Finals Flashcards
1
Q
Craft union
A
An organization of skilled specialist in a particular craft/trade
Ex)
American federation of labor (AFL) 1886
2
Q
American Federation of Labor (AFL) 1886
A
An organization of craft unions that championed labor issues
3
Q
Industrial union
A
Labor union of unskilled or semiskilled workers in mass production industries
Ex)
Congress of industrial organization (CIO)
4
Q
Congress of industrial organization (CIO)
A
Union organization of unskilled or semiskilled workers; who broke away from the AFL IN 1935 and rejoined in 1955
5
Q
Wagnar Act (NLRA)
A
National Labor Relations Board
Oversees labor-management issues and provides guidelines for unionization
6
Q
Certification (considering NLRB)
A
NRLB recognizes the union as the bargaining agent for employees
“We want them to represent us”
7
Q
De-certification (considered NLRB)
A
Employees take way unions right to represent them
“We don’t want them to represent us”
8
Q
Norris La Guardia Act
A
Prohibits the use of yellow-dog contracts
Basically prohibits (that employees are required to agree to not to join union)
9
Q
Taft Hartley Act of 1947
A
Granted the state the power to outlaw closed shop agreements
- pass right to work laws
10
Q
Right to work laws
A
Gives workers the right to join or not to join a union
11
Q
Shop steward
A
It is a union official who represents employees
A person elected by workers to represent them in dealing with management
12
Q
Yellow dog contracts
A
A contract btw a worker and an employer in which the worker agrees not to remain in or join a union
13
Q
Union security agreement (the different ones name each)
A
Closed shop
Union shop
Agency shop
Open shop
CUAO
14
Q
Closed shop
A
Only hire labor members
Outlawed by Taft hardy Act of 1947
15
Q
Union shop
A
You have to join the union
16
Q
Agency shop
A
Don’t have to join the union but you have to pay a fee
17
Q
Open shop
A
People join voluntarily
Agreement is an agreement in right to work states
18
Q
Mediation (“to mediate”)
A
Third party encourages both sides to resolve key issues
—- neutral party gives suggestions
19
Q
Arbitration
A
Third party render a binding agreement (they listen to both sides of disagreement and give ruling)
Used most often
20
Q
Bargaining zone
A
Range of options that each party will consider in a disagreement
21
Q
Management tactic in conflicts
A
Lockout -close business Injunction -court order: court say something -strike breakers: workers are hired to replace striking workers
LI
22
Q
Union tactics in conflict
A
Strike -refuse to work Boycotts -primary: not buy product -secondary: convince other to stop doing business Work slowdowns -reduce productivity or efficiency Pickets -protest outside
SBWP
23
Q
Sexual harassment
A
Unwelcome sexual advances, request for a sexual favor or other verbal or physical conduct that creates a hostile work environment
Cover all employee and foreign company doing business
24
Q
Kind of sexual harassment:
Quid pro quo
A
Sexual harassment involving threats
25
Kind of sexual harassment:
| Hostile work environment
Sexual harassment is a conduct that interferes with workers performance or creates an intimidating offensive work environment
26
Marketing Eras (evolution: in order)
```
Production
Selling
Marketing
Concept
Customer relationship eras
```
PSMCC
27
Production and selling era
"Produce what you can because the market is limitless"
| After production, focus on persuasion
After you produce sell it
28
Marketing concept era (1941-1945)
After WWII consumers began to spend so Business need to be responsive
"What do they want"
3 marketing concepts
Customer orientation
Service orientation
Profit orientation
CSP
29
Customer orientation
Find out what customers want and provide it
30
Service orientation
Committed to customer satisfaction
31
Profit orientation
Focus on goods and services that will earn the most profit
32
Customer relationship era
Customer relationship management (CRM)
- learns about customers to satisfy or exceed their expectations
- long term relationships
- ------Priceline and Travelocity use
33
Emerging mobile marketing era
Consumer demands
- Now: anywhere anytime
- can I?: use information to create value
- For me: personalized experience
- Simply: easy interactions
34
Customer relationship management (CRM)
Learns about customers to satisfy or exceed their expectations
Long term relationship
Ex) Priceline and Travelocity use CRM
35
Marketing mix (4 p's)
Product
Price
Place
Promotion
36
Product
A good, service or idea that satisfies a consumers want or need
--- concept testing and test marketing (used to find wants)
37
Price
"Amount the customer is willing to pay and have the ability to pay"
Cost of the item/service
38
What is price determined by
Competitors price
Production cost
Distribution
Price strategies
CPDP
39
Place
Where the item is located
Middlemen (distributors) intermediaries
Manufacturers---> Middlemen----> Consumer
40
Promotion
Techniques sellers used to inform people about their product and motivate them to purchase those products
41
Different types of promotions
Advertising (paid advertising)
Personal selling (go there and sell in person)
Public relations (build relation no pay)
Word of mouth (continue to share pass product on)
Sales promotion
APPWS
42
Test marketing
An experiment conducted in a field laboratory comprising of actual stores and real life buying situations, without buyers now ng they are participating in evaluation exercise
Experiment that secretly evaluate customer behavior on what they like
43
Market research
Analyze markets to determine challenges and opportunities and finding info needed to make good decisions
"Know your customers"
44
Marketing research process (4 steps)
# Define the problem
Collect data
Analyze the data
Choose best solution and implement
45
Define the problem/ opportunities
```
Present situation
- strength and weakness
Alternatives?
