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Intro Business 2 > Definitions - Midterm Exam - Chptrs 7, 10, 11, 12, 13 > Flashcards

Definitions - Midterm Exam - Chptrs 7, 10, 11, 12, 13 Flashcards

1
Q

What is a Business

A

An organization that provides a service that someone see value in

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2
Q

What three skills are needed for Managerial Success

A

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

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3
Q

What are the four Managerial Functions?

A

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

Controlling:

1) Setting performance standards
2) Monitor actual performance
3) Compare performance to standard
4) Make corrections if needed

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4
Q

What are the four types of Planning?

A
  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
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5
Q

What are the elements of a SWOT Analysis?

A

Strengths
Weaknesses
Opportunities
Threats

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6
Q

What are the three key elements of an organizations structure?

A
  1. Human Interaction
  2. Goal-directed activities
  3. Structure
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7
Q

Organization

A

A structured group of people working together to achieve common goals

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8
Q

Delegations

A

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

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9
Q

Span of Management

A

The number of employees a supervisor managers

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10
Q

Centralization

A

Means that decision-making is retained at the top of the management hierarchy

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11
Q

Decentralization

A

Means the decision-making is shifted to the lower levels. Many firms believe it enhances their flexibility and responsiveness to customer needs

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12
Q

Matrix Organization

A

An organization where there are two reporting structures.

Example - Stephanie, reports to Kim and Tara

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13
Q

Describe Management

A

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.

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14
Q

Explain the role of vision and ethical standards in business success

A

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.

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15
Q

Summarize the importance of Planning and the types of planning.

A

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
Strategic planning
Tactical planning
Operational planning
Contingency planning
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16
Q

Describe the strategic planning process

A

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.

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17
Q

Describe the two major types of business decisions and the steps in the decision making process.

A

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

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18
Q

Promotional Mix

A

Combination of Personal and Non-Personal Selling

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19
Q

Personal Selling

A

Direct person to person promotional presentation to potential buyers

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20
Q

Non Personal Selling

A

Forms of selling such as: Advertising, Sales Promotion, Direct Marketing and Public Relations

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21
Q

Positioning

A

Marketers establishing their products in the minds of customers by communicating differences such as: Price Quality, use of Good or Service.

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22
Q

Product Placement

A

Form of promotion in various media such as: Newspapers, Magazines, Television and Movies

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23
Q

Guerilla Marketing

A

Innovative, low cost marketing efforts to get consumers attention in unusual ways

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24
Q

Product Advertising

A

Messages designed to sell specific product/service

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25
Q

Institutional Advertising

A

Messages to promote concepts, ideas or philosophies toward industries, companies, organizations or government entities

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26
Q

Cause Advertising

A

It is a form of Institutional Advertising promoting a specific viewpoint on a public issue to influence public opinion and political process

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27
Q

Sponsorship

A

Providing funds for a sporting or cultural event in exchange for direct association with the event

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28
Q

Infomercials

A

Form of direct marketing: 30 min programs which resemble TV programs but sell a good or service

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29
Q

Sales Promotion

A

Form of coupons, product samples and rebates to support advertising and personal selling

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30
Q

Specialty Advertising

A

Promotional Items that prominently display a firms name, logo or business slogan (Ex: free pens, magnets, etc)

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31
Q

Trade Promotions

A

Sales geared towards retailers and wholesalers not to final consumers.

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32
Q

Point-of-Puchase Advertising (P.O.P)

A

Demonstrations and Displays that promote products where they are purchased (Food samples at stores, displays of laptops at Bestbuy)

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33
Q

Order Processing

A

Form of selling used mostly at Wholesale and Retail levels, identifying customers needs, pointing out products that meet their needs and completing orders

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34
Q

Creative Selling

A

Form of selling used for items such as warranty, insurance and even holding workshops to promote to use of their products.

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35
Q

Telemarketing

A

Personal Selling by telephone - Personal two-way conversation

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36
Q

Public Relations

A

An organizations communications and relationships with various public audiences: Press releases, events, interviews, etc.

