4135040
Flashcards by Hanin Lewa, updated more than 1 year ago
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Created by Hanin Lewa
over 5 years ago
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Description
| Question | Answer |
| ethics | the study of moral beliefs of what's right or wrong |
| social responsibility | the managers duty to make decisions that promote the well being of stake-holders. |
| Ethical Theories | -Egoism -Utilitarianism -Deontology -Care Ethics -Virtue Ethics |
| Business ethics | standards of conduct and moral valued regarding right and wrong actions in the business environment. |
| Promotional mix | Combination of personal non personal selling that marketers use to meet the needs of a firm's target customers and to effectively and efficiently. .. |
| what are the 3 approaches to managing ethics? | immoral, moral and amoral |
| Moral? | Conform to standards of ethical behavior The goal is to make profit within legal and ethical boundries |
| Immoral? | Active opposition to ethical behavior The goal is to make profit by any means necessary |
| Amoral? | Decisions lie outside the realms of moral judgement (Neither moral or Immoral) The goal is profitability, other goals not considered |
| what are the four levels that support business ethics? | ethical leadership ethical action ethical education ethical awareness |
| code of conduct? | formal statement of organization expects employees to resolve ethical questions. how to behave within boundaries to resolve ethical questions. |
| ethical education | provide training programs to heighten employees ethical awareness |
| Guiding ethical actions | Provide tools to help employees identify and asses ethical situations |
| Ethical Leadership | Encourage behaviors that generates ethical values. Insist on doing things right even if it proves to be costly |
| C.S.R | corporate social responsibility: obligation to promote well being of stake holders and society as a whole. beneficial to society |
| which relationships are most important to a business' social responsibility? | relationships to: -customers -general public -employees -investors |
| what is implied by the responsibility for the general public? | -public health issues -protecting the environment -corporate philanthropy |
| what is corporate philanthropy? | an organization's contributions to the communities where it earns profit. |
| what is implied by the responsibility to employees? | -workplace safety -quality of life issues -equal opportunities on job |
| what is implied by the responsibility to customers? | a corp. is responsible to give customers the right to: -be heard -be safe -be informed -choose |
| what is implied by the responsibilities to investors? | -obligation to make profit for stakeholders -behave ethically -protection under provincial regulations |
| what is sustainability? | capacity to endure in ecology. |
| benefits of CSR? | -triple bottom line -human resources -risk management -brand and reputation -improve supplier and buyer relations |
| triple bottom line is important to CSR because... ? | beneficial to people, planet, profit. |
| human resources is important to CSR because..? | improves recruitment and retention of employees |
| risk management is important to CSR because.. | it actively assesses social risks |
| brand and reputation is important to CSR because..? | can aid in differentiating your brand to customers. |
| supplier buyer relations are important to CSR because.. | trust bond between the 2. |
| what is management? | Achieving organisational goals |
| The three types of management are: | -Top -Middle -Supervisory |
| What is the job of a top manager? | Develop long-range plans for the organisation |
| What is the job of a middle manager? | Develop detailed plans and carryout the forms strategic plans |
| What is the job of a supervisory manager? | -implements the middle managers plan -motivates workers to accomplish daily, weekly or monthly goals. |
| what's required to be a manager? | skills and functional capabilities |
| what skills are needed for managerial success? | technical skills human skills conceptual skills |
| what is technical skills? | understand and use techniques, knowledge, tools and equipment of a specific department. |
| what are human skills for managerial success? | interpersonal skills |
| what are conceptual skills? | understanding how each part of the organization interacts with other parts. ex. how finance works with human resources |
| what are the 4 managerial functions? | planning- setting goals organizing- determine what needs to be done directing/ leading- motivating everyone controlling- monitoring activities |
| what is the decision making process for managers? | -see a problem - develop possible ways to take action -assess the possible solutions -select and carry out the best suited plan -assess results |
| What are the types of decisions a manager must make? | Programmed decisions: r/a common frequently-occurring problems with procedures Non-Programmed decisions : r/a unique problems or opportunities with important impacts on the organisation |
| What is a companies vision? | Their ability to perceive market place needs and what an organization must di to satisfy them. |
