Brainscape's Knowledge GenomeTM

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


See full index

MM > Marketing Environment (2) > Flashcards

Marketing Environment (2) Flashcards

1
Q

The environments within which all managers operate are commonly divided into three distinct areas?

A
  • The micro-environment
  • The market environment
  • The macro-environment
  • The micro-environment: This is the business itself, and management has complete control over this environment.
  • The market environment: This is the environment directly outside of the organisation.
  • The macro-environment: This is the environment located outside of the organisation and the market environment.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Define Business organisations?

A

Entrepreneurs and business people identify opportunities to make a profit in the market by observing and exploiting the unfulfilled demands for certain goods and services. The profit motive is reflected in their strategic plans. Most of the focus in this textbook is on business organisations.

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

Define Government organisations?

A

In a free market system, government has limited ability to interfere in market forces.

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

Define Non profit-seeking organisations (NPOs)?

A

NPOs also play an important role in an economy. They provide for certain community needs that are usually not satisfied by the government, a government organisation or a profit-seeking business.

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

Give examples of a Business organisation?

A
  • Insurance
  • Mining
  • Agriculture
  • Production
  • Construction

Who uses it?
- Financial services
- Investment opportunities
- Household goods
- Leisure activities
- Luxury goods

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

Define Government organisations?

A
  • Defence force
  • Councils
  • Municipalities
  • Treasury
  • SARS

Who use it?
Security
Infrastructure
Legal systems
Transport
Currency

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

Give examples of non-profit organisations?

A
  • Universities
  • Schools
  • Clinics
  • Service centres
  • Charities

Who use it?
Education
Healthcare
Support
Community activities
Aid

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

What are the advantages of a functional structure?

A
  • Facilitates easy communication
  • Allows for quick decisions
  • Creates a learning environment
  • Improves performance evaluations
  • Facilitates teamwork
  • Creates a career ladder
  • Facilitates easy communication: Staff are grouped according to the type of work that they do, so they can easily communicate and share information with each other.
  • Allows for quick decisions: People with similar perspectives will solve problems and make decisions more quickly than people who are grouped with others who have very different outlooks.
  • Creates a learning environment: This structure helps staff members to learn from each other’s experiences, thereby improving their skills and enhancing their individual and organisational performance.
  • Improves performance evaluations: Supervisors can easily monitor individual staff members’ performance, reward high performance, and discourage laziness and idleness.
  • Facilitates teamwork: This structure develops norms, values and group cohesiveness, which facilitates teamwork and promotes high performance.
  • Creates a career ladder: Staff members who perform well can be promoted to the role of supervisor or manager.
  • Facilitates easy communication: Staff are grouped according to the type of work that they do, so they can easily communicate and share information with each other.
  • Allows for quick decisions: People with similar perspectives will solve problems and make decisions more quickly than people who are grouped with others who have very different outlooks.
  • Creates a learning environment: This structure helps staff members to learn from each other’s experiences, thereby improving their skills and enhancing their individual and organisational performance.
  • Improves performance evaluations: Supervisors can easily monitor individual staff members’ performance, reward high performance, and discourage laziness and idleness.
  • Facilitates teamwork: This structure develops norms, values and group cohesiveness, which facilitates teamwork and promotes high performance.
  • Creates a career ladder: Staff members who perform well can be promoted to the role of supervisor or manager.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What are the disadvantages of a functional structure?

A
  • Creates silos
  • Cannot serve the needs of all products
  • Cannot serve the needs of all customers
  • Cannot serve the needs of all regions
  • Creates silos: Staff work up or down the hierarchy within their own departments, which leads to poor cross-functional communication.
  • Cannot serve the needs of all products: As the product range expands, the various functions may have difficulty keeping up with the servicing needs of the wider range of products.
  • Cannot serve the needs of all customers: Customers have different needs, and an organisation may find it difficult to service the different needs of their diverse customer base using a single set of functions.
  • Cannot serve the needs of all regions: Organisational growth may lead to a business expanding their operations nationally. A nation-wide organisation may experience difficulty in serving the needs of their customers from different areas of the country using a single set of manufacturing, sales or purchasing functions.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Define Information management?