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37
Q

Publicity

A

Unpaid, uncontrolled stimulation for demand of a product or service

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38
Q

Pulling Strategy

A

Promotion of a product by generating demand for it, through advertising and sales promotion appeal

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39
Q

Profitability Objectives

A

Common goals usually included in the strategic plans of firms

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40
Q

Volume Objectives

A

Pricing decisions that are based on market share, percentage of the market controlled by a certain company or product

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41
Q

Prestige Pricing

A

Setting a high price to develop and maintain the image of quality and exclusiveness

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42
Q

Cost-Based-Pricing

A

Cost Per Unit + Mark-up to cover overhead costs and generate a profit

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43
Q

Break Even Analysis

A

Pricing related technique to calculate the minimum sale volume a product must generate at a certain price level to cover all costs

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44
Q

Skimming Pricing

A

Strategy to set an intentionally high price relative to competing products

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45
Q

(EDLP) Every Day Low Pricing

A

Strategy to maintain a continuous low price instead of short-term. Such as: Coupons, Sales and Rebates

46
Q

Competing Pricing

A

Strategy to match other firms prices and focus on marketing, distribution, promotional elements of a marketing mix.

47
Q

Odd Pricing

A

Strategy that uses uneven amounts to make pricing appear less than they really are

48
Q

Mission Statement

A

Written description of an organizations business purpose and aims

49
Q

Empowerment

A

Giving Employees shared authority, responsibility, and decision making with their Managers

50
Q

Departmentalization

A

Process of dividing work activities into units within the organization

51
Q

Production

A

the use of resources, such as workers and machinery, to convert materials into finished goods and services

52
Q

Production and Operations Management

A

Process of overseeing the production process by managing the people and machinery that convert materials and resources into finished goods and services.

53
Q

Mass Production

A

System for Manufacturing products in large quantities by using a combination of employees with specialized skills, mechanization and standardization

54
Q

(LEED) Leadership in Energy and Environmental Design

A

Voluntary certification program administered by Canada Green Building Council, aimed at promoting the most sustainable construction process available.

55
Q

(CAD) Computer Aided Design

A

Engineers use this process to design entire products on the computer, they can work faster with less mistakes

56
Q

(CAM) Computer Aided Manufacturing

A

Manufactured tool that used CAD output and the steps that a machine must take to produce needed product of part

57
Q

(FMS) Flexible Manufacturing System

A

Flexible Manufacturing Facility where works can quickly change to manufacture differents products.

58
Q

(CIM) Computer Integraded Manufacturing

A

An integrated production system that uses computers to design, fabricate and handle materials, and control the production function

59
Q

Make Buy or Lease Decision

A

Choose to manufacture a product or part in house, buy it from an outside supplier or lease it

60
Q

Inventory Control

A

A function that balances the costs of storing inventory with the need to have stock on hand to meet demand

61
Q

MRP Materials Requirement Planning

A

System that ensures the materials needed are delivered in the right qty’s, place and at the right time

62
Q

Production Control

A

Well defined procedures for coordinating people, materials and machinery to provide the greatest production efficiency

63
Q

Quality

A

State of being free of deficiencies and imperfections

64
Q

Benchmarking

A

Process of looking how well other companies perform business function, tasks using their performance as a standard to measure against another companies performance

65
Q

Quality Control

A

Measuring output against quality standard

66
Q

(ISO) International Organization for Standardization

A

Organization whose mission is to develop and promote international standards for business, government and society. Aiming to improve global trade and cooperation

67
Q

Exchange Process

A

Activities where two or more parties exchange services, goods or cash that satisfies each others needs

68
Q

Utility

A

Power of a good or service to satisfy a want or need

69
Q

Marketing

A

Organizational function and processes for creating, communicating and delivering value to customers. Managing customer relationships benefiting the organization and shareholders

70
Q

Marketing Concept

A

Company-wide consumer focus on promoting long-term success

71
Q

Person Marketing

A

Efforts designed to attract the attention, interest and preference of a target market or towards a person

72
Q

Place Marketing

A

An attempt to attract people to a specific area or region

73
Q

Event Marketing

A

Marketing/Sponsoring short term events.

Ex: Athletic competitions, cultural or charitable performances

74
Q

Cause Marketing

A

Marketing that promotes a cause or social issue.