| what are the 4 types of plans and what are they? | strategic: decide primary objectives and set resources to achieve them tactical: carrying out strategic plans operational: set standards to help carry out tactical plans contingency: in case of an emergency (back up plan) |
| what are the 6 steps of strategic planning? | -define mission -assess competitive position -set objectives -create competitive differentiation strategies - turn to strategies to action -evaluate results |
| what's swot? | strengths, weaknesses, oppurtunities, threats |
| why do you need to assess swot? | to know your competitive position |
| what is organization and the three key elements or organization? | a structured group of people working together to achieve common goals. 3 elements: -human interaction -goal directed activities -structure |
| what are the 5 steps for the process of organizing? | -decide on specific activity - Group all activities into a pattern that makes sense - Assign activities to specific employees - Coordinate activities of different groups -Evaluate results |
| What are the 5 departments in an organisation, and what are their focus? | -Product: Goods and Services -Geographical: Different Regions -Customer: Different types pf customers -Functional: Business functions -Process: Work process to complete a GorS |
| Define span of management | The number of employees a supervisor manages |
| Define centralization and decentralization | C: The decisions are taken by Top Management level D: The decisions are taken by lower level management |
| What are the 4 types of Organisational Structure? | -Line -Line-and-Staff -Committee -Matrix |
| What are the two types of line organisation? | -Line: direct flow of activities from CEO to Employees -Line-and-Staff: **Staff dpt lend a specialized technical support |
| What characterizes Committee organisation? | The decision making process is in the hands of a group of employees rather than in the hands of a manager |
| What characterizes Matrix organisation? | The decision making process is in the hands of employees from Different parts of the organisation. The risk of conflicts is higher here |
| What are the 3 types of leadership? | -Autocratic: Leader-Centered -Democratic: Employees are involved in the decision making process -Free-Rein: Minimal supervision |
| What are 5 types of control a manager can use? | - Performance feedback -Employee/Customer survey -Rules and guidelines -Supervision -Setting goals and objectives |
| What is the corporate culture? | An organisation's beliefs and values. Managers use symbols, rituals and ceremonies to reinforce corporate culture. |
| What is human resource management? | Attracting, developing and retaining employees who'll do the activities needed to meet organisational objectives |
| What are the 3 main objectives of HRM | 1. Provide qualified employees for org. 2. Maximizing employee effectiveness in org. 3. Satisfying indiv. employee needs through 4 methods |
| What are the 4 ways HRM satisfies employee needs? | -Monetary compensation -Benefits -Opportunities to advance - Job satisfaction |
| What are 3 ultimate goals of HRM? | -Locate: Find the best suited people -Develop: Train, & provide necessary knowledge and assets -Retain: Motivate employees to improve company |
| What are the 5 core responsibilities of HRM? | -Employee recruitment and selection -Planning for staffing needs -Employee separation -Employee compensation and benefits -Employee training and performance evaluation |
| What does recruitment and selection imply? | -understand the requirements - Know where to look Be familiar with legal requirements *Costly so must get it right the first time* |
| What are the 4 steps for training and performance evaluation? | -Define expectations -Measure and evaluate -Provide feedback -Record performance |
| What are 3 types of training programs? | -On the job training -Classroom training -Management development |
| What is a performance appraisal? | Evaluation of and Feedback on an employees performance Happens many times a year and are based on objective measures |
| What are 2 types of compensation | *Compensation: Amount employees are paid in money and benefits* -Salary: Pay calculated periodically (Weekly, monthly, etc) -Wages Pay calculated on an hourly basis |
| What 5 factors determine a firms decisions about compensations? | -What competing companies are paying -Gov. Regulations -Cost of living -Company profits -Employee prodyctivity |
| What are the 4 forms of incentive Compensation? | -Profit sharing: Bonus based on firm profits -Gain sharing: " based on gains, savings and improvements -Pay for Knowledge: Salary increase based on learning new tasks -Lum-Sum Bonus: Cash payment or share purchase offer |
| What are employee benefits? | Additional compensation ex: vacations, retirement savings plan, Health insurance, tuition reimbursement) |
| What are 4 types of Flexible Work benefits? | -Flextime: set own work hours -Compressed workweek: regular hours in <5 days -Job Sharing: 2 people do the job of 1 -Home-based work: Work at home |
| What are 2 types pf employee separation? | -Voluntary turnover: Employee leaves the firm for various reasons -Involuntary turnover: Employer fires employee for various reasons |
