Definitions - Midterm Exam - Chptrs 7, 10, 11, 12, 13 Flashcards Preview

Intro Business 2 > Definitions - Midterm Exam - Chptrs 7, 10, 11, 12, 13 > Flashcards

Flashcards in Definitions - Midterm Exam - Chptrs 7, 10, 11, 12, 13 Deck (112):
1

What is a Business

An organization that provides a service that someone see value in

2

What three skills are needed for Managerial Success

Technical Skills - Ability to understand and use techniques, knowledge, tools and equipment

Human Skills - Interpersonal skills that enable a manager to work effectively with and through people

Conceptual Skills - Ability to see the organization as a unified whole to understand how each part of the overall organization interacts with the other parts

3

What are the four Managerial Functions?

Planning - The process of looking forward to future events and conditions and deciding the right course of action

Organizing - The process of blending human and material resources

Directing - Guiding and motivating employees to accomplish a goal

Controlling:
1) Setting performance standards
2) Monitor actual performance
3) Compare performance to standard
4) Make corrections if needed

4

What are the four types of Planning?

1. Strategic - Org effectiveness, long-term plans

2. Tactical - Quarterly and semi-annual plans, policies and procedures

3. Operational - Daily and weekly plans, rules and procedures for each department

4. Contingency - On-going plans for actions and communications in an emergency

5

What are the elements of a SWOT Analysis?

Strengths
Weaknesses
Opportunities
Threats

6

What are the three key elements of an organizations structure?

1. Human Interaction

2. Goal-directed activities

3. Structure

7

Organization

A structured group of people working together to achieve common goals

8

Delegations

The managerial process of assigning work to employees

Providing employees with the responsibility and necessary authority of completing tasks

Employees have accountability, or responsibility, for their actions and decisions

9

Span of Management

The number of employees a supervisor managers

10

Centralization

Means that decision-making is retained at the top of the management hierarchy

11

Decentralization

Means the decision-making is shifted to the lower levels. Many firms believe it enhances their flexibility and responsiveness to customer needs

12

Matrix Organization

An organization where there are two reporting structures.

Example - Stephanie, reports to Kim and Tara

13

Describe Management

Management is the process of achieving organizational goals through people and other resources. The manager’s job is to combine human and technical resources in the best way possible to achieve the company’s goals.

14

Explain the role of vision and ethical standards in business success

A business begins with a. Vision, its founders ability to perceive marketplace needs and what an organization must do to satisfy them. Vision is a focus for firms actions. Vision helps to direct the company towards opportunities

Ethical standards does not just keep employees from doing but it also encourages, motivates, and inspires them to achieve goals. This creates a more productive, stable workforce.

15

Summarize the importance of Planning and the types of planning.

Good planning can turn vision into reality. Each planning step includes more information than the step before. Each step must also fit into the overall plan from the mission statement. These plans can very from individual plans for a specific employee to strategic long term plans

Types of planning
Strategic planning
Tactical planning
Operational planning
Contingency planning

16

Describe the strategic planning process

The process of deciding on the primary objective of an organization and then taking action and setting aside resources to achieve those objectives.

Typically drones by the top executives of a company.

17

Describe the two major types of business decisions and the steps in the decision making process.

Programmed Decision Making - involves simple, common and frequently occurring problems that already have solutions ex. ordering office supplies, renewing a lease, etc

Non programmed decision making involves a complex and unique problem or opportunity and has important results for the organization. Ex. Entering a new market, dealing a product from a line, or developing a new product

18

Promotional Mix

Combination of Personal and Non-Personal Selling

19

Personal Selling

Direct person to person promotional presentation to potential buyers

20

Non Personal Selling

Forms of selling such as: Advertising, Sales Promotion, Direct Marketing and Public Relations

21

Positioning

Marketers establishing their products in the minds of customers by communicating differences such as: Price Quality, use of Good or Service.

