Test 2 Flashcards

(60 cards)

1
Q

What is organizational structure?

A

The system used to define a hierarchy within an organization.

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2
Q

Define organizational culture.

A

The values, beliefs, and behaviors that shape how a company’s employees interact.

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3
Q

What is an organizational chart?

A

A diagram that shows the structure of an organization and the relationships between roles.

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4
Q

What does specialization refer to in an organization?

A

The degree to which tasks in an organization are divided into separate jobs.

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5
Q

What is departmentalization?

A

The process of grouping jobs into working units, such as by function, product, geography, or customer.

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6
Q

List the types of departmentalization.

A
  • Functional
  • Product-based
  • Customer-based
  • Geographical
  • Process-based
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7
Q

What is functional departmentalization based on?

A

Job functions (e.g., marketing, finance, HR).

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8
Q

What is product-based departmentalization?

A

Organized around different products or services.

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9
Q

What does customer-based departmentalization focus on?

A

Different customer groups.

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10
Q

What is geographical departmentalization?

A

Divided by location or region.

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11
Q

Define process-based departmentalization.

A

Based on the sequence of production or workflow.

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12
Q

What is centralized decision-making?

A

Decision-making authority is concentrated at the top.

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13
Q

What characterizes decentralized decision-making?

A

Decision-making is spread throughout the organization.

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14
Q

What is a tall organizational structure?

A

Multiple layers of management, more control but slower communication.

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15
Q

Define flat organizational structure.

A

Fewer layers, more direct communication and faster decision-making.

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16
Q

What does span of management refer to?

A

The number of subordinates a manager directly supervises.

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17
Q

What are formal channels of communication?

A

Official channels such as reports and meetings.

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18
Q

Define informal communication.

A

Unofficial communication like workplace conversations and social networks.

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19
Q

What are operations in a business context?

A

The activities involved in producing goods and services.

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20
Q

What is operations management?

A

The administration of business practices to create efficiency in production.

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21
Q

Define quality in terms of products or services.

A

The ability to consistently meet customer expectations.

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22
Q

What is a supply chain?

A

The sequence of activities involved in producing and delivering a product.

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23
Q

What distinguishes manufacturing operations management?

A

Produces tangible goods, focuses on production efficiency.

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24
Q

What characterizes service-based operations management?

A

Delivers intangible services, focuses on customer interaction.

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25
What is marketing?
The process of creating, promoting, and delivering value to customers.
26
List the elements of the marketing environment.
* Economic * Technological * Political * Social * Competitive
27
What does 'product' refer to in marketing?
The goods or services offered.
28
Define price in a marketing context.
The amount charged for a product.
29
What does 'place' refer to in the marketing mix?
Distribution channels used to reach consumers.
30
What is promotion in marketing?
Advertising, sales, and other strategies to attract customers.
31
What is a target market?
The specific group of customers a business aims to serve.
32
Define market segmentation.
Dividing a market into smaller groups with similar needs.
33
What is a market segment?
A subgroup of potential customers within a larger market.
34
What is the marketing mix?
The blend of the 4 P’s tailored to a specific audience.
35
What is the difference between a total market approach and a market segment approach?
* Total market: Aiming to reach all consumers with one strategy. * Market segment: Tailoring marketing to specific groups.
36
What are social factors in the consumer buying process?
Family, culture, social groups.
37
What are psychological factors in the consumer buying process?
Perceptions, motivations, attitudes.
38
List the stages of the product development process.
* Idea generation * Screening * Concept testing * Product development * Commercialization
39
* Product Line
A group of related products.
40
41
What is product mix?
The total range of products a company offers.
42
What are the stages of the Product Life Cycle?
Introduction, growth, maturity, decline.
43
What is a consumer product?
Purchased for personal use.
44
What is a business product?
Used to produce other goods or services.
45
What is branding?
The use of names, symbols, and designs to distinguish a product.
46
What is price skimming?
Setting a high price initially and lowering it over time.
47
What is penetration pricing?
Setting a low price to attract customers quickly.
48
What does price lining involve?
Offering different versions of a product at different prices.
49
What is psychological pricing?
Pricing just below a round number ($9.99 instead of $10).
50
What is reference pricing?
Placing an expensive item next to a cheaper one to make the latter seem like a good deal.
51
What are discounts?
Offering reduced prices for promotions or bulk purchases.
52
What are marketing channels?
How products move from producers to consumers.
53
Give an example of a marketing campaign.
Apple’s 'Think Different' campaign.
54
What are the objectives of promotion?
Awareness, persuasion, brand reinforcement.
55
What does promotion include?
Advertising, public relations, sales promotions, and personal selling.
56
What is digital media?
Online platforms for communication and marketing.
57
What is digital marketing?
Using digital channels to promote products.
58
What is e-business?
Conducting business online.
59
List the 5 characteristics of digital marketing.
* Interactivity * Accessibility * Connectivity * Control * Data-driven strategies
60
How does digital media help reach consumers?
Personalized advertising, social media campaigns, email marketing.