Chapter 11-D Flashcards
Process of determining human resource needs and then recruiting, selecting, developing, motivating, evaluating, compensating, and scheduling employees to achieve organizational goals
Human resource management (HRM)
Employment activities designed to “right past wrongs” by increasing opportunities for minorities and women
Affirmative action
Discrimination against members of a dominant or majority group usually as a result of policies designed to correct previous discrimination against minorities
Reverse discrimination
Study of what employees do who hold various job titles
Job analysis
Specifies the objectives of the job, type of work, responsibilities and duties, working conditions, and the job’s relationship to other functions
Job description
Written summary of the minimal education and skills to do a particular job
Job specification
Set of activities for obtaining the right number of qualified people at the right time
Recruitment
Process of gathering information and deciding who should be hired, under legal guidelines to serve the best interests of the individual and the organization
Selection
Includes part time workers, temporary workers, seasonal workers, independent contractors, interns, and co op students
Contingent workers
Includes all attempts to improve productivity by increasing an employee’s ability to perform
Training and development
Activity that initiates new employees into the organization; to fellow employees; to their immediate supervisors; and to the policies, practices, and objectives of the firm
Orientation
Training that lets employees learn by doing or by watching others for a while and then imitating them right at the workplace (also known as shadowing)
On the job training
Trainee works alongside an experienced employee to master the skills and procedures of a craft
Apprentice programs
Occurs away from the workplace and consists of internal or external programs to develop any of a variety of skills or to foster personal development
Off the job training
Classrooms with equipment similar to that used in the job so that employees learn proper methods and safety procedures before assuming a specific job assignment
Vestibule training (near the job training)
Use of equipment that duplicates job conditions and tasks so that trainees can learn skills before attempting them on the job
Job simulation
Process of training and educating employees to become good managers, and then monitoring the process of their managerial skills overtime
Management development
Process of establishing and maintains contacts with key managers in your own and other organizations, and using those contacts to weave strong relationships that serve as informal development systems
Networking
Corporate manager who supervises, coaches, and guides selected lower level employees by introducing them to the right people and generally acting as organizational sponser
Mentor
Evaluation that measures employee performance against established standards in order to make decisions about promotion, compensations, training, or termination
Performance Appraisal
Plan based on job tiers strict pay range
Created by Edward Hay
Hay system
Sick leave pay, vacation pay, pension plans, and health plans that provide additional compensation to employees beyond base wages
Fringe benefits
Fringe benefits plan that allows employees to choose the benefits they want up to a certain dollar amount
Cafeteria style fringe benefits
Gives employees some freedom to choose which hours to work, as long as they work the required number of hours or complete their assigned tasks
Flex time plan
Period when all employees are expected to be at their job stations
Core time
Employee works full number of hours, but in fever than the standard amount of days
Compressed workweek
Two or more part time employees share one full time job
Job sharing
Activity set of institutions and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Marketing
Process of learning as much as possible about present customers and doing everything you can over time to satisfy then or even to exceed their expectations with goods and services
Customer relationship management
Fundraising, public relations, special campaigns and ecological practices
Nonprofit marketing
What are the 4 p’s in marketing
Product
Price
Place
Promotion
Ingredients that go into a marketing program: products, price, place, and promotion
Marketing mix
Any physical good, service, or idea that satisfies a want or need, plus anything that would enhance the product in the eyes of consumers such as brand name
Product
Process of testing products among potential users
Test marketing
Word, letter, or group of words or letters that differentiates one sellers goods and services from those of competitors
Brand name
All the techniques sellers use to inform people about and motivate them to buy their products and services
Promotion
Analyze market to determine opportunities and challenges and to find the information they need to make good decisions
Marketing research
Information that has already been completed by others and published in journals and books or made available online
Secondary data
In-depth information gathered by marketers from their own research
Primary data
Divides the total market into groups with similar characteristics
Market segmentation
Group of people who meet under the direction of a discussion leader to communicate their opinions about an organization it produces or other given issues
Focus group
Process of identifying factors that can affect marketing success
Environmental scanning
Directed toward Those groups and organization decides it can serve profitably
Target marketing