Ex: Child Abuse, anti-littering, stop smoking campaigns

75
Q

Organization Marketing

A

Marketing strategy influencing consumers to accept the goals and receiving service from an organization or contributing to the org.

76
Q

(B2C) Business-to-Consumer Product

A

Good or service that is purchased by end user

77
Q

(B2B) Business-to-Business Product

A

Service or product purchased to be used directly or indirectly in the production of other goods for resale

78
Q

Target Market

A

Organization marketing goods, services or ideas towards a specific groups needs or preferences

79
Q

Marketing Mix

A

Blending of 4 elements of Marketing strategy:

1) Product
2) Distribution
3) Promotion
4) Pricing

80
Q

Marketing Research

A

Process of collecting and evaluating information to support marketing decision making

81
Q

Business Intelligence

A

Field of research using technology for gathering, storing and analyzing data to make better competitive decisions

82
Q

Market Segmentation

A

Process of diving the market into similar groups

83
Q

Data Mining

A

Use of computer data to detect patterns and relationships

84
Q

Data Warehouse

A

Customer database, allows Managers to combine data from several organizational functions

85
Q

Geographical segmentation

A

Dividing an overall Market into similar groups on basis of location

86
Q

Demographic segmentation

A

Dividing markets on basis of demographic or socioeconomic characteristics: Gender, Ago, Income, Occupation, Household Size, Stage in family life cycle, education, ethnic group

87
Q

Phycographic Segmentation

A

Dividing consumer markets into groups with similar attributes, values and lifestyles

88
Q

Product-Related-Segmentation

A

Dividing market into groups based on benefits sought by buyers, usage rates, loyalty levels

89
Q

End-User Segmentation

A

Marketing strategy focused on how B2B purchaser will use the product

90
Q

Consumer Behavior

A

Consumer activities directly involved in the consuming, dispensing and decision process before and after these activities

91
Q

Relationship Marketing

A

Developing and Maintaining long-term cost effective exchange relationships with partners

92
Q

Lifetime Value of a customer

A

Revenues and intangible benefits from a customer over life of relationships. Such as: Referrals and Customer feedback

93
Q

Frequency Marketing

A

Marketing initiative rewarding frequent purchases with cash, rebates, merchandise or other premiums. Ex: Canadian Tire Money, Air miles, etc

94
Q

Affinity Program

A

Marketing effort sponsored by org targeting people of similar interests and activities

95
Q

Co-Marketing

A

Two or more businesses jointly market each other products

96
Q

Co-branding

A

Two or more businesses closely link their names on a single product

97
Q

Product Line

A

Group of similar products target towards similar market

98
Q

Product Mix

A

Assortment of product lines and individual goods a firm offers to consumers

99
Q

Product Life Cycle

A

Introduction, Growth, Maturity and Decline

100
Q

Test Marketing

A

Introduction of a new product and a campaign to selected city or tv coverage area

101
Q

Brand

A

Name, Symbol, Sign, Design of a firm showing how it differentiates against the competition

102
Q

Brand Name

A

Part of a brand that is made of letters or words

103
Q

Brand Equity

A

Added value that a respected name or brand that it gives to a product: Ex: Mercedes, Apple, etc

104
Q

Category Advisor

A

Individual that business customer assigns to deal with other suppliers. They advise entire business package to the buyer.

105
Q

Distribution Strategy

A

Plan that deals with marketing activities to get the right good/service to firms customers

106
Q

distribution channels

A

path that products take from producer to consumer

107
Q

physical distribution

A

actual movement of products from producer to consumer or business users

108
Q

wholesaler

A

distribution channel member selling primarily to retailers, wholesalers and business users

109
Q

Retailers

A

distribution channel members selling goods/services to individuals for their own use not for resale

110
Q

Supply Chain

A

complete sequence of suppliers help create good or service and deliver it to consumer/business users

111
Q

Logistics

A

process of coordinating flow of goods/services and info among members of a supply chain

112
Q

Vendor managed inventory

A

Process in which the producer and retailer agree that the producer automatically ships supply when needed

Intro Business 2 (4 decks)

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