A

All activities dealing with the acquiring, storage, manipulation and dissemination of information.

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

Define Production management?

A

Activities involved in managing the location and layout of the production unit and the processing of products.

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

Define Marketing management?

A

Activities aimed at determining consumer needs and market size and the development of a strategy to satisfy these needs.

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

Define Financial management?

A

Activities aimed at acquiring and controlling finance.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Define Purchasing management?

A

Activities aimed at ensuring an organisation has whatever it needs, when it is needed, so that objectives can be reached.

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

Define Human resource management?

A

Activities aimed at ensuring an organisation has the right quantity and quality of people to work toward the organisational objectives.

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

Define Public relations management?

A

Activities aimed at ensuring the best possible relationships between an organisation and its community.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Why is communication important between Sales and production?

A
  • Sales must know production schedules and agree on delivery dates of orders with the production department so the delivery dates that customers are promised can be met.
  • Production must tell sales about any production problems which may affect customers.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

What is the difference between Sales and finance?

A

Finance must know about customer enquiries so they can check the customer’s credit rating before sales are made. Finance is involved when discounts are agreed upon or when there are problems with customer payments.

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

Why is communication important between Distribution and finance?

A

Finance must know when goods are dispatched so invoices can be sent out.

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

Why is communication important between Distribution and sales?

A

Sales must inform customers when deliveries are due and be aware of any problems.

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

Why is communication important between Sales and marketing?

A

The sales and marketing departments must communicate about sales promotions and advertisements so that sales staff can expect and handle enquiries.

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

Why is communication important between Finance and all other departments?

A

Finance monitors departmental spending and the achievement of financial targets.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Why is communication important between Human resources and finance?

A

Customer service must pass on customer feedback that could affect future product developments or future sales.

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

Why is communication important between Research and development (R&D) and production?

A

The R&D and production departments must communicate with each other regarding new product developments and methods of production.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Why is communication important between Human resources and all other departments?

A

Human resources must liaise with all the other functions regarding their workforce requirements, and must provide advice and support on employee-related matters.

26
Q

Departmentalisation can also be achieved through the use of contemporary organisational structures; name the 3 contemporary structures?

A
  • Team structures
  • Virtual organisation structures
  • Matrix structure
  • Team structures
    Team structures involve the use of teams as the central device to coordinate work activities.
  • Virtual organisation structures
    This is a small, core organisation that outsources some of its major business functions. It is highly centralised with little or no departmentalisation. An advantage is that it provides maximum flexibility while concentrating on what the organisation does best. It does, however, reduce control over key parts of the business.
  • Matrix structure
    This is ‘a structure that creates dual lines of authority and combines functional and product departmentalization’. It enjoys the advantages of functional and product departmentalisation while avoiding its weaknesses. ‘It also facilitates coordination of complex and interdependent activities’, the single disadvantage of this structure is that it ‘breaks down the unity-of-command concept’ – i.e. the employee has more than one manager, which can result in conflict. There can also be limited opportunities for promotion as most movement is lateral and not vertical – i.e. from team to team to upper management positions.
27
Q

Matrix structures are only used by organisations that rely on?

A

rapid product development and produce goods that are aimed at meeting very specific customer needs.

28
Q

What can be used to choose the most appropriate structure?

A
  • If an organisation groups its activities by function, examine whether this grouping meets the organisation’s current product or customer needs.
  • If the number of goods and services being produced has increased, examine whether it should change to a product structure.
  • If the business is currently servicing the needs of a number of different groups of customers, examine whether it should change to a customer departmentalisation.
  • If the business is expanding nationally, examine whether it should change to a geographic structure.
  • If the business’s current need is to speed up the development of new products, examine whether it should consider a matrix structure.
29
Q

Define Decentralising authority?

A

‘Tall’ organisations have many levels in the hierarchy relative to their size, while ‘flat’ organisations have few. The larger and more complex an organisation, the taller its hierarchical structure tends to be

(Decentralization of authority involves a system within an organization in which the top, middle, and lower levels of management participate in decision-making. Decentralized organizations are characterized by dispersion of authority for decision-making at all levels of leadership within the organization)

30
Q

The benefits of decentralising authority are as follows?

