Exam 3 Flashcards
(255 cards)
1
Q
human resource management (HRM)
A
set of organizational activities directed at attracting, developing, and maintaining an effective workforce
2
Q
human capital
A
reflects the organization’s investment in attracting, retaining, and motivating an effective workforce
3
Q
job analysis
A
systematic analysis of jobs within an organization
4
Q
job description
A
description of the duties and responsibilities of a job, its working conditions, and the tools, materials, equipment, and information used to perform it
5
Q
job specification
A
description of the skills, abilities, and other credentials and qualifications required by a job
6
Q
replacement chart
A
list of each management position, who occupies it, how long that person will likely stay in the job, and who is qualified as a replacement
7
Q
employee information system (skills inventory)
A
computerized system containing information each employee’s education, skills, work experiences, and career aspirations
8
Q
Title VII of the Civil Rights Act of 1964
A
forbids discrimination in all areas of the employment relationship
9
Q
adverse impact
A
when minorities and women meet or pass the requirement for a job at a rate less then 80% of the rate of majority group members
10
Q
Equal Employment Opportunity
A
federal agency enforcing several discrimination related laws
11
Q
Age Discrimination in Employment Act
A
outlaws discrimination against people older than 40 years old
12
Q
equal employment opportunity
A
legally mandated nondiscrimination in employment on the basis of race, creed, sex, or national origin
13
Q
affirmative action
A
intentionally seeking and hiring employees from groups that are underrepresented in the organization
14
Q
affirmative action plan
A
written statement of how the organization intends to actively recruit, hire, and develop members of relevant protected classes
15
Q
Americans with Disabilities Act
A
forbids discrimination on the basis of disabilities and requires employers to provide reasonable accommodations for disabled employees
16
Q
Civil Rights Act of 1991
A
amended the original Civil Rights Act
17
Q
Fair Labor Standards Act
A
sets a minimum wage and requires the payment of overtime rates for work in excess of 40 hours per week
18
Q
Equal Pay Act of 1963
A
requires that men and women be paid the same amount for doing the same job
19
Q
Employee Retirement Income Security Act (ERISA) of 1974
A
ensures the financial security of pension funds by regulating how they can be invested
20
Q
Family and Medical Leave Act (FMLA) of 1993
A
requires employers to provide up to 12 weeks of unpaid leave for family and medical emergencies
21
Q
National Labor Relations Act
A
(aka the Wagner Act) sets up a procedure for employees to vote on whether to have a union
22
Q
National Labor Relations Board (NLRB)
A
established by the Wagner Act to enforce its provisions
23
Q
Labor-Management Relations Act
A
(aka the Taft-Hartley Act) passed to limit union power
24
Q
Occupational Safety and Health Act (OSHA) of 1970
A
federal law setting and enforcing guidelines for protecting workers from unsafe conditions and potential health hazards in the workplace
25
sexual harassment
making unwelcome sexual advances in the workplace
26
quid pro quo harassment
form of sexual harassment in which sexual favors are requested in return for job-related benefits
27
hostile work environment
form of sexual harassment deriving from off-color jokes, lewd comments, and so forth
28
employment at will
principle, increasingly modified by legislation and judicial decision, that organizations should be able to retain or dismiss employees at their discretion
29
Patriot Act
legislation that increased U.S. government's power to investigate and prosecute suspected terrorists
30
recruiting
process of attracting qualified persons to apply for jobs an organization is seeking to fill
31
internal Recruiting
considering present employees as candidates for openings
32
external Recruiting
attracting persons outside the organization to apply for jobs
33
realistic job preview (RJP)
providing the applicant with a real picture of what performing the job that the organization is trying to fill would be like
34
compensation system
total package of rewards that organizations provide to individuals in return for their labor
35
wages
compensation in the form of money paid for time worked
36
salary
compensation in the form of money paid for discharging the responsibilities of a job
37
incentive program
special compensation program designed to motivate high performance
38
bonus
individual performance incentive in the form of a special payment made over and above the employee's salary
39
merit salary system
individual incentive linking compensation to performance in non-sales jobs
40
pay for performance (variable pay)
individual incentive that rewards a manager for especially productive output
41
profit-sharing plan
incentive plan for distributing bonuses to employees when company profits rise above a certain level
42
gainsharing plan
incentive plan that rewards groups for productivity improvements
43
pay-for-knowledge plan
incentive plan to encourage employees to learn new skills or become proficient at different jobs
44
benefits
compensation other than wages and salaries
45
workers' compensation insurance
legally required insurance for compensating workers injured on the job
46
cafeteria benefits plan
benefit plan that sets limits on benefits per employee, each of whom may choose from a variety of alternative benefits
47
training
usually refers to teaching operational or technical employees how to do the job for which they were hired
48
development
usually refers to teaching managers and professionals the skills needed for both present and future jobs
49
on-the-job training
training, sometimes informal, conducted while an employee is at work
50
vestibule training
off-the-job training conducted in a simulated environment
51
performance appraisal
evaluation of an employee's job performance to determine the degree to which the employee is performing effectively
52
360-degree feedback