22

Product Placement

Form of promotion in various media such as: Newspapers, Magazines, Television and Movies

23

Guerilla Marketing

Innovative, low cost marketing efforts to get consumers attention in unusual ways

24

Product Advertising

Messages designed to sell specific product/service

25

Institutional Advertising

Messages to promote concepts, ideas or philosophies toward industries, companies, organizations or government entities

26

Cause Advertising

It is a form of Institutional Advertising promoting a specific viewpoint on a public issue to influence public opinion and political process

27

Sponsorship

Providing funds for a sporting or cultural event in exchange for direct association with the event

28

Infomercials

Form of direct marketing: 30 min programs which resemble TV programs but sell a good or service

29

Sales Promotion

Form of coupons, product samples and rebates to support advertising and personal selling

30

Specialty Advertising

Promotional Items that prominently display a firms name, logo or business slogan (Ex: free pens, magnets, etc)

31

Trade Promotions

Sales geared towards retailers and wholesalers not to final consumers.

32

Point-of-Puchase Advertising (P.O.P)

Demonstrations and Displays that promote products where they are purchased (Food samples at stores, displays of laptops at Bestbuy)

33

Order Processing

Form of selling used mostly at Wholesale and Retail levels, identifying customers needs, pointing out products that meet their needs and completing orders

34

Creative Selling

Form of selling used for items such as warranty, insurance and even holding workshops to promote to use of their products.

35

Telemarketing

Personal Selling by telephone - Personal two-way conversation

36

Public Relations

An organizations communications and relationships with various public audiences: Press releases, events, interviews, etc.

37

Publicity

Unpaid, uncontrolled stimulation for demand of a product or service

38

Pulling Strategy

Promotion of a product by generating demand for it, through advertising and sales promotion appeal

39

Profitability Objectives

Common goals usually included in the strategic plans of firms

40

Volume Objectives

Pricing decisions that are based on market share, percentage of the market controlled by a certain company or product

41

Prestige Pricing

Setting a high price to develop and maintain the image of quality and exclusiveness

42

Cost-Based-Pricing

Cost Per Unit + Mark-up to cover overhead costs and generate a profit

43

Break Even Analysis

Pricing related technique to calculate the minimum sale volume a product must generate at a certain price level to cover all costs

44

Skimming Pricing

Strategy to set an intentionally high price relative to competing products

45

(EDLP) Every Day Low Pricing

Strategy to maintain a continuous low price instead of short-term. Such as: Coupons, Sales and Rebates

46

Competing Pricing

Strategy to match other firms prices and focus on marketing, distribution, promotional elements of a marketing mix.

47

Odd Pricing

Strategy that uses uneven amounts to make pricing appear less than they really are

48

Mission Statement

Written description of an organizations business purpose and aims

49

Empowerment

Giving Employees shared authority, responsibility, and decision making with their Managers

50

Departmentalization

Process of dividing work activities into units within the organization

51

Production

the use of resources, such as workers and machinery, to convert materials into finished goods and services

52

Production and Operations Management

Process of overseeing the production process by managing the people and machinery that convert materials and resources into finished goods and services.

53

Mass Production

System for Manufacturing products in large quantities by using a combination of employees with specialized skills, mechanization and standardization

54

(LEED) Leadership in Energy and Environmental Design

Voluntary certification program administered by Canada Green Building Council, aimed at promoting the most sustainable construction process available.

55

(CAD) Computer Aided Design

Engineers use this process to design entire products on the computer, they can work faster with less mistakes

56

(CAM) Computer Aided Manufacturing

Manufactured tool that used CAD output and the steps that a machine must take to produce needed product of part

57

(FMS) Flexible Manufacturing System

Flexible Manufacturing Facility where works can quickly change to manufacture differents products.

58

(CIM) Computer Integraded Manufacturing

An integrated production system that uses computers to design, fabricate and handle materials, and control the production function

59

Make Buy or Lease Decision

Choose to manufacture a product or part in house, buy it from an outside supplier or lease it

60

Inventory Control

A function that balances the costs of storing inventory with the need to have stock on hand to meet demand

61

MRP Materials Requirement Planning

System that ensures the materials needed are delivered in the right qty's, place and at the right time

62

Production Control

Well defined procedures for coordinating people, materials and machinery to provide the greatest production efficiency

63

Quality

State of being free of deficiencies and imperfections

64

Benchmarking

Process of looking how well other companies perform business function, tasks using their performance as a standard to measure against another companies performance

65

Quality Control

Measuring output against quality standard

66

(ISO) International Organization for Standardization

Organization whose mission is to develop and promote international standards for business, government and society. Aiming to improve global trade and cooperation

