Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

COMM 103 B.Man > Final Exam > Flashcards

Final Exam Flashcards

1
Q

Industrial Revolution

A

shift toward technology as economic development (specialization/outsourcing)
in absence of regulations, prosperity was measured by activity/monetary gain
regulatory environmental compliance was designed to provide accountability/control

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Environmental Stewardship

A
  1. Absorb unexpected costs/corresponding impact to profitability (legal liability)
  2. Integrate eco-management initiatives into mission, vision, values, & business system
  3. Environmental policies to mitigate risk/exposure to economic consequences (pollution)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

5 Sustainability Challenges

A

Climate change, pollution & health, energy crunch, resource depletion, capital squeeze.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Climate Change

A 
5 Areas to reduce carbon based economy: 
Improve energy efficiency
Decarbonize the energy supply - wind, solar, geothermal, etc
Transportation innovation
Biodiversity
Human behavior modification
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Pollution and Health

A

Blacksmith Institute is working to create a global program to address the issue
One time expense - once toxins are cleaned with no more dumping it is fixed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

The Energy Crunch

A

Global dependency on oil and fossil fuels.
Energy demand will increase due to developing countries growing
Global market needs 26% more energy over decade

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Peak Model Theories

A

resources are finite and availability will pass max. production point and decline.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

influencers on supply and demand

A
  • Current supply development constraints: speed to produce of existing resources
  • Political impact factors: constraints on the ability to develop supply.
  • Rate of new discoveries
  • Declines in current production: due to energy sources drying up.
  • Immediate access to additional capacity: ability to increase existing resources
  • Geopolitical instability: instability in countries that supply global energy needs.
  • Development speed of alternative sources: also necessary scale and cost
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Improvements in energy productivity

A

Capital investments in new technology will generate greater output/energy input
Behavioral changes will help ex. Getting people to use fluorescent lights

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Resource Depletion

A

Resource management: ability to manage existing supplies and regenerate new supplies to minimize resource depletion.
Replacement rates for renewable resources lag behind consumption

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

resource management

A

ability to manage existing supplies and regenerate new supplies to minimize resource depletion.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

capital squeeze

A

Developed countries use cheap reserves to grow, leveraging the developed countries
Consequences:
- Access to capital (esp. Fully developed countries) will become difficult. Developing countries need their own capital for growth and cannot lend.
- Reduction of savings in developing countries
- Cost of capital (interest rates) will increase as the demand exceeds supply.
- Financial protectionism: government restrict fund outflows of cash
Countries with surpluses keep capital for investment to get comp. advantage by lower cost of borrowing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Consequences of the capital squeeze

A
  • Access to capital (esp. Fully developed countries) will become difficult. Developing countries need their own capital for growth and cannot lend.
  • Reduction of savings in developing countries
  • Cost of capital (interest rates) will increase as the demand exceeds supply.
  • Financial protectionism: government restrict fund outflows of cash
    Countries with surpluses keep capital for investment to get comp. advantage by lower cost of borrowing
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Financial protectionism

A

government restrict fund outflows of cash

Countries with surpluses keep capital for investment to get comp. advantage by lower cost of borrowing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Business Response to Sustainability Challenge

A

trade management, eco-efficiency management, strategic integration

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Trade management principles

A

shift trade from being harmful to sustainable

  1. Pay the costs of environmental degradation
  2. Consumers accept full cost of expenses incurred to achieve sustainability.
  3. Block comp. Advantages from avoiding environmental costs.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Eco-efficiency management

A

tactical shift in operations to maximize the efficiency of resource use and to minimize/eliminate use resulting in degradation (resource and emissions management)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Resource management

A

has societal benefits and long term cost savings, 4 R’s (reduce, reuse, recycle, recover), waste management (zero waste)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

4 R’s of resource management

A

reduce, reuse, recycle, recover

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Emissions management

A

stop pollution at the source instead of after the fact. Use substitutes or technology.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Strategic integration