What info needed?
Haw to gather info?
```
46
Collect data: secondary data
Existing data
-has been already gathered
No expense, easy access
Doesn't give you all of info (draw back)
47
Collect data: primary data
Gathered by marketers (conducted own research, collect your own data)
Survey, interviews, focus groups
48
Focus groups
Group of people who meet under the direction of a discussion leader to communicate opinions
49
Analyzing the data and implement decision
Turn data into useful info
Use analysis strategies and recommendations
Evaluate to see if further research is needed
50
Application of concept: how to find out what your customers think
Consumer survey
Focus group
Listen to competitors customer
Survey your sales force
Phantom customer
51
Environmental scanning
The process of identifying factors that affect marketing success
```
Global
Technological
Sociocultural
Competitive
Economic
```
GSECT
52
Market segmentation
Divides the total market into groups with similar characteristics
53
Market segmentation types
Geographical
Demographical
Psycholographical
Benefit
Volume
GD PBV
54
Geographical segmentation
Decide considering
Cities, counties, states, region, zip
55
Demographics segmentation
Age
Income
Education
56
Psychographic segmentation
Values
Attitude
Interest
(How they perceive certain situations)
57
Benefit segmentation
Product Benefits the customer prefers
| Is it convenient to customer is it beneficial
58
Volume (usage) Segmentation
Volume of product use (How often do they use it)
59
Relationship marketing
Custom made goods and services for customers
"Takes a lot of money to get new customer then to get old customers"
60
Niche marketing
Small but profitable market segments
"Going after very specific small what group"
61
One to one marketing
Unique mix of goods and service for each consumer
62
Mass marketing
For large groups of people
| "For the same large group"
63
Promotion mix
Combination of promotional tools a organization uses
64
Promotion mix types
```
Advertising
Personal selling
Public relations
Sales promotion
Other tools
```
APPS
65
Advertising
Paid, non personal communication through various media by organization and individual who are in some way identified in the message
66
Advertising types
```
Television ad
Product placement
Informercial
Online ad
Interactive promotion
Social media
Global ad
```
TPIO ISG
67
Tv ad
Ads on tv
68
Product placement
Advertisers pay to put their product into tv shoes and movies where audience will see them
69
Informercial
A full length tv program devoted exclusive to promoting a particular good or service
70
Online ad
To get potential customers online (demonstrate how product work)
71
Social media
Test ads before airing on traditional media like tv
72
Global ad
Specific ads for each country or specific groups within country
73
Personal selling
Is the face to face presentation and promotion of goods and services
Salesperson search for new prospect and follow up service after sale
74
Steps in personal selling
```
Prospect and qualify
Pre approach
Approach
Make presentation
Answer objections
Close sale
Follow up
```
PQ PAMAC F
75
Prospect
Researching potential buyers and choosing the most likely to buy
Section process is called qualifying
76
Qualifying
Making sure that people have a need for the product, the authority to buy, and willingness to listen to sales message
77
Pre-approach
Learning as much as possible about customers and their wants and needs
78
Approach
"First impression is important"
| when you call customer for the first time , create impression of impressiveness
79
Make presentation
The presentation is a great time to use testimonial, showing potential buyers that they're joining leaders In Other firms who are using the product
80
Close sale
After sale person has answered questions and objections he may present a trail close question to move selling process to actual purchase
81
Follow up
Order approved customer is happy
82
Public relations
The function that evaluate public attitudes, change policies and procedures in response to public request, and executes a program of action and information earn public understanding and accepted
83
3 step of public relations
Listen to the public
Change policies and procedures
Inform people you're responsive to their needs
84
Publicity
Any information about an individual, product or organization that's distributed to the public through the media and that's not paid for or controlled by the seller
85
Sales promotion
The promotional tool that stimulates consumer purchasing and dealer interest by means of short term activities
86
Promotional tool