performance appraisal technique in which managers are evaluated by everyone around them--their boss, their peers, and their subordinates
53
knowledge workers
employees who are of value because of the knowledge they possess
54
contingent worker
employee hired on something other than a full-time basis to supplement an organization's permanent workforce
55
labor union
group of individuals working together to achieve shared job-related goals, such as higher pay, shorter working hours, more job security, greater benefits, or better working conditions
56
labor relations
process of dealing with employees who are represented by a union
57
collective bargaining
process by which labor and management negotiate conditions of employment for union-represented workers
58
cost-of-living adjustment (COLA)
labor contract clause tyng future raises to changes in consumer purchasing power
59
wage reopener clause
clause allowing wage rates to be renegotiated during the life of a labor contract
60
strike
labor action in which employees temporarily walk off the job and refuse to work
61
picketing
labor action in which workers publicize their grievances at the entrance to an employer's facility
62
boycott
labor action in which workers refuse to buy the products of a targeted employer
63
work slowdown
labor action in which workers perform jobs at a slower than normal pace
64
lockout
management tactic whereby workers are denied access to the employer's workplace
65
strikebreaker
worker hired as a permanent or temporary replacement for a striking employee
66
mediation
method of resolving a labor dispute in which a third party suggests, but does not impose, a settlement
67
arbitration
method of resolving a labor dispute in which both parties agree to submit to the judgment of a neutral party
68
marketing
activities, a set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
69
value
relative comparison of a product's benefits versus its costs
70
utility
ability of a product to satisfy a human want or need
71
form utility
providing products with features that customers want
72
time utility
providing products when customers will want them
73
place utility
providing products where customers will want them
74
possession utility
transferring product ownership to customers by setting selling prices, setting terms for customer credit payments, and providing ownership documents
75
consumer goods
physical products purchased by consumers for personal use
76
industrial goods
physical products purchased by companies to produce other products
77
services
products having nonphysical features, such as information, expertise, or an activity that can be purchased
78
relationship marketing
marketing strategy that emphasizes building lasting relationships with customers and suppliers
79
customer relationship management (CRM)
organized methods that a firm uses to build better information connections with clients, so that stronger company-client relationships are developed
80
data warehousing
the collection, storage, and retrieve of data in electronic files
81
data mining
the application of electronic technologies for searching, sifting, and reorganizing pools of data to uncover useful information
82
political-legal environment
the relationship between business and government, usually in the form of government regulation of business
83
sociocultural environment
the customs, mores, values, and demographic characteristics of the society in which an organization functions
84
technological environment
all the ways by which firms create value for their constituents
85
economic environment
relevant conditions that exist in the economic system in which a company operates
86
competitive environment
the competitive system in which businesses compete
87
substitute product
product that is dissimilar from those of competitors, but that can fulfill the same need
88
brand competition
competitive marketing that appeals to consumer perceptions of benefits of products offered by particular companies
89
international competition
competitive marketing of domestic products against foreign products
90
marketing plan
detailed strategy for focusing marketing efforts on consumers' needs and wants
91
marketing objectives
the things marketing intends to accomplish in its marketing plan
92
marketing strategy
all the marketing programs and activities that will be used to achieve the marketing goals
93
marketing manger
manager who plans and implements the marketing activities that result in the transfer of products from producer to consumer
94
marketing mix
combination of product, pricing, promotion, and place (distribution) strategies used to market products
95
product
good, service, or idea that is marketed to fill consumers' needs and wants
96
product differentiation
creation of a product feature or product image that differs enough from existing products to attract customers
97
pricing
process of determining the best price at which to sell a product
98
place (distribution)
part of the marketing mix concerned with getting products from producers to consumers
99
promotion
aspect of the marketing mix concerned with the most effective techniques for communicating information about products
100
advertising
any form of paid non-personal communication used by an identified sponsor to persuade or inform potential buyers about a product
101
personal selling
person-to-person sales
102
sales promotion
direct inducements such as premiums, coupons, and package inserts to tempt consumers to buy products
103
public relations
communication efforts directed at building goodwill and favorable attitudes in the minds of the public toward the organization and its products
104
integrated marketing strategy
strategy that blends together the Four Ps of marketing to ensure their compatibility with one another and with the company's non marketing activities as well
105
target market
the particular group of people or organizations on which a firm's marketing efforts are focused
106
market segmentation
process of dividing a market into categories of customer types, or "segments" having similar wants and needs and who can be expected to show interest in the same products