A

View sustainability has a integral value to enhance resources
Must balance morals (waste, energy and resource management, human health and safety) and being successful (competitive advantages, capital/operating costs, risks)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Long term benefits of strategic integration

A
  • Improved corporate image and Increased pricing power
  • Regulatory compliance and strong environmental management
  • Enhanced efficiencies and Stronger employee base
  • Customer retention and new business options.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Productivity cycle

A

transforming materials into products/services you can sell

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Integrating sustainability

A
  1. Define sustainability within the organization
  2. Identify opportunities, threats, and gaps
  3. Build the business case
  4. Establish targets and processes for inclusion (value chain)
  5. Commit the resources
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Societal response to sustainability

A

unabated consumption, policies/legislation, eco-management, business integration

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Ethics Wheel

A
  1. Individual: personal values/experiences
  2. Societal: laws, social pressures
  3. Business Culture: pressure, reward system, stakeholder influences
  4. Professional: hiring, resources, industry practices (GAAP)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

Ethical Decision Making Process

A
  1. Identify if ethical dilemma exists
  2. Gather as many possible facts, risks, consequences about the situation
  3. Evaluate alternatives from various ethical positions
  4. Choose what you believe is the best alternative and check with others
  5. Initiate your decision and monitor results
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

What is the green zone?

A

Tool for identifying ethical practices. Green zone = acceptable decision making, grey = questionable, red = unethical behavior.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

Board of directors must do what?

A

actively monitor and take leadership role in tightening processes.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

Fraud

A

deliberate, dishonest act for gain or advantage

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

fraud triangle

A

opportunity, motive, attitude/rationalization

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

what is CSR?

A

Corporate social responsibility - understanding that the purpose of an org. Is to create shared value in partnership with society.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

Importance of CSR

A
  • Social responsibility is important to 75% of consumers
  • CSR initiatives differentiate companies in value proposition
  • Personal projects, operational initiatives, philanthropy, strategic partnering
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

Ways to drive CSR

A
  • Personal projects, operational initiatives, philanthropy, strategic partnering
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

CSR Integration process

A
  1. Create awareness through personal projects, policies, and philanthropy initiatives
  2. Initiate operational activities that improve efficiency and reduce environmental harm
  3. View operational benefits and societal benefits together
  4. Integrate CSR into planning and strategy - partner with society.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

4 Quadrants of Managerial Responsibility

A
  • Market Assessment/Strategy Development:
  • Business system design and development:
  • Attracting, Retaining and Managing Talent:
  • Financial Resource management:
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

CSR Challenges

A
  • Requires significant operating and managerial changes
  • Significant upfront investments or added cost layers
  • 65% canadians are worries about fraudulent charities
  • Charities must maintain trust and communicate their legitimacy
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

Entrepreneur

A

Starts a business willing to accept risks with investing money to make money.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

Characterstics of entrepreneurs

A

MERFS Motivated, Expertise, Risk takers, Focus, Self-Belief

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
40
Q

What is MERFS

A

Motivated, Expertise, Risk takers, Focus, Self-Belief - characterstics of entrepreneurs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
41
Q

Venture Capitalist

A

provides capital to a business venture for start-up or expansion purposes.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
42
Q

Fundamentals of business entrepreneurship

A
  1. Quality of the Management Team
  2. Uniqueness of the Product/ Service Offering
  3. Market Size and Opportunity Alignment
    (Potential size of the market and estimated time for the organization to CFP/BEP)
  4. Current Market Conditions: PESTEL, Porter’s 5 forces
  5. Investment Hypothesis (Business Plan)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
43
Q

Inflection point

A

decision points where current path a business is taking is assessed relative to where the company is and where it should be.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
44
Q

The business case

A

What you want to do, why you want to do it, delivery plan, anticipated results

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
45
Q

The business plan

A
  1. Set the scene – describe the business
  2. Review the market, your competition and market position
  3. Explain your mission, vision and objectives
  4. Describe your strategy
  5. Explain your plan for product and service development
  6. Develop financial projections
  7. Highlight the risks and opportunities
  8. Explain why you will succeed
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
46
Q