67

Exchange Process

Activities where two or more parties exchange services, goods or cash that satisfies each others needs

68

Utility

Power of a good or service to satisfy a want or need

69

Marketing

Organizational function and processes for creating, communicating and delivering value to customers. Managing customer relationships benefiting the organization and shareholders

70

Marketing Concept

Company-wide consumer focus on promoting long-term success

71

Person Marketing

Efforts designed to attract the attention, interest and preference of a target market or towards a person

72

Place Marketing

An attempt to attract people to a specific area or region

73

Event Marketing

Marketing/Sponsoring short term events.
Ex: Athletic competitions, cultural or charitable performances

74

Cause Marketing

Marketing that promotes a cause or social issue.
Ex: Child Abuse, anti-littering, stop smoking campaigns

75

Organization Marketing

Marketing strategy influencing consumers to accept the goals and receiving service from an organization or contributing to the org.

76

(B2C) Business-to-Consumer Product

Good or service that is purchased by end user

77

(B2B) Business-to-Business Product

Service or product purchased to be used directly or indirectly in the production of other goods for resale

78

Target Market

Organization marketing goods, services or ideas towards a specific groups needs or preferences

79

Marketing Mix

Blending of 4 elements of Marketing strategy:
1) Product
2)Distribution
3)Promotion
4)Pricing

80

Marketing Research

Process of collecting and evaluating information to support marketing decision making

81

Business Intelligence

Field of research using technology for gathering, storing and analyzing data to make better competitive decisions

82

Market Segmentation

Process of diving the market into similar groups

83

Data Mining

Use of computer data to detect patterns and relationships

84

Data Warehouse

Customer database, allows Managers to combine data from several organizational functions

85

Geographical segmentation

Dividing an overall Market into similar groups on basis of location

86

Demographic segmentation

Dividing markets on basis of demographic or socioeconomic characteristics: Gender, Ago, Income, Occupation, Household Size, Stage in family life cycle, education, ethnic group

87

Phycographic Segmentation

Dividing consumer markets into groups with similar attributes, values and lifestyles

88

Product-Related-Segmentation

Dividing market into groups based on benefits sought by buyers, usage rates, loyalty levels

89

End-User Segmentation

Marketing strategy focused on how B2B purchaser will use the product

90

Consumer Behavior

Consumer activities directly involved in the consuming, dispensing and decision process before and after these activities

91

Relationship Marketing

Developing and Maintaining long-term cost effective exchange relationships with partners

92

Lifetime Value of a customer

Revenues and intangible benefits from a customer over life of relationships. Such as: Referrals and Customer feedback

93

Frequency Marketing

Marketing initiative rewarding frequent purchases with cash, rebates, merchandise or other premiums. Ex: Canadian Tire Money, Air miles, etc

94

Affinity Program

Marketing effort sponsored by org targeting people of similar interests and activities

95

Co-Marketing

Two or more businesses jointly market each other products

96

Co-branding

Two or more businesses closely link their names on a single product

97

Product Line

Group of similar products target towards similar market

98

Product Mix

Assortment of product lines and individual goods a firm offers to consumers

99

Product Life Cycle

Introduction, Growth, Maturity and Decline

100

Test Marketing

Introduction of a new product and a campaign to selected city or tv coverage area

101

Brand

Name, Symbol, Sign, Design of a firm showing how it differentiates against the competition

102

Brand Name

Part of a brand that is made of letters or words

103

Brand Equity

Added value that a respected name or brand that it gives to a product: Ex: Mercedes, Apple, etc

104

Category Advisor

Individual that business customer assigns to deal with other suppliers. They advise entire business package to the buyer.

105

Distribution Strategy

Plan that deals with marketing activities to get the right good/service to firms customers

106

distribution channels

path that products take from producer to consumer

107

physical distribution

actual movement of products from producer to consumer or business users

108

wholesaler

distribution channel member selling primarily to retailers, wholesalers and business users

109

Retailers

distribution channel members selling goods/services to individuals for their own use not for resale

110

Supply Chain

complete sequence of suppliers help create good or service and deliver it to consumer/business users

111

Logistics

process of coordinating flow of goods/services and info among members of a supply chain

112

Vendor managed inventory

Process in which the producer and retailer agree that the producer automatically ships supply when needed