.

A
  • Improved communication and decision-making
  • Increased motivation
  • Improved communication and decision-making: Lower-level managers do not have to continually consult or report up the hierarchy to their superiors.
  • Increased motivation: Greater job responsibilities incentivise employees by making lower-level jobs more interesting and rewarding
31
Q

The goal of a Non-profit organisation is?

A

Provide community needs that are not provided for by the government organisations or business organisation

32
Q

What is departmentalsalton?

A
  • Ranking employees by their skill level
  • It is an organizational structure that separates people into groups, or departments, based on a particular set of criteria.
33
Q

When is authority centralised?

A

When ops managers are the only ones involved in making important decisions

34
Q

Resources are what a business uses to achieve its?

A

Goals. They are the inputs that the business converts to create the outputs (products or services) it delivers to its customers.

35
Q

Creating value for customers refers to the actions that make a product or service more useful or desirable. A customer will ascribe value to a product or service if?

A
  • the product/service is unique and different;
  • the pricing of the product is competitive; and
  • the organisation has the ability to respond quickly to specific or distinct customer needs.
36
Q

The outputs of a business should not be viewed only from a profit perspective, but also from the perspective of all the?

A

role players involved.

37
Q

A role player is a?

A

person or group that has some claim on, or expectation of, how a business should operate.

38
Q

Briefly explain Primary role players and Secondary role players?

A
  • The primary role players are those persons a business interacts with most directly and whom the business affects the most. They include the owners of the business, its customers and its employees.
  • Secondary role players are those whom the business affects in an indirect or limited way. These include suppliers, trade unions, the community, the environment, the industry in which the organisation operates, other businesses, various levels of government, special-interest groups, the media, and society in general.
39
Q

The added value will benefit all the role players of the organisation, for example:

A
  • the owners
  • the employees
  • the government
  • customers
  • suppliers
  • the owners, who receive added value through financial returns;
  • the employees, who receive some of the added value through - their salaries;
  • the government, which receives part of the added value in the form of taxes;
  • customers, who receive added value through the supply of goods and services, and the quality thereof; and
  • suppliers, who receive added value through payment.
40
Q

What is the role of inputs in the value-adding process?

A

Adding value to the processes

41
Q

How do organisations create value for customers?

A

By making products or services more useful or desirable

42
Q

What is the priority of the systems approach to business?

A

To use processes to add value to the production and services offered to the customer.

43
Q

Briefly explain Primary activities?

A
  • Procurement and inbound logistics (areas concerned with sourcing and receiving goods from suppliers)
  • Production/operations (This involves all the production activities and could include the design, manufacturing and quality control departments.)
  • Outbound logistics (This function involves distributing the final product to the customer.)
  • Marketing and sales (This function analyses customers’ wants and needs)
  • Customer service
  • Before or after a product or service has been sold
  • Procurement and inbound logistics
    These are the areas concerned with sourcing and receiving goods from suppliers, storing them until required by production/operations, and handling and transporting them within the organisation.
  • Production/operations
    This involves all the production activities and could include the design, manufacturing and quality control departments.
  • Outbound logistics
    This function involves distributing the final product to the customer. It includes all transport and storage activities, and could include some packaging.
  • Marketing and sales
    This function analyses customers’ wants and needs and brings to the attention of customers those products or services that the business has to offer for sale. The marketing activities will be discussed in detail throughout this textbook.
  • Customer service
  • Before or after a product or service has been sold, there is often a need to arrange financing, installation or after-sales service. There may also be a requirement for customer training, answering customer queries, and so forth.
44
Q

Briefly explain Support activities?

A

Although it is often difficult to measure the value added by the support functions, they add value nonetheless and, if not properly carried out, will have a negative impact on the primary value-adding activities.

  • Purchasing/financial management
  • Human resource management
  • Infrastructure/ Communication
  • E-management/ Technology
  • Purchasing/financial management
    This involves all activities, costs and assets related to the acquisition, utilisation and control of the money the organisation requires to finance its activities.
  • Human resource management
    This involves the activities, costs and assets associated with the recruitment, hiring, training, development and compensation of all types of personnel and labour relations activities.
  • Infrastructure/ Communication
    This involves the activities, costs and assets associated with all communications within the organisation, to the market environment and to the public.
    = E-management/ Technology
    This involves the application of technology in the organisation and e-business.
45
Q

Creating and maintaining a marketing culture requires an?