5 rules of the road

A

Five Rules of the Road

  1. Know your customer
  2. Know why you will win
  3. Know how you will win
  4. Know what it will take to win
  5. Demonstrate why others should believe in you
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
47
Q

Advantages of franchising

A

brand recognition, economies of scale (purchase power), marketing support and new product development.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
48
Q

Disadvantages of franchising

A

initial franchise fee, ongoing royalties and contributions to a national marketing fund, limited control

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
49
Q

Things to consider for ownership options

A

ease of set up, magnitide of risk, degree of control, financial capacity, skills

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
50
Q

Sole proprietor

A

owned by one person with no separate business entity (easy to set up, limited skills and funds)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
51
Q

Partnership

A

formed by two or more individuals.

Not separate legal entities – owners are responsible for liabilities and tax

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
52
Q

Partnership agreement

A

expectations, % ownership, termination (buy-sell agreement), succession (disability, death), non-compete

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
53
Q

Shot gun agreement

A

you offer them money to buy them out, if they don’t accept they must buy you out

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
54
Q

Joint and Several Liability

A

partners can be held individually liable for their share of the obligation (several), or fully liable for the full obligation (joint) in the event that the other parties to the agreement are unable to pay their obligations.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
55
Q

Buy-Sell Agreement

A

details the sale by one partner and the purchase by another of the business interest of the selling partner

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
56
Q

Limited Liability Partnership

A

general partner takes liability and limited partner contributes capital but do not manage or control.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
57
Q

Corporations

A

is legally separate and distinct from its owners - needs to be legally set up

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
58
Q

Incorporation

A

process of setting up a corporation (provincial/federally)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
59
Q

Private corporations

A

private ownership; stock is not publicly traded

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
60
Q

Public corporations

A

Stock is publicly traded (stock exchange/over the counter)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
61
Q

Business system design

A

ensures the organization functions to align strategy and activities to help achieve long term vision and mission.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
62
Q

Organizational structure, culture and managerial approach

A

the way a business is designed and operates in relation to communication, ideas, influences, etc.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
63
Q

Control Systems to manage Strategic Intent

A

managerial evaluation and ways to determine success/meeting goals (KPI’s, productivity metrics, etc) Helps guide managers and employees when creating strategies to support vision/mission.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
64
Q

Mechanisms for Effective Talent Management

A

hierarchy, delegation, power, etc.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
65
Q

Key rules for managing talent

A
  1. Know your power base
  2. Challenge but do not paralyze - drive optimal performance
  3. Each employee is different - experience curve
  4. Engineer the manager to fit the job
  5. Get the right people on the bus
  6. Get the right people driving the bus
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
66
Q

Value Chain

A

the processes or initiatives needed to direct product/service portfolios, value proposition, distribution, marketing, sales, services, etc.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
67
Q

Organizational Structure

A

formal framework around which tasks are organized and responsibilities allocated.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
68
Q

Types of structures

A

Simple, functional, matrix, customer, divisional, geographic

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
69
Q

Simple structure

A

owner makes all decisions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
70
Q

Functional structure

A

departments (Marketing, HR, finance, etc)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
71
Q

Matrix Structure

A

individuals will have specific expertise in a defined department but one product may need several departments. Ex. Construction, engineering, project driven companies.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
72
Q

Customer structure

A

departments based on types of customers customers (individuals, businesses, charities, institutions)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
73
Q

Divisional structure

A

Departments based on divisions of customers (health, small appliances, industrial, credit)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
74
Q

Geographic structure

A

departments based on geographic location (North America, Europe, Asia)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
75
Q

Building blocks of structure

A

Customer intimacy, work efficiencies, departmentalization

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
76
Q

Customer intimacy

A

connectivity with customers for service, contact and support.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
77
Q