107
product positioning
process of fixing, adapting, and communicating the nature of a product
108
geographic variables
geographic units that may be considered in developing a segmentation strategy
109
geographic segmentation
geographic units, from countries to neighborhoods, that may be considered in identifying different market segments in a segmentation strategy
110
demographic segmentation
a segmentation strategy that uses demographic characteristics to identify different market segments
111
demographic variables
characteristics of populations that may be considered in developing a segmentation strategy
112
geo-demographic segmentation
using a combination of geographic and demographic traits for identifying different market segments in a segmentation strategy
113
geo-demographic variables
combination of geographic and demographic traits used in developing a segmentation strategy
114
psychographic segmentation
a segmentation strategy that uses psychographic characteristics to identify different market segments
115
psychographic variables
consumer characteristics, such as lifestyles, options, interests, and attitudes, that may be considered in developing a segmentation strategy
116
behavioral segmentation
a segmentation strategy that uses behavioral variables to identify different market segments
117
behavioral variables
behavioral patterns displayed by groups of consumers and that are used in developing a segmentation strategy
118
marketing research
the study of what customers need and want and how best to meet those needs and wants
119
secondary data
data that are already available from previous research
120
primary data
new data that are collected from newly performed research
121
observation
research method that obtains data by watching and recording consumer behavior
122
survey
research method of collecting consumer data using questionnaires, telephone calls, and face-to-face interviews
123
focus group
research method using a group of people from a larger population who are asked their attitudes, opinions, and beliefs about a product in an open discussion
124
experimentation
research method using a sample of potential consumers to obtain reactions to test versions of new products or variations of existing products
125
consumer behavior
study of the decision process by which people buy and consumer products
126
psychological influences
include an individual's motivations, perceptions, ability to learn, and attitudes that marketers use to study buying behavior
127
personal influences
include lifestyle, personality, and economic status that marketers use to study buying behavior
128
social influences
include family, opinion leaders (people whose opinions are sought by others), and such reference groups as friends, coworkers, and professional associates that marketers use to study buying behavior
129
cultural influences
include culture, subculture, and social class influences that marketers use to study buying behavior
130
brand loyalty
pattern of repeated consumer purchasing based on satisfaction with a product's performance
131
evoked set (or consideration set)
group of products consumers will consider buying as a result of information search
132
rational motives
reasons for purchasing a product that are based on a logical evaluation of product attributes
133
emotional motives
reasons for purchasing a product that are based on nonobjective factors
134
services companies market
firms engaged in the business of providing services to the purchasing public
135
industrial market
organizational market consisting of firms that buy goods that are either converted into products or used during production
136
reseller market
organizational market consisting of intermediaries that buy and resell finished goods
137
institutional market
organizational market consisting of such nongovernmental buyers of goods and services as hospitals, churches, museums, and charitable organizations
138
social networking
network of communications that flow among people and organizations interacting through an online platform
139
social networking media
websites or access channels, such as Facebook, Twitter, LinkedIn, and YouTube to which consumers go for information and discussions
140
viral marketing
type of marketing that relies on the Internet to spread information like a "virus" from person to person about products and ideas
141
corporate blogs
comments and opinions published on the Web by or for an organization to promote its activities
142
4 business-to-business (B2B) categories
1. services market
2. industrial market
3. reseller market
4. government and institutional market
143
product features
tangible and intangible qualities that a company builds into its products
144
value package
a product is marketed as a bundle of value-adding attributes, including reasonable cost
145
consumer
person who purchases products for personal use
146
industrial buyer
a company or other organization that buys products for use in producing other products (goods or services)
147
convenience goods
inexpensive physical goods that are consumed rapidly and regularly
148
shopping goods
moderately expensive, infrequently purchased physical goods
149
shopping services
moderately expensive, infrequently purchased services
150
specialty goods
expensive rarely purchased physical goods
151
specialty services
expensive, rarely purchased services
152
production items
goods or services that are used in the conversion (production) process to make other products
153
expense items
industrial products purchased an consumed within a year by firms producing other products
154
capital items
expensive, long-lasting, infrequently purchased industrial products, such as a building, or industrial services, such as a long-term agreement for data warehousing services
155
product mix
the group of products that a firm makes available for sale
156
product line
group of products that are closely related because they function in a similar manner or are sold to the same customer group who will use them in similar ways
157
speed to market