A

ongoing orientation process.

46
Q

Name the three Situational analysis tools?

A
  • Marketing audit
  • PEST analysis
  • SWOT analysis
47
Q

What are Organisational goals?

A
  • Mission
  • Corporate goals
48
Q

Tools to use for Developing a marketing strategy?

A
  • Marketing strategies and objectives
  • Forecasting
  • Resourcing
  • Action planning
49
Q

What’s the hilarity of company KPI?

A
  • Vision,
  • Mission
  • Goals
  • Objectives
  • Plans
    (VMGOP)
50
Q

When formulating the mission, it is useful to ask the following questions?

A
  • What are our business products/services?
  • What should our business be?
  • Who are our customers and what do they value?
  • How do we apply technology?
  • How should we behave?
  • Who are our critical stakeholders?
51
Q

The following should be taken into consideration when developing the company’s mission and identifying key stakeholders?

A
  • The history of the organisation
  • The company’s present situation and available resources
  • The opportunities and threats created by environmental change
  • The personal aspirations of key managers
52
Q

Once organisational goals are established, it is important to conduct an in-depth?

A

analysis of the organisation’s situation (SWOT).

In addition to identifying customers’ needs, the organisation needs to be aware of its own strengths and weaknesses, as well as any opportunities and threats that may be facing the organisation.

53
Q

A situational analysis must include?

A
  • an outline of past, present and future aspects, with a description of how the situation evolved to its present state;
  • any gaps between consumer needs and the satisfaction of those needs
  • trends forecasting
  • an outline of past, present and future aspects
  • an outline of past, present and future aspects, with a description of how the situation evolved to its present state;
  • any gaps between consumer needs and the satisfaction of those needs (identifying opportunities in the market); and
  • trends forecasting (which can help prevent a situation in which an - organisation spends months bringing a product onto the market only to discover that there is no longer a need for that product).
54
Q

Any or all of the following frameworks can be used to do the situational analysis?

A
  • A five Cs analysis of the company:
    *customers,
    *competitors,
    *collaborators and
    *climate
    *company
  • A PEST analysis
  • A SWOT analysis
55
Q

The marketing objectives will address the following fundamental challenges?

A
  • What will be sold?
  • At what price?
  • In what quantity?
  • Where?
  • How?
  • When?
  • What will be sold? State the product, for example, men’s shoes.
  • In what quantity? Decide how many shoes to purchase or produce (e.g. 20 000 pairs of various sizes over 24 months).
  • At what price? What price can you afford to sell them at, what is the market price, and what would the market be prepared to pay?
  • Where? Which stores should increase their stock levels of shoes?
  • How? What production resources and communication will be used?
  • When? Over what period of time will you sell your shoes?
56
Q

Which aspect of the organisation is used to develop organisational plans?

A

Vision

57
Q

How can small changes in consumer needs be addressed?

A

By changing the marketing message

58
Q

What is a mission statement?

A

A description of what the company plans to do to accomplice its vision

59
Q

The marketing function of an organisation is responsible for?

A
  • identifying opportunities and threats in the marketing environment;
  • highlighting those opportunities which can be utilised in terms of internal strengths and weaknesses;
  • accumulating marketing data;
    choosing specific target markets;
  • deciding what products to produce/acquire in order to satisfy consumer needs;
  • setting the selling price of the product in order to attain the objective of profitability;
  • selecting specific distribution channels;
    using marketing communication methods whereby consumers are informed, reminded and persuaded;
  • selecting, training, remunerating and motivating marketing
    personnel; and
  • controlling the activities of the marketing department and the marketing process.
60
Q

Why would an organisation include suppliers in its training programs?

A

To add value to the entire supply chain

61
Q

How do an organisation create value for their customers?

A

By making products and services more useful or desirable

62
Q

Which roleplay received the added value off taxes?

A

The goverment

MM (10 decks)

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