Work efficiencies

A

alignment of tasks to support the design,

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
78
Q

Depertmentalization

A

dividing the organization’s work units into functional areas.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
79
Q

Silo mentality

A

decisions are made without thinking of the entire organization’s needs or vision. There is a focus on internal priorities.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
80
Q

What do culture and environment

A

reinforce market position and develop high performance work.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
81
Q

Culture

A

how individuals behave and how entire org. reacts to internal/external challenges. -

  • Underlying values, attitudes, interactive relationships that govern how work is done.
  • Managers must consider the environment, norms, behaviors and opportunities they want to incorporate in the decision making process.
  • Cultural framework is the fabric of an org. Which will benefit from positive work culture, team dynamics, sharing of the vision and mission, and expectations.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
82
Q

Zones of cultural influence

A

Employee interaction, risk allowance, control protocols, competitive emphasis

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
83
Q

Employee interaction

A

level/style of interaction in employees, work units and management.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
84
Q

Risk allowance

A

degree of entrepreneurship embedded in the org.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
85
Q

Control protocols

A

the flexibility to rules, policies and procedures

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
86
Q

Competitive emphasis

A

reward goal achievement, emphasizes competitiveness (internal and external) and defines success.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
87
Q

Management approach

A

what will best support activities/interactions needed to support strategic plan.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
88
Q

Managerial hierarchy

A

the number of levels, rankings and relationship between management needed to effectively manage the organization.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
89
Q

Decision making control

A

level of authority within each managerial position - types = centralization, decentralization, collaboration

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
90
Q

Centralization

A

top down decision, centralized responsibility, standardization, vertical structuring, process centric modeling

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
91
Q

Decentralization

A

freedom/autonomy, localization, customization, customer-centric model

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
92
Q

Collaboration

A

cross functional structure, interactive decisions, openness, flexibility

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
93
Q

Span of control

A

number of subordinates a manager has reporting to them

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
94
Q

Narrow span of control

A

lots of layers of management (tall management)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
95
Q

Wide span of control

A

less managers oversee many subordinates

96
Q

Coordination of work effort

A

allocation and development of HR complements and structure for most effective and efficient business plan.

97
Q

Nature of work

A

specific tasks that need to be accomplished at the individual job level.

98
Q

What is restructureing

A

need to change their business system, position or operations.
Can be response to need to reduce costs, redirect demand, competitive pressures, customer behavior, reactive to a bad situation or responding to positives such as growth.

99
Q

Steps for restructuring

A
  1. Structural Design: changes or adjustments needed, impacts to culture, change in decision making process or chain of command.
  2. Execution: the process, phases needed, the impact on business operations
  3. Communication: communicate restructure to stakeholders and minimize negative impact to preserve culture and environment.
100
Q

Employee transformation process

A
  1. Job position identification
  2. Recruitment
  3. Selection
  4. Intake
  5. Training
  6. Productivity (ROI)
  7. Rentention (via learning, rewards, enrichment)
101
Q

Cost/investment in hiring

A

preparing job specification, advertisting and recruiting, interviews, behavioral testing, relocation costs, orientation, training, hiring bonus

102
Q

What makes a positive/productive work environment

A

Perceived quality of company, attributes of position, lifestyle and reward requirements

103
Q

Motivational Tool Kit

A

TALENT

104
Q

What is TALENT

A

motivational tool kit
Trust and Respect - between employees and management

Approval, Praise, Recognition

Lead by Example

Enrichment - allows for individual growth

Negotiation Skills - communicate expectations, remove barriers, get resources

Treasure - financial bonuses

105
Q

Core Workforce Management Challenge

A

Lead, Plan (what needs to be done), Organize (resources), develop (capabilities), direct (use KPI to stay on track)

106
Q

Skills Managers need

A

Conceptual, leadership, technical, human relations

107
Q

What is power base composed of?