strategy of introducing new products to respond quickly to customer or market changes
158
The 7 Step Development Process
1. product ideas
2. screening
3. concept testing
4. business analysis
5. prototype development
6. product testing and test marketing
7. commercialization
159
product life cycle (PLC)
series of stages in a product's commercial life
160
product extension
marketing an existing product globally instead of just domestically
161
product adaptation
modifying an existing product for greater appeal in different countries
162
reintroduction
reviving obsolete or older products for new markets
163
branding
process of using symbols to communicate the qualities of a product made by a particular producer
164
brand awareness
extent to which a brand name comes to mind when a consumer considers a particular product category
165
product placement
promotional tactic for brand exposure in which characters in television, film, music, magazines, or video games use a real product with its brand visible to viewers
166
national brands
brand-name product produced by widely distributed by, and carrying the name of a manufacturer
167
licensed brands
brand-name product for whose name the seller has purchased the right from an organization or individual
168
private brand (or private label)
brand-name product that a wholesaler or retailer has commissioned from a manufacturer
169
packaging
physical container in which a product is sold, advertised, or protected
170
pricing
process of determining what a company will receive in exchange for its products
171
pricing objectives
the goals that sellers hope to achieve in pricing products for sale
172
market share (or market penetration)
company's percentage of the total industry sales for a specific product type
173
cost-oriented pricing
pricing that considers the firm's desire to make a profit and its need to cover operating costs
selling price = seller's costs + profits
174
markup
amount added to an item's purchase cost to sell it at a profit
markup percentage = markup/ sales price x 100%
175
variable cost
cost that changes with the quantity of a product produced and sold
176
fixed cost
cost that is incurred regardless of the quantity of a product produced and sold
177
breakeven analysis
identifies the sales volume where total costs equal total revenues by assessing costs versus revenue at various sales volumes and showing, at any particular selling price, the amount of loss or profit for each volume of sales
178
breakeven point
sales volume at which the seller's total revenue from sales equals total costs (variable and fixed) with neither profit nor loss
179
price skimming
setting an initially high price to cover new product costs and generate a profit
180
penetration pricing
setting an initially low price to establish a new product in the market
181
bundling strategy
grouping several products together to be sold as a single unit at a reduced price, rather than individually
182
price lining
setting a limited number of prices for certain categories of products
183
psychological pricing
pricing tactic that takes advantage of the fact that consumers do not always respond rationally to stated prices
184
odd-even pricing
psychological pricing tactic based on the premise that customers prefer prices not stated in even dollar amounts
185
discounts
price reduction offered as an incentive to purchase
186
distribution mix
combination of distribution channels by which a firm gets its products to end users
187
intermediary
individual or firm that helps to distribute a product
188
wholesaler
intermediary who sells products to other businesses for resale to final consumers
189
retailer
intermediary who sells products directly to consumers
190
distribution channel
network of interdependent companies through which a product passes from producer to end user
191
direct channel
distribution channel in which a product travels from producer to consumer without intermediaries
192
sales agent
independent intermediary who generally deals in the related product lines of a few producers and forms long-term relationships to represent those producers and meet the needs of many customers
193
broker
independent intermediary who matches numerous sellers and buyers as needed, often without knowing in advance who they will be
194
intensive distribution
strategy by which a product is distributed through as many channels as possible
195
exclusive distribution
strategy by which a manufacturer grants exclusive rights to distribute or sell a product to a limited number of wholesalers or retailers in a given geographic area
196
channel conflict
conflict arising when the members of a distribution channel disagree over the roles they should play or the rewards they should receive
197
channel captain
channel member who is most powerful in determining the roles and rewards of other members
198
merchant wholesalers
independent wholesaler who takes legal possession of goods produced by a variety of manufacturers and then resells them to other organizations
199
full-service merchant wholesalers
merchant wholesaler that provides credit, marketing, and merchandising services in addition to traditional buying and selling services
200
limited-function merchant wholesaler
merchant wholesaler that provides a limited range of services
201
drop shippers
limited-function merchant wholesaler that receives customer orders, negotiates with producers, takes title to goods, and arranges for shipment to customers
202
e-intermediary
Internet distribution channel member that assists in delivering products to customers or that collects information about various sellers to be presented to consumers, or they help deliver online products to buyers
203
syndicated selling
e-commerce practice whereby a website offers other websites commissions for referring customers
204
shopping agent (e-agent)
e-intermediary (middleman) in the Internet distribution channel that assists users in finding products and prices but does not take possession of products
205
3 types of e-intermediaries
1. syndicated sellers
2. shopping agents
3. business-to-business brokers
206
3 types of brick-and-mortar retail outlets
1. product-line retailers
(department stores, supermarkets, & specialty stores)
2. bargain retailers
(discount houses, catalog showrooms, factory outlets, & wholesale clubs)
3. convenience stores
207
department store
large product-line retailer characterized by organization into specialized departments
208
supermarket
large product-line retailer offering a variety of food and food-related items in specialized departments
209
specialty store
retail store carrying one product line or category of related products
210
bargain retailer
retailer carrying a wide range of products at bargain prices
211
discount house
bargain retailer that generates large sales volume by offering goods at substantial price reductions
212
catalog showroom
bargain retailer in which customers place orders for catalog items to be picked up at on-premises warehouses
213
factory outlet
bargain retailer owned by the manufacturer whose products it sells
214
wholesale club
bargain retailer offering large discounts on brand-name merchandise
215
convenience store
retail store offering easy accessibility, extended hours, and fast service
216
direct-response retailing
form of non-store retailing in which firms directly interact with customers to inform them of products and to receive sales orders
217
mail order (catalog marketing)
form of non-store retailing in which customers place orders for catalog merchandise received through the mail
218
telemarketing
form of non-store retailing in which the telephone is used to sell directly to consumers
219
direct selling
form of non-store retailing typified by door-to-door sales
220
online retailing
non-store retailing in which information about the seller's products and services is connected to consumers' computers, allowing consumers to receive the information and purchase the products in the home
221
e-catalog
non-store retailing in which the Internet is used to display products
222
electronic storefront
commercial website at which customers gather information about products and buying opportunities, place orders, and pay for purchases
223
cybermail
collection of virtual storefronts (business websites) representing a variety of products and product lines on the Internet
224
video retailing
non-store retailing to consumers via home television
225
physical distribution
activities needed to move a product efficiently from manufacturer to consumer
226
warehousing
physical distribution operation concerned with the storage of goods
227
private warehouse
warehouse owned by and providing storage for a single company
228
public warehouse
independently owned and operated warehouse that stores goods for many firms
229
promotion
aspect of the marketing mix concerned with the most effective techniques for communicating information about and selling a product
230
positioning
process of establishing an identifiable product image in the minds of consumers
231
pull strategy
promotional strategy designed to appeal directly to consumers who will demand a product from retailers
232
push strategy
promotional strategy designed to encourage wholesalers or retailers to market products to consumers
233
promotional mix
combination of tools used to promote a product
234
advertising
promotional tool consisting of paid, non personal communication used by an identified sponsor to inform an audience about a product
235
advertising media
variety of communication devices for carrying a seller's message to potential customers
236
media mix
combination of advertising media chosen to carry a message about a product
237
personal selling
promotional tool in which a salesperson communicates one-on-one with potential customers
238
retail selling
selling a consumer product for the buyer's personal or household use
239
industrial selling
selling products to other businesses, either for the purpose of manufacturing or for resale
240
order processing
personal-selling task in which salespeople receive orders and see to their handling and delivery
241
creative selling
personal-selling task in which salespeople try to persuade in which salespeople try to persuade buyers to purchase products by providing information about their benefits
242
missionary selling
personal-selling task in which salespeople promote their firms and products rather than try to close sales
243
prospecting
step in the personal selling process in which salespeople identify potential customers
244
qualifying
step in the personal selling process in which salespeople determine whether prospects have the authority to buy and ability to pay
245
closing
step in the personal selling process in which salespeople ask prospective customers to buy products
246
6 steps of the personal selling process
1. prospecting and qualifying
2. approaching
3. presenting and demonstrating
4. handling objections
5. closing
6. following up
247
sales promotion
short-term promotional activity designed to encourage consumer buying, industrial sales, or cooperation from distributors
248
coupon
sales-promotion technique in which a certificate is issued entitling the buyer to a reduced price
249
premium
sales-promotion technique in which offers of free or reduced-price items are used to stimulate purchases
250
loyalty programs
sales promotion technique in which frequent customers are rewarded for making repeat purchases
251
point-of-sale (POS) display
sales promotion technique in which product displays are located in certain areas to stimulate purchase or o provide information on a product
252
trade show
sales-promotion technique in which various members of an industry gather to display, demonstrate, and sell products
253
direct (or interactive) marketing
one-on-one non-personal selling by non-store retailers and B2B sellers using direct contact with prospective customers, especially via the Internet
254
publicity
promotional tool in which information about a company, a product, or an event is transmitted by the general mass media to attract public attention
255
public relations
company-influenced information directed at building goodwill with the public or dealing with unfavorable events
