Flashcards in Definitions - Midterm Exam - Chptrs 7, 10, 11, 12, 13 Deck (112):
What is a Business
An organization that provides a service that someone see value in
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
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
1) Setting performance standards
2) Monitor actual performance
3) Compare performance to standard
4) Make corrections if needed
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
What are the elements of a SWOT Analysis?
What are the three key elements of an organizations structure?
1. Human Interaction
2. Goal-directed activities
A structured group of people working together to achieve common goals
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
Span of Management
The number of employees a supervisor managers
Means that decision-making is retained at the top of the management hierarchy
Means the decision-making is shifted to the lower levels. Many firms believe it enhances their flexibility and responsiveness to customer needs
An organization where there are two reporting structures.
Example - Stephanie, reports to Kim and Tara
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.
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.
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
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.
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
Combination of Personal and Non-Personal Selling
Direct person to person promotional presentation to potential buyers
Non Personal Selling
Forms of selling such as: Advertising, Sales Promotion, Direct Marketing and Public Relations
Marketers establishing their products in the minds of customers by communicating differences such as: Price Quality, use of Good or Service.
Form of promotion in various media such as: Newspapers, Magazines, Television and Movies
Innovative, low cost marketing efforts to get consumers attention in unusual ways
Messages designed to sell specific product/service
Messages to promote concepts, ideas or philosophies toward industries, companies, organizations or government entities
It is a form of Institutional Advertising promoting a specific viewpoint on a public issue to influence public opinion and political process
Providing funds for a sporting or cultural event in exchange for direct association with the event
Form of direct marketing: 30 min programs which resemble TV programs but sell a good or service
Form of coupons, product samples and rebates to support advertising and personal selling
Promotional Items that prominently display a firms name, logo or business slogan (Ex: free pens, magnets, etc)
Sales geared towards retailers and wholesalers not to final consumers.
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)
Form of selling used mostly at Wholesale and Retail levels, identifying customers needs, pointing out products that meet their needs and completing orders
Form of selling used for items such as warranty, insurance and even holding workshops to promote to use of their products.
Personal Selling by telephone - Personal two-way conversation
An organizations communications and relationships with various public audiences: Press releases, events, interviews, etc.
Unpaid, uncontrolled stimulation for demand of a product or service
Promotion of a product by generating demand for it, through advertising and sales promotion appeal
Common goals usually included in the strategic plans of firms
Pricing decisions that are based on market share, percentage of the market controlled by a certain company or product
Setting a high price to develop and maintain the image of quality and exclusiveness
Cost Per Unit + Mark-up to cover overhead costs and generate a profit
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
Strategy to set an intentionally high price relative to competing products
(EDLP) Every Day Low Pricing
Strategy to maintain a continuous low price instead of short-term. Such as: Coupons, Sales and Rebates
Strategy to match other firms prices and focus on marketing, distribution, promotional elements of a marketing mix.
Strategy that uses uneven amounts to make pricing appear less than they really are
Written description of an organizations business purpose and aims
Giving Employees shared authority, responsibility, and decision making with their Managers
Process of dividing work activities into units within the organization
the use of resources, such as workers and machinery, to convert materials into finished goods and services
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.
System for Manufacturing products in large quantities by using a combination of employees with specialized skills, mechanization and standardization
(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.
(CAD) Computer Aided Design
Engineers use this process to design entire products on the computer, they can work faster with less mistakes
(CAM) Computer Aided Manufacturing
Manufactured tool that used CAD output and the steps that a machine must take to produce needed product of part
(FMS) Flexible Manufacturing System
Flexible Manufacturing Facility where works can quickly change to manufacture differents products.
(CIM) Computer Integraded Manufacturing
An integrated production system that uses computers to design, fabricate and handle materials, and control the production function
Make Buy or Lease Decision
Choose to manufacture a product or part in house, buy it from an outside supplier or lease it
A function that balances the costs of storing inventory with the need to have stock on hand to meet demand
MRP Materials Requirement Planning
System that ensures the materials needed are delivered in the right qty's, place and at the right time
Well defined procedures for coordinating people, materials and machinery to provide the greatest production efficiency
State of being free of deficiencies and imperfections
Process of looking how well other companies perform business function, tasks using their performance as a standard to measure against another companies performance
Measuring output against quality standard
(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
Activities where two or more parties exchange services, goods or cash that satisfies each others needs
Power of a good or service to satisfy a want or need
Organizational function and processes for creating, communicating and delivering value to customers. Managing customer relationships benefiting the organization and shareholders
Company-wide consumer focus on promoting long-term success
Efforts designed to attract the attention, interest and preference of a target market or towards a person
An attempt to attract people to a specific area or region
Marketing/Sponsoring short term events.
Ex: Athletic competitions, cultural or charitable performances
Marketing that promotes a cause or social issue.
Ex: Child Abuse, anti-littering, stop smoking campaigns
Marketing strategy influencing consumers to accept the goals and receiving service from an organization or contributing to the org.
(B2C) Business-to-Consumer Product
Good or service that is purchased by end user
(B2B) Business-to-Business Product
Service or product purchased to be used directly or indirectly in the production of other goods for resale
Organization marketing goods, services or ideas towards a specific groups needs or preferences
Blending of 4 elements of Marketing strategy:
Process of collecting and evaluating information to support marketing decision making
Field of research using technology for gathering, storing and analyzing data to make better competitive decisions
Process of diving the market into similar groups
Use of computer data to detect patterns and relationships
Customer database, allows Managers to combine data from several organizational functions
Dividing an overall Market into similar groups on basis of location
Dividing markets on basis of demographic or socioeconomic characteristics: Gender, Ago, Income, Occupation, Household Size, Stage in family life cycle, education, ethnic group
Dividing consumer markets into groups with similar attributes, values and lifestyles
Dividing market into groups based on benefits sought by buyers, usage rates, loyalty levels
Marketing strategy focused on how B2B purchaser will use the product
Consumer activities directly involved in the consuming, dispensing and decision process before and after these activities
Developing and Maintaining long-term cost effective exchange relationships with partners
Lifetime Value of a customer
Revenues and intangible benefits from a customer over life of relationships. Such as: Referrals and Customer feedback
Marketing initiative rewarding frequent purchases with cash, rebates, merchandise or other premiums. Ex: Canadian Tire Money, Air miles, etc
Marketing effort sponsored by org targeting people of similar interests and activities
Two or more businesses jointly market each other products
Two or more businesses closely link their names on a single product
Group of similar products target towards similar market
Assortment of product lines and individual goods a firm offers to consumers
Product Life Cycle
Introduction, Growth, Maturity and Decline
Introduction of a new product and a campaign to selected city or tv coverage area
Name, Symbol, Sign, Design of a firm showing how it differentiates against the competition
Part of a brand that is made of letters or words
Added value that a respected name or brand that it gives to a product: Ex: Mercedes, Apple, etc
Individual that business customer assigns to deal with other suppliers. They advise entire business package to the buyer.
Plan that deals with marketing activities to get the right good/service to firms customers
path that products take from producer to consumer
actual movement of products from producer to consumer or business users
distribution channel member selling primarily to retailers, wholesalers and business users
distribution channel members selling goods/services to individuals for their own use not for resale
complete sequence of suppliers help create good or service and deliver it to consumer/business users
process of coordinating flow of goods/services and info among members of a supply chain