A

Personal power and position power

108
Q

Personal power

A

comes from leadership compentencies - your ability to motivate, facilitate and collaborate

109
Q

Position power

A

legitimate power through your position maked on expertise, rank, ability to reward/control/assess performance

110
Q

Collective bargaining agreement

A

legally binding document defining the policies, procedures, and protocols between the company and union.

111
Q

Grievances

A

complaints raised by employees

112
Q

Mediation

A

when management and union use 3rd party to resolve dispute

113
Q

Arbitration

A

settling dispute with 3rd party whose decision is binding for both parties
Managers must have good communication with employees and steward

114
Q

Union Steward

A

represent the union to ensure employee interests are respected by company and management.

115
Q

Triggers of performance erosion

A
  • Mediocrity of Lip Service: disconnect between what is important and work efforts
  • Managers with ADD: continually changing goals, strategy and objectives
  • Managers Create Chaos: not coordinating different aspects of business
  • Non-Meaningful BHAG (vision): goals are too broad, too many etc.
116
Q

What is marketing

A

he process to design, develop, and communicate value of products/services.

117
Q

2 marketing principles

A

Principle 1: customers don’t buy products/services, they buy solutions to problems/needs
Principle 2: customers will not may more for a product when they can get similar for less

118
Q

6 R’s of marketing

A

right need (to pursue), right price, right solution, right value prop, right method (delivery), right message.

119
Q

Pillars of marketing

A

Communication, product, price and distribution

120
Q

6 Core Marketing Challenges

A
  1. Price Point Validation - can we support delivery/product/costs at an attractive price
  2. Message Development and Delivery
  3. Need Identification
  4. Assessment of Our Ability to Respond
  5. Value Proposition Creation and Positioning
  6. Distribution Capabilities
121
Q

Positioning

A

ability to develop a unique, credible, sustainable and valued place in the minds of customers for brand, products/services.

122
Q

4 objectives of positioning

A
  • Communicate the solution to target market
  • Understand the market to be served
  • Understand the customers to target
  • Deliver the solution superior to competitors.
123
Q

Segmentation

A

determine the best way to divide the market in a manner that will provide better understanding of customer needs, interests, preferences and behaviors.

124
Q

Aspects needed to do segmentation

A
  • Demographics: age, gender, income
  • Geographic clustering: location, reach
  • Psychographics - lifestyle, status, ego, emotions, tastes, trends
  • Behavioral - use, buying patterns
125
Q

Target marketing

A

determine which segments are most likely (with capacity) to purchase
Industry (100%), Potential (30%), Interested (15%), Able (10%), Target (5%)

126
Q

Product Opportunity Ansoff Matrix

A

Market penetration, market development, diversification, new product/service development

127
Q

Market penetration

A

existing products and customers - increase existing revenue

128
Q

Market development

A

existing products, new customers (ex. using baking soda for beauty)

129
Q

New product development

A

new product, existing customers - ex. added warrenty, add-ons (apple - itunes, app store)

130
Q

Diversification

A

new products new customers - through natural growth or aqusition

131
Q

Segmentation stretch

A

expanding focus of product similar to market segment that has a need

132
Q

Cannibalism

A

reduction in sales volume of existing product due to a new launch of similarly targeted product.

133
Q

Customer desertion

A

when customers are lost due to a change in brand/product communication focus.

134
Q

Consumer Decision making process

A
  1. Initial Consideration Options - Be at top of potentials customers minds
  2. Active consideration and evaluation of options
  3. Point of purchase
  4. Post-purchase influence Reinforce/support to develop loyalty to repurchase
135
Q

Marketers Toolbox

A

Company driven, consumer driven, channel support and interaction

136
Q

Company driven marketing

A

Advertising, sales promo, publicity, point of purchase displays

137
Q

Consumer driven marketing

A

internet searches, reviews, peer recom, analyst blogs, social media

138
Q

Channel support and interaction

A

Dealer incentives, point of purchase discounts, exclusivity, salesperson

139
Q

Value proposition

A

real/percieved benefits of a product/service

140
Q

Customer formula

A

Existing customers + new - deserting = customer base

141
Q

Marketing Mission: Critical Factors

A

market clarity and stability (PESTEL), Customer analysis, competitor analysis, competitive advantage analysis, business system and culture analysis

142
Q

Marketing mix

A

the strategic and tactical decisions relating to product/service offerings, pricing, distribution, and marketing communication efforts and approaches.

