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Exams 2024 > MART304 > Flashcards

MART304 Flashcards

1
Q

What is the Compensation Method

A

A system used to pay its employees or compensate partners, suppliers, or other stakeholders. This can include a variety of financial or non financial rewards designed to attract, motivate, and retain talent or ensure fair value exchange.

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2
Q

Transactional Leadership

A

Follows a top down format (task oriented) -> when company decisions are made solely by leadership at the top. Focuses on achievements and performance.

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3
Q

Transformational leadership

A
  • brings about positive change
  • providing a vision for the future
  • actively involved in executing the change
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4
Q

Pygmalion Leadership

A
  • higher expectations lead to an increase in performance
  • starts with a leader setting positive expectations
  • employees perceive themselves with these expectations
  • leader communicates expectations by offering feedback and support.
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5
Q

Empowerment Leadership

A
  • giving power or authority to subordinates
  • self efficacy (Bandura, 1977)
  • participative management (Kim, 2002)
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6
Q

(SPIN) Situation questions

A
  • to collect facts and background
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7
Q

(SPIN) Problem questions

A
  • to identify the problem
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8
Q

(SPIN) Implication questions

A
  • to establish the effects of the problem
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9
Q

(SPIN) Need pay off questions

A
  • to help see the value of the solution
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10
Q

Customer Relationship Management (CRM)

A

Is a set of integrated, data driven software solutions that help manage, track, and store information related to your company’s current and potential customers.

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11
Q

Forecasting

A

An analysis that projects the future trends, characteristics, and numbers in your specific target market. This provides your team with anticipated numbers that a company expects based on market research.

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12
Q

(Forecast Methods) Judgemental

A
  • non quantitative
  • naive forecast -> based on the notion that the next time period Is the same as the previous
  • salesforce -> salespeople are asked to give their best estimate
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13
Q

(Forecast Methods) Counting

A
  • quantitative
  • test marketing -> trial order
  • demand estimation -> survey research
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14
Q

(Forecast Methods) Time Series

A
  • quantitative
  • cancel or reduce the random variation in a time series using smoothing techniques
  • techniques -> moving average, time series decomposition
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15
Q

(Forecast Methods) Causal

A
  • quantitative
  • scatter plot
  • correlation
  • regression
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16
Q

(SMART Goals) Specific

A
  • set out what is to be achieved
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17
Q

(SMART Goals) Measurable

A
  • quantify
18
Q

(SMART Goals) Achievable

A
  • must be challenging, yet achievable
19
Q

(SMART Goals) Relational

A
  • strengthen relationship
20
Q

(SMART Goals) Time bound

A
  • establish a time frame
21
Q

Theory of value proposition step 1

A

Value is defined by the client

22
Q

when in Rome do we, “do” or “not do”, as the Romans do? - Cultural relativism

A
  • moral practices vary from culture to culture
  • no one set of practices is better than the other
  • no universal good and evil standard
  • culture/society decides what is right and wrong
23
Q

when in Rome do we, “do” or “not do”, as the Romans do? - Ethical Imperalism

A
  • one common code of ethical behaviour
  • impose one’s code on others
  • theory of absolutism -> one list of truths
24
Q

Steps to enter the FMCG Market

A
  1. launch subscription plan as a service form for the product
  2. develop the subscription base to 1000 users
  3. at the end of year 1 start developing the distribution network
25
Q

5 types of power

A

Political
1. legitimate
2. reward
3. coercive
Personal
4. expert
5. referent

26
Q

Sales territories

A

A geographical area or segment of customers that is assigned a sales rep.
- makes salespeople accountable
- align selling activity to customer needs

27
Q

Lifetime value of customer

A

LTV = m(r/1+I-r)
- m = margin or profit from a customer per period
- r = retention rate
- i = discount rate = opportunity cost of capital

28
Q

Customer life time value

A
  • once you have a portfolio of customers (a lot of them), your CLV formula I no longer necessary so use LTV
    CLV = (R-C)
  • R = the revenue gained from the customer in a time period
  • C = the cost of the sales and service effort directed at the customer
29
Q

Theory of Schema incongruity

A
  1. schema is a mental network of information that represents knowledge
  2. new information gets tagged to the schema network to expand one’s knowledge base
  3. when the information is incongruent, it results in cognitive dissonance
  4. human mind responds to incongruence by initiating a deeper cognition to resolve the incongruence
30
Q

(5 types of power) (Political) Legitimate

A

Leaders position in a hierarchy -> CEO

31
Q

(5 types of power) (Political) Reward

A

Ability to administer rewards or incentives to influence behaviour

32
Q

(5 types of power) (Political) Coercive

A

Threat of punishment or negative consequences to influence behaviour

33
Q

(5 types of power) (Personal) Expert

A

Leaders specialised knowledge, skills or expertise in a particular domain

34
Q

(5 types of power) (Personal) Referent

A

Admiration, respect, or identification with leader

35
Q

Theory of value proposition step 2

A

Salespeople can only propose the value

36
Q

Theory of value proposition step 3

A

Client accepts the value proposition

37
Q

AEL (active empathetic listening) Dimensions

A
  1. sensing
  2. processing
  3. responding
38
Q

Methods to forecast sales potential

A
  1. judgemental method
  2. counting method
  3. time series
  4. causal method
39
Q

SMART Goals

A
  1. Specific
  2. Measurable
  3. Achievable
  4. Relational
  5. Timebound
40
Q

5 types of power

A
  1. Legitimate
  2. Reward
  3. Coercive
  4. Expert
  5. Referent
41
Q

Leadership styles

A
  1. Transactional
  2. Transformational
  3. Pygmalion
  4. Empowerment
42
Q

SPIN

A
  1. Situation
  2. Problem
  3. Implication
  4. Need pay off

Exams 2024 (3 decks)

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