| what is downsizing and outsourcing? | -downsizing is reducing employees within a firm by eliminating jobs. -outsourcing is outside vendors producing goods or services |
| What does planning imply for HRM? | Locating and retaining employees to reach next year's goals |
| How does a HRM motivate employees? | Identify a need that produces Motivation which leads to Goal directed behavior resulting in Need satisfaction |
| According to Maslow's Hierarchy of needs, what are the 5 levels of needs? | -Physiological -Safety -Social -Esteem -Self-Actualization |
| What is Herzberg's 2 factor Model? | Hygiene f.: better work environment = more productivity Motivator f.: recognition, achievements, growth opportunities lead to more motivation |
| expectancy theory is...? | the process used to evaluate likelihood that efforts will lead to desired results |
| What is the Equity theory? | An individual's perception of fair and equitable treatment |
| Goal setting theory | People will be motivated to the extent to which they accept specific goals and obtaining optimal feedback |
| Management by objective | Structured approach whereby managers focus reachable gpals |
| What are the 4 Key elements of Management by Objectives | -Goal specificity -Participative decision making -Explicit performance period -Performance Feedback |
| What is Job enlargement? | Expand an employees responsibilities |
| What is Job enrichment? | Expand an employees duties to empower them to make decisions and learn new skills |
| What is Job rotation? | Systematically moving employees from one job to another |
| What are the 3 manager attitude types? | X: Naturally Lazy Y: Like to work, welcome new responsibilities Z: Love to work & Motivate others |
| what is marketing? | set of process for creating communicating and delivering value to customers to benefit organization |
| what are the 3 goals of marketing? | satisfying target customers, building customer relations, and anticipating customers needs. |
| what are the 4 marketing strategy processes? | research market, segment and choose target market, understand targeted customers behavior, and develop marketing mix |
| how market creates utility (value)? | time utility- available when customers want it place utility- available where customers want it ownership utility- organized transfer from seller to buyer |
| what is utility? | it's value, the power of a good or service to satisfy a need. |
| what is target market? | people who the product is marketed to. |
| what are 2 types or market? | B2B- business to business, asus to best buy B2C- business to customer, best buy to customer |
| what is marketing research? | evaluating info to support marketing decision |
| what are the 4 types of data? | internal- from within company external- from other sources primary-info that is created by the company through surveys etc secondary- research from previously published data |
| what are focus groups? | 8-12 people gather to discuss a specific topic- addressing consumer needs, new ideas |
| business intelligence is...? | field or research to gather, store and analyze data to make better competitive decisions. |
| what is data mining? | use of computer searches of customer data to detect patters and relationships. |
| what are the 4 methods of market segmentation for B2C market? | -Demographic: Market based on demographic and socioeconomic factors -Product related: Market based on benefits for buyers -Psychographic: Dividing customers according to their values -Geographic: Market based on location |
| what is market segmentation? | process of dividing a total market into several relatively similar groups. |
| What are the 3 elements of B2B market segmentation? | -Geographic: targets geographically concentrated industries -Demographic: designs good for specific organisation -End use: Focus on precise way a B2B purchaser will use a product |
| In marketing, what is characterized as Consumer Behavior? | Consumer activities that are directly involved in obtaining, consuming and disposing of a product |
| In marketing, what is characterized as Business buying Behavior? | Variety of influences from various decision makers in the organisation |
| What is a marketing mix? | A blend of the 4 elements of marketing strategies to satisfy target market (4P) |
| What are the 4Ps? | -Product: What are you selling -Place: Where are you selling it -Promotion: How do you influence purchasing decisions -Price: Are your prices profitable and justifiable |
| How do you adapt Marketing mix to the international market? | -Standardize: Offer same 4Ps in all markets -Adapt: Adapt to markets local competitiveness, customers, government -Mass Customize: Mass-produce and add unique features to small gr. of orders |
| What is relationship marketing? | Developing and maintaining long-term, cost effective exchange relationship with partners Ultimate goal: Customer satisfaction |
| What is the lifetime value of a customer? | The revenues and referrals during the period of a relationship (MINUS) amount firm spends to acquire the customer |
