process whereby the NLRB recognizes a labor union as the authorized bargaining agent for a group of employees.
Decertification
the process when workers take away a union's right to represent them.
Negotiated labor-management agreement (Labor Contract)
sets the tone and clarifies the terms and conditions under which management and the union will function over a specific period.
Union Security Clause
stipulates that employees who reap union benefits either officially join or at least pay dues to the union.
Closed shop agreement
specifies that workers had to be members of a union before being hired for a job.
Union shop agreement
workers do not have to be members of a union to be hired but must agree to join within a prescribed period.
Agency shop agreement
says that employers may hire nonunion workers; employees are not required to join the union but must pay a union fee.
Right-to-work Laws
gives workers the right under an open shop, to join or not join a union if it is present.
Open shop agreement
agreement in right-to-work states that gives workers the option to join or not join a union, if one exists in their workplace.
Grievance
a charge by employees that management is not abiding by or fulfilling the terms of the negotiated labor-management agreement as they perceive it.
Shop Stewards
union officials who work permanently in an organization and represent employee interests on a daily basis.
Bargaining zone
the range of options between the initial and final offer that each party will consider before negotiations dissolve or reach an impasse.
Mediation
the use of a third party (a mediator) to resolve problems
Arbitration
an agreement to bring an impartial third party (a single arbitrator or a panel of arbitrators) to render a binding decision in a labor dispute.
Strike
when workers collectively refuse to go to work.
Cooling-off period
when workers in a critical industry return to their jobs while the union and management continue negotiations.
Primary boycott
when a union encourages both its members and the general public, not to buy products of a firm involved in a labor dispute.
Secondary boycott
an attempt by labor to convince others to stop doing business with a firm that is the subject of a primary boycott.
Lockout
an attempt by management to put pressure on unions by temporarily closing the business.
Injunction
a court order directing someone to do something or to refrain from doing something
Strikebreakers
workers hired to do the jobs of striking workers until the labor dispute is resolved.
Givebacks
gains from labor negotiations are given back to management to help employers remain competitive and thereby save jobs.
Intrinsic Reward
the personal satisfaction you feel when you perform well and complete goals.
Extrinsic Reward
something given to you by someone else as recognition for good work; extrinsic rewards include play increases, praise, and promotions.
Scientific Management
studying workers to find the most efficient ways of doing things and then teaching people those techniques.
Time-motion studies
studies, begun by Fredrick Taylor, of which tasks must be performed to complete a job and the time needed to do each task.
Principle of motion economy
theory developed by Frank and Lillian Gillbreth that every job can be broken down into a series of elementary motions.
Hawthorne effect
the tendency for people to behave differently when they know they are being studied.
Maslow's hierarchy of needs
theory of motivation based on unmet human needs from basic physiological needs to safety, social, and esteem needs to self-actualization needs.
Physiological needs: basic survival needs, such as the need for food, water and shelter.
Safety needs: need to feel secure at work and at home.
Social needs: need to feel loved, accepted, and part of the group.
Esteem needs: need for recognition and acknowledgement from others, as well as self-respect and a sense of status or importance.
Self-actualization
Physiological needs: basic survival needs, such as the need for food, water and shelter.
Safety needs: need to feel secure at work and at home.
Social needs: need to feel loved, accepted, and part of the group.
Esteem needs: need for recognition and acknowledgement from others, as well as self-respect and a sense of status or importance.
Self-actualization
Motivators
job factors that cause employees to be productive and that give them satisfaction.
Hygiene factors
job factors that can cause dissatisfaction if missing but that do not necessarily motivate employees if necessary.
Goal-setting theory
the idea that setting ambitious but attainable goals can motivate workers and improve performance
management by objectives (MBO)
a system of goal setting and implementation; it involves a cycle of discussion, review, and evaluation of objectives among employees.
expectancy theory
Victor Vroom's theory that the amount of effort employees exert on a specific task depends on their expectations of the outcome.
reinforcement theory
says positive and negative reinforcers motivate a person to behave in certain ways.
equity theory
looks at how employee's perceptions of fairness affect their willingness to perform.
job enrichment
a motivational strategy that emphasizes motivating the worker through the job itself.
job enlargement
combines a series of tasks into one challenging and interesting assignment.
job rotation
makes work more interesting and motivating by moving employees from one job to another.
