BUSINESS EXAM

Hanin Lewa
Flashcards by Hanin Lewa, updated more than 1 year ago
Hanin Lewa
Created by Hanin Lewa over 5 years ago
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business exam management final

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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 %)
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