| What tools are necessary to nurture a good relationship with with a customer? | -Frequency Marketing: -Affinity Programs: Marketing -Co-Marketing: 2 businesses jointly market each other's product -Co-Branding: 2 business link their names on 1 product |
| Why do NFP apply Marketing strategies? | -Reach audiences -Secure funding -Accomplish overall mission |
| What are the 3 types of consumer goods? | -Convenience products (ex: grocery) -Shopping products (ex: Furniture store) -Specialty products (ex: Car dealership) |
| What are the three types of business goods? | -Capital goods -Expense good -Inventory good |
| What are Capital goods? | -Installations of major capital (New factories or heavy equipment etc) -Accessory equipment: Less expensive/Short lived capital items |
| What are Expense goods? | Supplies (that don't become part of the final product) used in a firm's daily operations |
| What are Inventory goods? | -Component parts and materials / Raw materials (farm and natural products) that are part of the final product |
| 4 ways to classify services? | -Intangible -Perishable -Difficult to standardize -Service provider=Service |
| What is product line? | Products shared by physical similarities or targeted towards similar markets |
| What is a product mix? | Assortment of product lines and individual goods/services a firm offers to consumers |
| What are the 4 basic stages of product life cycle? | -Intro: promotion (ex: free samples) -Growth: Sales climb quickly & company begins to earn profits -Maturity: Sales reach saturation. Expansion is difficult -Decline:Sales fall & Profit decline |
| What are the 6 stages of new product development? (Pt1) | 1. Generate ideas 2. Screen strategically 3. Concept development and business analysis 4. Product development 5. Test marketing 6. Commercialization |
| What is a brand ? | Name, term, sign, symbol, design, etc. It identifies the product or firm & differentiates them from others |
| What is a trademark? | A brand with legal protection |
| What are the brand categories? | -National: Offered by manufacturer -Store: Carries wholesalers or retailers labels -Family: Single brand name for many related products -Individual: Gives each product in a line a different name |
| 3Types pf brand loyalties? | -Brand recognition: Consumer aware of brand but doesn't prefer it -Brand preference: Consumer chooses 1 brand over a competitor's -Brand insistance: Consumer wants preferred brand or nothing |
| What does packaging affect? | -Costs: Durability, Img and convenience of an item -Identification and Firms overall product strategy -International marketing (Is affected by) Different countries' legal requirements |
| What are brand equity and brand awareness? | E: Added value a successful name gives to a product A: First product that comes to your mind when a product category is mentioned |
| What are the 2 distribution strategies? | -Distribution channel: Product's path from producer to end consumer -Physical distribution: The actual movements of the products from producer to consumer |
| What are the 2 distribution channels? | -Direct distribution: Direct contact between producer to consumer - Distribution through marketing intermediaries: Producers distribute through wholesaler and retailers |
| What is a wholesaler? | Distribution channel member who sells primarily to retailers, other wholesaler or business users. -Sale branch: stock products and fills orders for inventory -Sale office: Only takes orders |
| What is a retailer? | Distribution channel member who sells good/services to people for their own use (Not for resale) |
| Which 4 elements constitute Non-Store Retailing? | -Internet retailing -Automatic merchandising (vending machines) -Direct selling (Ex: through party plans) -Direct response retailing (Catalogs, telemarketing, adds) |
| What are 5 types of retail stores? | -Specialty Store -Supermarket -Warehouse -Convenience store -Department store |
| Name the 4 eras of the wheel of retailing | Late 1800s: Department stores Early 1900s: Self-service Mid 1900s: Super market Early 2000s: Internet |
| How retailers compete? | 1.Identify Target Market 2. Select Product strategy 3. Selecting customer startegy 4. selecting a pricing strategy 5.Choosing a location 6.Building a promotional strategy 7. Creating a store atmosphere |
| Criteria in choosing a location ? | -Planned shopping center -Shopping mall -Regional mall - Lifestyle mall |
| Name the 3 Selecting Distribution Intensity | 1.Intensity distribution: products available in nearly every outlet 2.Selective Distribution: manufactures selects a limited # of retailers 3.Exclusive Distribution: market in specific geographical regions |
| Name the 4 Promotional strategy? | Price Place Promotion Product |
| Promotion ? | Funtion of informing, persuading and influencing a purchase decision |
| Promotional Strategies [Customer Focused] | Highlight Product Value Differentiate Product Provide Information |
| Promotional Strategies [Firm Focused] | Increase Sales Stabilize Sales |
| Promotional Mix | combination of personal and non-personal selling that marketers uses to meet the needs of a firm's target customers and to communicate its message efficiently |
| 2 Type of Promotional Mix | 1. Personal Selling: basic form-direct person-to-person promotion 2. Non-Personal Selling: forms selling-advertising, sales promotion, direct marketing and public relations |