Management
is the process used to accomplish organizational goals through planning, organizing, leading, and controlling people and other organizational resources.
Planning
a management function that includes anticipating trends and determining the best strategies and tactics to achieve organizational goals and objectives.
Organizing
a management function that includes designing the structure of the organization and creating conditions and systems in which everyone and everything works together to achieve the organization's goals & objectives.
Leading
creating a vision for the organization and guiding, training, coaching, and motivating others to work effectively to achieve the organization's goals and objectives.
Controlling
establishes clear standards to determine whether an organization is progressing toward its goals and objectives, rewarding people for doing a good job, and taking corrective action if they are not.
Vision
an encompassing explanation of why the organization exists and where it's trying to head.
Mission statement
an outline of the fundamental purposes of an organization.
Goals
the broad, long-term accomplishments an organization wishes to attain.
Objectives
specific, short-term statements detailing how to achieve the organization's goals.
SWOT analysis
a planning tool used to analyze an organization's strengths, weaknesses, opportunities, and threats.
Strategic planning
is done by top management and determines the major goals of the organization and the policies, procedures, strategies, and resources it will need to achieve them.
Tactical planning
the process of developing detailed, short-term statements about what is to be done, who is to do it, and how.
Operational planning
the process of setting work standards and schedules necessary to implement the company's tactical objectives.
Contingency planning
the process of preparing alternative courses of action the firm can use if its primary plans don't work out.
Decision making
choosing among two or more alternatives.
Problem solving
the process of solving everyday problems that occur. Problem solving is less formal than decision making and usually calls for quicker action.
Brainstorming
coming up with as many solutions to a problem as possible in a short period of time with no censoring of ideas.
PMI
listing all the pluses for a solution in one column, all the minuses in another, and the implications in a third column.
Organization chart
a visual device that shows relationships among people and divides the organization's work; it shows who reports to whom.
Top management
the highest level, consists of the president and other key company executives who develop strategic plans.
Middle management
includes general managers, division managers, and branch and plant managers (in colleges, deans and department heads) who are responsible for tactical planning and controlling.
Supervisory management
managers who are directly responsible for supervising workers and evaluating their daily performance.
Technical skills
skills that involve the ability to perform tasks in a specific discipline or department.
Human relation skills
skills that involve communication and motivation; they enable managers to work through and with people.
Conceptual skills
skills that involve the ability to picture the organization as a whole and the relationship among its various parts.
Staffing
a management function that includes hiring, motivating, and retaining the best people available to accomplish the company's objectives.
Transparency
the presentation of a company's facts and figures in a way that is clear and apparent to all stakeholders.
Autocratic leadership
leadership style that involves making managerial decisions without consulting others.
Participative (democratic) leadership
leadership style that consists of managers and employees working together to make decisions.
Free-rein leadership
involves managers setting objectives and employees being relatively free to do whatever it takes to accomplish those objectives.
Enabling
giving workers the education and tools they need to make decisions.
Knowledge management
finding the right information, keeping the information in a readily accessible place, and making the information known to everyone in the firm.
External customers
dealers, who buy products to sell to others, and ultimate customers (or end users), who buy products for their own personal use.
Internal customers
individuals and units within the firm that receive services from other individuals or units.
About this deck
By: Alexandra Rodriguez
Textbook: Understanding Business
Created: 2010-12-15
Size: 168 flashcards
Views: 105
Textbook:
Understanding BusinessCreated: 2010-12-15
Size: 168 flashcards
Views: 105
About StudyBlue
STUDYBLUE makes things that make you better at school.
Things like online flashcards with photos and audio.
Things like personalized quizzes and friendly reminders about when (and what) to study next.
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