Dividing a market by city country state or region
Geographic segmentation
Dividing the market by age, income and education level
Demographic segmentation
Dividing the market using groups values attitudes and interest
Psychographic segmentation
Dividing the market by determining which benefits of the product to talk about
Benefit segmentation
Dividing a market by usage
Volume segmentation
Process of finding small buck profit all Market segments and designing or finding products for them
Niche marketing
Developing a unique mix of goods and services for each individual customer
One to one marketing
Developing products and promotes to please large groups of people
Mass marketing
Keep individual customers and offer new products that exactly meet their requirements
Relationship marketing
Good quality at a fair price consumers look at the benefits and then subtract the cost to see whether benefits exceed cost
Value
Everything that consumers evaluate when deciding whether to buy something
Total product offer
Group of items that are physically like or intended for a similar market
Product line
Combination of product lines offered by manufactures
Product mix
Creation of real or perceived products differences
Production differentiation
Grouping two or more products together and pricing them as a unit
Bundling
Name symbol or designed that identifies the goods or services of one seller or a group of sellers and distinguishes something from the goods and services of competitors
Brand
Brand that has exclusive legal protection for both it’s brand name and it’s design
Trademark
Value of the brand name an association symbols
Brand equity
Degree to while customers are satisfied like the brand and are committed to further purchases
Brand loyalty
Refers to how quickly or easily a given brand name comes to mind when someone mentions a product category
Brand awareness
Direct responsibility for one brand or product line and manages all the elements of its marketing mix product price place and promotion
Brand manager
Theoretical model of what happens to sales and profits for product class over time the Four stages of the cycle are introduction, growth, maturity and decline
Product lifecycle
Not only satisfy his customers but also meets profit margin’s set
Target costing
Based on what competitors are doing post can be set at above or below competitors prices
Competition based pricing
Strategy by which one or more dominant firm set pricing practices all competitors in an industry must follow
Price leader ship
Process used to determine profitability at various levels of sales
Break even analysis
All the expenses that remain the same no matter how many products are made or sold
Total fixed cost
Changes according to production
Variable cost
New product is priced high to make optimum profit while there is little competition
Skimming price strategy
Products are priced low to attract many customers and discourage competition
Penetration strategy
Setting prices lower than competitors and Not having any special sales
Example Walmart
Every day low pricing
Setting prices that are higher than EDLP stores by having many special sales were the prices are lower than competitors price
Hi low pricing strategy
Pricing goods and services at price points that make the product appear less expensive than it is
Psychological pricing
Organizations that assist in moving goods and services from B to B to B to C
Marketing intermediaries
Whole set of marketing Intermediaries such as agents and brokers wholesalers and retailers that join together to transport in store goods in the past from producers to consumers
Channel of distribution
Marketing intermediaries Who bring buyers and sellers together and assisting in negotiating and exchange but don’t take title to the goods
Agents or brokers
Marketing intermediaries That sells to other organizations
Wholesaler
BToC organization that sells to ultimate consumers
Retailer
Puts products into as many retail outlets as possible including vending machines
Intensive distribution
Uses only preferred group of the available retailers in an area
Selective distribution
Use of only one retail outlet in a given geographic area
Exclusive distribution
Selling goods and services to ultimate consumer is online
Electronic retailing
Sale of goods and services over the phone
Telemarketing
Reachers consumers in their homes or work places
Direct selling
Any activity that directly links manufactures or intermediaries with the ultimate consumer
Direct marketing
Call link activities various organizations must perform to move goods and services from the sources of raw materials to ultimate consumers
Supply chain
Combination of promotional tools an organization uses
Promotion mix
Combines all promotional tools into one comprehensive unified promotional strategy
Integrated marketing communications
Paid non personal communication through various media by organizations and individuals who are in someway identified in the message
Advertising
Putting product on TV shows and movies where they will be seen
Product placement
Step in the selling process that consist of a question or statement that moves the selling process toward the actual close
Trial close
Function that evil it’s public attitude changes his policies and procedures in response to the public’s requests and executes a program of action and information to earn public understanding and acceptance
Public relations
Uses advertising personal selling promotion and all other tools to convince wholesalers and retailers to stock and sell merchandise
Push strategy
Hearing advertising and sales promotion efforts towards consumer so they will request for products
Pull strategy