143
Q

Product strategy

A

the value proposition attributes (Includes functionality, packaging, components, branding, emotional benefits, peer acceptance and post purchase support (tangible and intangible)

144
Q

Power of brands

A

carries emotional ties and strong intrinsic value that communicates quality, reliability, consistency, and peer acceptance.

145
Q

Brand awareness

A

market knows about and accepts distinctive features

146
Q

Brand preference and loyalty

A

consumers use and recognize benefits, and repurchase.

147
Q

Brand commitment

A

top of purchase list/automatic decision. Brand has created an emotional or psychological link with customer.

148
Q

Predetermined purchase list

A

ranking that purchasers develop for available options when making a purchase decisions. Ex. Starbucks.

149
Q

Pricing strategy

A

try to maximize the return on sales

150
Q

Pricing challenge

A

Downward pressure on price: growing global market, increased competition, product sustainability, technological innovation
Upward pressure on costs: HR costs, R&D, marketing costs, process development, etc.

151
Q

Solutions to pricing challenge

A

Protect the price point -
communicate product importance, brand distinction, quality differentiation, unique need, solution features

Price reduction - process innovation, greater economies of scale, reduce quantity, reduce marketing

152
Q

Setting price considerations

A

Cost structure (yours/competitors), price elasticity, value prop strength

153
Q

Payback period

A

length of time required to recover the cost of investment

154
Q

Distribution strategy

A

how to reach/connect with customers

155
Q

Channel intermediaries

A

generate demand, market share, educating customers and more. Also bring expertise and risk mitigation and identify profits leaks.

156
Q

Profit leaks

A

inefficiencies with marketing mix that result in margin erosion/profit loss.

157
Q

Distribution Channel options

A

direct, indirect, maxed

158
Q

Direct distribution

A

connect directly with customers and handle final sale.

159
Q

Indirect distribution

A

use of channel intermediary (broker, wholesaler, retailer, to facilitate final sales.
Greater market reach, support, expertise, reduced costs,
Ex. Real Estate agent

160
Q

Mixed distribution

A

both direct and indirect ex. Websites.

Have retail stores but also sell in department stores/online.

161
Q

Delivery options

A

private label brands - created by one company for sale under another’s brand name. , multi-channel distribution - incorporating many different channel connects for customers to purchase.

162
Q

Private label brands

A

created by one company for sale under another’s brand name.

163
Q

Multi-channel distribution

A

incorporating many different channel connects for customers to purchase.

164
Q

Degree of sales support

A

Intensive, selective or exclusive distrubution

165
Q

Intensive distribution

A

maximize availability in as many locations as possible.
Maximizes market penetration and high scale
Risks: high inventory and financial commitment, handled by many distributors that have indirect competition.

166
Q

Selective distribution

A

more limited number of channel intermediaries
Need heightened sales support at time of purchase, reinforce brand name or image, can limit direct competition.
Can retain greater control over price, marketing and sale.

167
Q

Exclusive distribution

A

single market representative.

Highest level of support, or breaking into new markets, max control

168
Q

Communication strategy

A

communicating the fit/value proposition of product

169
Q

message rifling

A

right message with right value prop to right audience at the right time with the right mechanism.

170
Q

Product life cycle stages

A

development, introduction, growth, maturity, decline.After time product gains market acceptance and awareness, demand increases significantly generating sales (BEP), followed by profitability. Many will have the product now and sales will decline. Success will be determined by repurchase rate.