Tool that stimulate consumer purchasing and dealer interest by short term activities
87
Sampling
Allowing consumers to have a small sample of the product for no charge
88
Word of mouth
People tell other people about products they have purchase
89
Viral marketing
Any strategy that encourages people to pass on a marketing message to others, creating exponential growth in the messages influence as the message reaches thousand, to millions
90
Podcasting
A means of distributing multimedia digital files on the internet for downloading to a portable media player
Good for catching customer and making it simple to understand
91
Contest vs sweepstake
Contest winners are selected by judges using a set of criteria
Sweepstakes winners are selected randomly
92
Push strategy
Producers use promotional tools to get their products on shelve
Target:
Wholesale and retailers
Producers get their product to sellers
93
Pull strategy
Directs promotions effort toward consumers and get them to request product from retailers
People want stuff form sellers
94
Accounting
Recording, classifying, summarizing and interpreting of financial events and transactions in an organization to provide interest parties needs financial info
95
Who's uses firms accounting info
```
Employees
Owners
Creditors
Unions
Investors
Govt
```
96
Managerial accounting
Provides info and analysis to managers inside the organizations to assist them in decision making
Concerned with measuring and reporting costs of production, marketing, and other function
Prepare budget
Stay in budget
Minimize tax
INSIDE
97
Financial accounting
The financial info and analysis it generates are for people primarily outside the organization
Info can go to creditors and lenders, employees unions customers suppliers govt agencies and general public
OUTSIDE
98
Private accountant
An accountant who works for a single firm, government agency or non profit organization
99
Public accountant
An accountant who provides accounting services to individuals or businesses on a fee basis
100
Bookkeeping
Recording of business transactions
Decide all work into categories
Book them in journals
101
Auditing
The job of revising and evaluating the info used to prepare a company's financial statement
102
Independent audit
An evaluation and unbiased opinion about the accuracy of a company's financial statement
103
Accounting cycle
```
Analyze sourced documents
Record transaction into journal
Transfer journal entries into ledger
Take trial balance
Prepare financial statement
Analyze financial statement
```
ARTT PA
104
Trial balance
A summary of all the financial data in the account ledgers that ensures the figure are correct and balance
105
Ledger
A specialized accounting book or computer program, which information from accounting journals is accumulated into specific categories and posted
so that managers can find all the information about in account in the same place
106
Accounting equation
Fundamental accounting equation is bases for balance sheet
Assets = Liabilities + Owners Equity
107
3 financial statements
Balance sheet
Income statement.
Statement of cash flow
108
Balance sheet
Reports the firms financial condition on a specific date
109
Income statement
Summarizes revenue, cost of goods and expenses (including taxes) for a specific period and highlights the total profit or loss the firm experience during that period
110
Statement of cash flow
Provides a summary of money coming into and going out of the firm
Track company's cash receipts and cash payment
111
Ratio analysis
The assessment of a firms financial condition using calculations and financial ratios
112
Liquidity ratios
Measure a firms ability to turn assist into cash to pay its short term debts
113
Current ratio
Current asset/ current liability
114
Acid test ratio
Cash + Acc Rec + marketable securities / current liabilities
Found on balance sheet
115
Leverage (debt) ratio
Measure degree to which a firm relies on borrowed funds in its operation
116
Debt owner equity ratio
Total liabilities/ owners equity
If # very high the owner account in lot of debt
Found on balance sheet
117
Profitability ratio
Measure how effectively a firms manager are using the firms various resources to achieve profits
118
Basic earning per share
Net income after tax/ common stock (#ofshares)
119
Return sales
Net income after tax / net sales
120
Return equity
Net income tax / owners equity
High # = high profit
Found on balance sheet and income statement
121
Activity ratio
Measure how effectively management is turning over inventory
122
Inventory turnover ratio
Cost of goods / Average inventory
Found on balance sheet and income statement
