Performance Indicators Flashcards
Describe the uses of grades and standards in marketing.
Grade: quality of a product, appears on packaging
Standard: regulations about a product
Explain types of business ownership.
Four possible forms of business organization: sole proprietorship, partnership, corporation, and limited liability company.
The choice depends on the financial and tax situation of the owner, the type of business, the number of employees, and the level of risk involved.
How can you demonstrate active listening skills?
Making eye contact, identifying a purpose, asking clarification questions and providing feedback.
Explain the nature of effective verbal communications.
Showing respect, knowing the purpose of why you are speaking, using enumeration where appropriate, and providing examples.
Discuss the nature of law and sources of law in the United States.
Laws are enforceable rules of society that reflect the culture and circumstances. Predictable and flexible
Code: laws may be grouped into an organized form
In the U.S., sources of law include the Constitution, state constitutions, statutes, ordinances, administrative regulations, and criminal or civil cases.
What can you do to demonstrate a customer-service mindset?
Customer satisfaction always comes first. Employee should: make customers feel welcome, be willing to answer questions or find answers to questions.
What are some tips for handling difficult customers?
- Listen
Explain how organizations adapt to today’s markets.
Using SWOT Analysis and environmental scans to identify ways the business can improve. A business is constantly engaged in the process of renewal when they choose to use this data.
Identify sources that provide relevant, valid written material.
Sources for written material may be obtained internally or externally. Internal sources include monthly sales records, market research. External sources include the Internet, government, specialized research companies, and trade publications.
The Internet provides a nearly limitless source of free or fee-based information from companies’ own websites or business clearinghouses. Data collected by government agencies is available online regarding topics such as demographics, product and economic news, and legislative trends. Specialized research companies sell demographic data, sales forecasts, and other business data they have collected.
Explain the role of ethics in customer relationship management.
CRM involves finding customers and keeping them satisfied. The sharing of customer information among businesses has led to privacy issues. The government has regulations protecting the privacy of consumers.
How can you demonstrate initiative?
Taking action and completing tasks without being specifically asked to do so.
Describe the marketing functions.
Channel Management is the process of deciding how to get goods into customer’s hands.
Market Planning is understanding the analysis needed to target specific marketing strategies to a select audience.
Marketing Information Management is gathering and analyzing information related to market, product and segmentation decisions.
Pricing is how much to charge for goods and services to create a profit. Product/Service Management is obtaining, developing, maintaining, and improving a product or product mix in response to market opportunities. Promotion is to inform, persuade, or remind potential customers about a product or service.
Selling is providing a customer with a good or service they want.
Explain communication techniques that support and encourage a speaker.
Communication techniques include using your own body language and facial expressions. For example, sit up straight or lean toward the speaker to show that you are interested. React to the speaker with comments or questions. Taking notes keeps you involved in listening to the speaker and shows your level of interest. Maintain eye contact and minimize distracting thoughts and activities.
Explain customer buying behavior.
Buying behavior is the process that customers use to decide what they will buy, where they will buy it, and from whom they will buy it.
What are some ways you can maintain a safe work environment?
Creating a safe work environment is important due to the significant financial impact these policies can have on a business. Many companies develop an accident management program that includes complying with federal and state health and safety regulations, documenting workplace incidents, providing employees with protective clothing and equipment, offering safety training and information and providing opportunity for safety and health training.
Why is it important to follow established security procedures/policies?
Established security procedures allow employees to know what to do in certain situations without them making a personal judgment. Security policies protect the business from financial loss from employees/customers.
Describe legal issues affecting businesses.
Consumer protection issues include product safety, zoning laws to protect real estate value and quality of life, public health, and licensing for personal service providers. Employee protection issues include minimum wage standards, equal opportunity employment provisions, guidelines for workplace safety, and the Family and Medical Leave Act.
Other legal issues businesses must be aware of include laws protecting investors and the environment as well as maintaining competition in the marketplace. The Securities and Exchange Commission regulates the sale of stocks and bonds and investigates deals among corporations. Businesses must follow various other laws to protect human health and the environment in regard to pollution, waste disposal, and recycling. Companies are also faced with legal standards that protect against anti-competitive mergers and business practices. Laws also exist that regulate the distribution of products such as alcohol and tobacco.
As a buyer, what criteria should you use when selecting vendors?
Production capabilities, past experiences, product quality, special buying arrangements, special services, and pricing. Buyers should have clearly defined expectations and standards so that vendors are aware of what should be delivered.
Explain career opportunities in marketing.
Includes marketing specialist, marketing supervisors and managers and CEOs/owners. There are 21 areas or applications within the field of marketing including advertising, entrepreneur, market research and retail management.
Explain the nature and scope of channel management.
Supervision of a good or service through the manufacturing process to the final user. This process can include manufacturers, wholesalers, retailers, direct and indirect distribution and agents. Also includes transportation systems as well as inventory storage.
Explain the relationship between customer service and channel management.
Customer satisfaction is a goal of any profitable businesses. In order to meet the needs/wants of customers, channel management must work effectively to deliver a product at the right time to the right place. A business’ ability to select the appropriate distribution channel, transportation and inventory will impact the customer’s choices when making a purchase.
Explain forms of financial exchange.
cash, credit, debit, electronic funds transfer, layaway, COD
Explain how to organize information.
First of all, select important information. Put information you will look at later in a file or folder. Categorize information by type and label each file or folder. Maintain your files on a regular basis.
Organize your writing by using a logical order, such as chronological order or order of importance. Use heading and subheadings when writing longer documents.
Explain the nature of effective written communications.
Effective written communications require some basic considerations: knowing your audience, purpose, and subject.
Explain the nature of channels of distribution.
A channel of distribution is the road that a product or service takes from production to end user. Products and services may use direct or indirect distribution channels to arrive to a customer.
Describe the use of technology in the channel management function.
Technology has created a new channel of distribution known as e-tailing where customers and industrial buyers make purchases using the Internet. The online shopping location is known as an e-marketplace.
Describe the use of technology in customer relationship management.
Customer relationship management (CRM) involves finding customers and keeping them. Database marketing is the element of CRM that is the process of creating and maintaining customer lists. These lists can be developed from face-to-face sales, direct mail, phone or e-mail purchases, service requests, Website visits, surveys, or they can be purchased from a third party. Modern CRM software applications are Internet-enabled. They allow a customer to create accounts and orders online while the company collects valuable data.
Explain legal considerations in channel management.
The Clayton Antitrust Act of 1914 prevents businesses from exclusionary tactics that could keep other companies from accessing a channel of distribution if this would create a monopoly or lessen competition.
Describe ethical considerations in channel management.
The American Marketing Association: not manipulating the availability of a product for purpose of exploitation, not using coercion, and exerting undue influence over the reseller’s decision to handle the product.