171
Q

HOw to lengthen product life cycle

A

product innovation, enhancement, extension strategies, market penetration.

172
Q

Fad

A

initially successful but does not meet expectations with low repurchase rates and plummeting demand.

173
Q

Obsolescence

A

successful life cycle until new technology or shift in preference. Ex. CDs

174
Q

How to grow revenue

A
  • Increase customer base (new + existing - deserted) - Churn
  • Expand portfolio
  • Increasing share of wallet
  • Adjust price
  • Increase frequency of purchase
  • Communicate/adjust/redefine value proposition
  • Expand distribution
175
Q

3 core growth cylinders

A

Portfolio Momentum
Market Share Growth
Mergers and Acquisitions - drive growth through an external play

176
Q

Sucessful organizations understand the interconnectivity of?

A

strategy, business structure, operations

177
Q

Structure

A

controls, communication and responsibility framework to guide strategy

178
Q

Operations

A

process employed that with use of assets allows strategy to be actualized.

179
Q

Big picture

A

mission, vision and strategy - strategies and tactic – business system development – operations execution – customer interaction and sales

180
Q

Operations management

A

effective design, development, and management of the processes, procedures, and practices of business system for the purpose of achieving its strategic intent

181
Q

Process Management

A

processes needed to ensure workflow is efficient.

182
Q

Supply chain management

A

manage suppliers, manufactures, materials, costs, inventory, etc.

183
Q

Product/service management

A

R&D decisions (quality cost tradeoff, durability, performance, etc.) and post-purchase support. Identify consumer wants/needs, competitor products and lifecycle

184
Q

Information technology-based operational analytics

A

analyze historical, and predicative data to improve activities

185
Q

Value chain activities

A

inbound logistics, operations, outbound logistics, marketing and sales, customer service

186
Q

Support activities

A

not directly related to producing products services but are an integral to support primary activities. (HR, R&D, Engineering, IT, Finance, Legal, Environmental Safety)

187
Q

Primary Activities

A

the development and transformation of a product/service as it is produced and delivered to the marketplace.

188
Q

Inbound logistics

A

Supplier management of components/finished products

o Shipping, scheduling of delivery, inventory storage

189
Q

Operations (primary activity)

A

Manufacturing/changes to make product ready for market

o Packaging, labels, regulations, branding, labor

190
Q

Outbound logistics

A

Accessible and convenient distribution channel to minimize stock outs and other factors resulting in customer loss.

191
Q

Marketing and Sales

A

awareness for products/ brand, and value proposition

192
Q

Customer service

A

Support provided to before, during, and after purchase.

193
Q

Business planning cycle

A
  1. Resource Capability
  2. Assessment
  3. Strategy formulation
  4. Strategy execution
  5. Company Performance and profitability
  6. Company Growth and Expansion
194
Q

Operations cycle

A

Aligns operational tasks with strategy
1Identify Strategy
2. Does this mean lower price or better quality?
3. Determine activities necessary to execute strategy
4. Make required operational changes and investments
5. Manage the process until desired outcome

195
Q

Process standardization

A

use common sequencing to produce

196
Q

Process simplification

A

using minimum number of tasks to develop products

197
Q

Strategy and operational linage

A

What is the strategy, what should management focus on, how will you apply this

198
Q

OPerations for low cost/prices

A

cost control, high volume, economies of scale, process standardization/simplification, technology intensive, low cost distribution

199
Q

OPerations for differenciated strategy/higher prices

A

quality vs quality, creativity, add value, high labor skills, strong marketing/R&D and distribution.