| Push vs. Pull Market Strategies | Push: promotion of a product to wholesalers and retailers Pulling Strategy: promotion of a product by generating consumer demand for it. *most promotional strategies require both |
| Explain supply chain, logistics and physical distribution | Supply chain: all the suppliers who helped create and deliver a good/service to the end customer Logistics: coordinating the flow of goods/services in the supply chain physical distribution: activities aim at moving goods from production lines to end customers |
| customers service standard ? | Measures the quality of services the company provides for customers |
| Warranties ? | promises to repair or replace defected products |
| Cooperative Advertising | read the book !!!! |
| Identify the 3 Elements of promotional Mix | 1. Advertising 2. Self Promotion 3. Personal Selling |
| Identify Product, Institutional & Cause Advertising | P : messages to designed to sell good/services I : to promote a concept or philosophy C : promote a specific point of view on a public issue |
| Informative Advertising ? | built initial demand for product |
| Persuasive Advertising? | goal to improve the competitive status of a product |
| Comparative Advertising? | compare product with the competitors product |
| Reminder -oriented Advertising | maintain awareness of the importance of a product |
| Sponsorship? | providing funds for sporting or cultural events in exchange for direct association with the event |
| sales promotion ? | forms of promotion ex.coupons, samples, discounts |
| 3 consumer-oriented promotions | 1. Premium, coupons, rebates, samples: motivate customer to purchase the product 2.Games, contest, sweepstakes: introduction to the new product 3. Specialty ads: display a firms name, logo or business slogan |
| Trade-Oriented Promotion | refer to the slide |
| Product Placement ? | a form of promotion where marketers pay fees to have their products features in various media forms [tv, magazines, news paper] |
| Guerilla Marketing Promotion ? | innovation, low cost marketing efforst designed to get consumers attention in unusual ways |
| 4 situation when Personal selling is more advantages | 1. Few geographically concentrated customers 2. Product is too complex or requires special handling 3. product have a very high price 4. product moves through direct distribution channel |
| Order processing | Order processing: form of selling that involves identify customer needs and completing their order |
| creative selling | promote good/services whose purchase decision requires analysis of alternatives |
| telemarketing | personal selling by telephone |
| missionary selling | indirect selling |
| 1st step of sale processing Prospecting & Qualifying | -identify potential customers |
| 2nd step of sale processing Approach | -prepared for the sales interview -analyze available data about prospective customers product line |
| 3rd step of sale processing Presentation | -tell the product's story, by telling the message |
| 4th step of sale processing Demonstration | -Involve the customer in the presentation to reinforce the presentation message |
| 5th step of sale processing handling objections | -answer prospects questions |
| 6th step of sale processing Closing | -ask customer to buy |
| 7th step of sale processing follow up | -thank customer and begin maintaining mutual beneficial relationships |
| 4 Pricing Objectives | -Volume -Profitability -Prestige -Meeting Competition |
| Prestige Objective ? | establishing a high price, to develop an image of quality and exclusiveness |
| Price-quality relationship? | -people perception of quality is closely related to price high price = good quality vice versa |
| odd pricing ? | pricing method that uses uneven amount to make price seem lower |
| Skimming pricing ? | set intentionally high price relative to the competitive products prices |
| penetration pricing ? | set a low price as a major marketing tactic |
| everyday low pricing ? | maintaining continuous low prices instead of using short-term price cutting tactic |
| competitive pricing ? | try to reduce the emphases on price competition by matching other firms prices and by focusing their marketing efforts on their product |
| Cost-Based Pricing? | ... to be continued |
| 2 types of cost | Fixed: expenses do not change Variable cost: varies depending on a company's production volume |
| Contribution (marging) *equation | selling price per unit - variable cost per unit = contribution |
| breakeven analysis | pricing related techniques that are use to calculate, the minimum sales volume that a product must generate at a certain price to cover all cost |
| breakeven point (equation in unit) | BP= Total Fixed Costs/ Contribution to fixed cost per unit |
| breakeven point (equation in dollars) | BP= Total Fixed Costs/ (1- Variable cost per unit/ Price) |
| What are markups? | By how much an intermediary increases the price of products from the one at which they bought it? |
| Retail vs Wholesale Markups | R: Cost of the product for the retailer to it's selling price (Increase %) W: Cost of the product for the wholesaler to it's selling price (Increase %) |