200
Q

Process Management

A

process design/execution, materials management, facility design and layout, asset evaluation and acquisition

201
Q

Supply chain management

A

Partners (customers, suppliers, etc) Planning (product lifecycle, manufacturing, distribution), Executing (inventory, use of assets, technology, JIT), evaluation (min COC, max asset use)

202
Q

Information Technology-Based Operational Analytics

A
  1. Combining software with operations to improve the delivery
  2. The utilization of data and analytics, to improve customer service
203
Q

Business model assessment

A

adapt, ideate, create, engage, offer, monetize

204
Q

Quality impact factors

A

Product consistency, market expectations, employee training, process analysis, effective communication of strategy/intent, fact based decisions
Protect Quality during downward pressure on price – improve culture and the development of performance standards.

205
Q

TQM

A

Total quality management - broad-based approach to managing quality within the organization.

206
Q

Key areas of business management

A

marketing, finance, and operations

207
Q

entrepreneur

A

starts a business and is willing to accept the risk associated with investing money in order to make money.

208
Q

fatal flaws of new ventures

A

Inadequate pricing, under capitalization, weak management, insufficient marketing, poor industry assessment, absence of well-focused execution strategy

209
Q

6 Phases of Business Ventures

A

Market analysis, value analysis, financial analysis, operations analysis, management analysis, contingency plan

210
Q

Market analysis for business ventures

A

Environment (Timing, sustainability, PESTEL) industry (porters 5 forces, disruption opportunity, industry growth, success barriers), market fit (comp advantage, awareness), customer (needs, value)

211
Q

Sucess factors for market analysis

A

First mover (new market), new entrant (existing market), extension (existing market)

212
Q

Value analysis for business ventures

A

understand the market fit and confirm competitive advantage

213
Q

Financial Analysis

A

Demand and revenu model, cost structure and drivers, capitalization, anticipating margins, cash flor projections

214
Q

Capitalization well

A

depth of need, length of burn, potential revenu

215
Q

Operations analysis for business ventures

A

primary and support activities (infrastructure, equipment, value chain)

216
Q

Management compentency analysis for business ventures

A

MERFS (motivation, expertise, risk acceptance, focus, self belief)
What skills does business need? Does management have the skills to make vision happen? Does management have leadership abilities?

217
Q

Process for aquiring a business

A

identify taget, assess the fit (operational synergies), determine a price, make the purchase, integrate the operation

218
Q

Opportunity Pyramid

A 
True market value and right timing 
Understand the customer 
Strong financial and market characteristics 
Aligned and structured business system 
Strong Management
219
Q

Valuation approaches

A

Asset valuation: fair market value
Intangible Value: goodwill
Percentage of current sales revenue
Future cash flow potential

220
Q

Capsim buying criteria

A

price, age, MTBF, positioning

221
Q

A/R capsim

A

90 none, 60 score less 0.7%, 30 days - score less 7%, 0 days - score 40% less

222
Q

Sales and promo budget

A

33% decrease each year, 1.4M to maintain 100%

223
Q

Capacity

A

2nd shift doubles capacity and costs 50% more, capacity costs $10 + $4*automation rating, sells for 0.65

224
Q

Automation

A

each level decreases labour by 10% and costs $4 per unit

225
Q

Short term loand

A

up to 75% of A/R and 50% of inventory

226
Q

bonds

A

80% of PPE, 5% fee, 1.4% higher interest than short term, 1.5% to pay off early

227
Q

Stock

A

5% fee to issue, can retire 5% of outstanding chares

228
Q

EMergency loan

A

pay current interest rate PLUS 7.5% and lowers stock price

229
Q

Inventory

A

12% carrying fee for overstock

230
Q

Environmental stewardship

A

integration of sustainability values into managing resources.

231
Q

Degradation

A

deteriorating environment by resource depletion and destroying ecosystems

232
Q

Kyoto Protocol

A

international agreement binding nations to stabilize and reduce greenhouse gas emissions by at least 40%.

233
Q

Ethics

A

reflection of moral principles/beliefs about what is right and wrong. (Legality vs. fairness)

234
Q

Integrity

A

honesty, reliability, ethics, moral judgement.

235
Q

6 Stigma

A

Improving quality by minimizing total defects

COMM 103 B.Man (2 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions