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BUS 102 > Weeks 4-8 (incl) > Flashcards

Weeks 4-8 (incl) Flashcards

1
Q

Management is…

A

The process of planning, organising, leading and controlling to meet organisational goals.

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2
Q

The three managerial roles are…

A

Interpersonal, information, decisional

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3
Q

Interpersonal roles…

A

provide leadership, build relationships and act as liason between groups inside/outside the company

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4
Q

Informational roles…

A

provide higher ups with information to minimise the risk that they fall out of touch with the front line.

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5
Q

Decisional roles…

A

choose anything and everything from candidates for other roles, to prices. Pushing decision making further down the pyramid eases transitions and makes a more efficient line of command.

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6
Q

A strategic plan…

A

outlines a firm’s long range organisational goals and set a course of action.

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7
Q

What are the steps of the strategic planning process?

A
  • Define mission, values, vision
  • Perform a SWOT analysis
  • Develop forecasts
  • Analyse competition
  • Establish goals/objectives
  • Develop action plans
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8
Q

The two types of forecasts are…

A

Quantitative and Qualitative.

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9
Q

The three types of managers are….

A

Top managers, middle managers, first line managers

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10
Q

Top managers…

A

set strategic goals, highest level of management. CEOs etc.

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11
Q

Middle managers…

A

implement the goals of top managers and coordinate the work of first line managers

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12
Q

First line managers…

A

supervise operating employees, lowest management level.

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13
Q

Leadership is the process of guiding and motivating people to work toward organisational goals. What are the 5 types of leaders in a business?

A

Autocratic, Democratic, Laissez-Faire, Participative management, Employee empowerment.

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14
Q

What are the 5 stages of the control cycle?

A

Establishing standards based on the strategic plan, measuring performance, comparing performance with standards, and making a correction if needed.

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15
Q

What does benchmarking achieve?

A

It sets standards- quality is a performance variable by which measures are made.

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16
Q

What is the contingency approach?

A

A model of leadership that describes the relationship between leadership styles and organisational situations.

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17
Q

The situational model…

A

links behavioural style with task readiness.

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18
Q

The four leadership styles outlined in the situational model are…

A

Directing style, Coaching style, Entrusting style, supporting style.

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19
Q

What is Fiedler’s contingency theory?

A

The extent to which a leader’s style is task or relationship oriented.

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20
Q

The favourability of a leadership style is determined by…

A

Quality of relations, degree of task structure and degree of formal structure.

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21
Q

What does a charismatic leader do?

A

Has the ability to motivate employees to transcend their expected performance. Followers put aside their own interest for the sake of the team.

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22
Q

What does a transformational leader do?

A

Can be characterised by their special ability to bring about innovation and change.

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23
Q

What does a transactional leader do?

A

A leader who clarifies employees’ tasks and roles, initiates structure and provides rewards.

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24
Q

What are the four indicators of motivation?

A

Engagement, satisfaction, commitment and rootedness

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25
Q

Motivation stems from…

A

The drives to…

- Acquire, bond, comprehend and defend

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26
Q

The classical theories of management are…

A

Scientific management (increased performance through financial incentive), and the Hawthorne effect (the idea that employees change behaviour under constant monitoring)

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27
Q

What is Maslow’s hierarchy of needs?

A

Human needs categorised in a pyramid scheme. The categories are
- Physiological needs (bottom), safety needs, social needs, esteem needs and self-actualising needs (top).

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28
Q

Theory X management is

A

The managerial assumption that employees are irresponsible, unambitious, dislike work and that managers must use force to motivate them. Extrinsic threats.

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29
Q

Theory Y management is

A

Employees like to work and can be motivated by working for goals that promote creativity or causes that they believe in. Intrinsic rewards.

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30
Q

Herzberg’s two fact theory splits factors in to…

A

Motivators and hygiene factors

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31
Q

McClelland’s three needs are…

A

Theory of motivation that highlights needs for power, affiliation and achievement.

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32
Q

Expectancy theory is…

A

effort put in corresponds to expectations about ability to perform, rewards and attractiveness. Belief in yourself is ‘self-efficacy’. it can relate to the discord between employee and manager.

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33
Q

Equity theory is…

A

The idea that employee satisfaction is based off the ratio of inputs to outputs. Changing effort, changing job or asking for a raise can bring the ratio back in to equilibrium.

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34
Q

Goal-setting theory is…

A

The idea that setting goals can be an effective way to motivate employees. Goals need to be specific or difficult, in order to inspire.

  • Often implement by MBO (management by objective).
  • Managers and employees work together to structure personal goals.
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35
Q

What are the negatives of goal-setting theory?

A

Narrow gaols neglect the big picture, overly challenging goals lead to risk behaviour, poor timelines can degrade performance. Can also lead to unhealthy competition, decreased intrinsic motivation.

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36
Q

Human resource management involves

A

Obtaining, keeping and training of employees.

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37
Q

Challenges of HR are…

A

Aligning the workforce, fostering loyalty, monitoring workloads and work/life balance of staff.

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38
Q

3 types of employment are…

A

Flexitime, telecommuting, job sharing.

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39
Q

Diversity can be split in to several different categories- these are…

A

Age, gender, race, ethnicity, religion, ability.

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40
Q

Some other things for HR to consider are…

A

The employee life cycle, the development and evaluation of employees, administering employee compensation.

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41
Q

What is the marketing mix?

A

Tools used to create an appealing offering to customers.

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42
Q

What are the four aspects of the marketing mix?

A

Product, place, price, promotion (4ps)

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43
Q

The integrated marketing mix…

A

Use the 4ps to communicate image, brand and the offering.

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44
Q

The Product element…

A

is all about the creation of value for customers by developing a comprehensive offering

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45
Q

MARCOM (integrated marketing communications) is

A

the coordination of the 4ps and integration with firm’s other activities.

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46
Q

The social communication model is….

falls under promotion aspect

A

an approach to communication based on social media and the establishment of a conversational tone.

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47
Q

Things that ought to be achieved through communication goals…

A

generation of awareness, providing information and positive emotional connections, building preference, stimulating action, reminding past customers.

48
Q

The core message is…

A

the single most important idea an advertiser hopes to convey to its target market.

49
Q

The communication mix is…

A

a blend of advertising, direct marketing, personal selling, sales promotion, social media and public relations that a company uses to reach current and potential customers.

50
Q

The pull strategy is…

A

A promotional strategy that stimulates consumer deamnd via advertising and other communication efforts, thereby creating a pull effect through the channel.

51
Q

The push strategy…

A

focusses on intermediaries, motivating them to promote or push products to others.

52
Q

Integrated marketing communications (IMC) is…

A

a strategy of coordinating and integrating communcation and promotion efforts w/ customers to ensure greater efficiency and effectiveness.

53
Q

Institutional advertising is…

A

Creating goodwill and building an image, rather than promoting a specific product.

54
Q

Advocacy advertising is…

A

advertising that constitutes the company’s opinions on public issues such as education or healthcare.

55
Q

Product advertising promotes…

A

features and benefits of a product.

56
Q

Comparative advertising…

A

specifically highlight how a product is better than its competitors.

57
Q

Attack ads…

A

paint competitors products in a negative light.

58
Q

Advertising appeal is a creative tactic designed to capture audience’s attention and promote preference for product or company. The aspects of this are…

A

Logic, emotional appeal, humor, celebrity, sex, music, scarcity.

59
Q

Direct marketing is…

A

communication with potential customers, other than personal sales contacts designed to stimulate a response. Often integrated with other efforts in multichannel marketing. Can be mail, email, search engine marketing, direct responses online, infomercials etc.

60
Q

Personal selling is…

A

one on one interaction between salesperson and prospective buyers, developing/maintaining relationship with the customer. Process is:
prospecting, preparing, approaching, handling objections, closing and following up.

61
Q

Consultative selling is…

A

an approach in which the salesperson acts as a consultant/advisor to help customers find the best solution.

62
Q

Consumer promotions consist of…

A

contests, coupons, rebates samples other promotions.

63
Q

Public relations (PR) is…

A

non sales communications that business have with audiences.

64
Q

Social Media is…

A

any electronic media that transforms passive audiences in to active participants through sharing/revising/contributing/feedback.

65
Q

Conversation marketing is…

A

approach to customer communication in which companies initiate/facilitate conversations in networked community of potential buyers.

66
Q

The total product concept consists of…

A

Core product, expected product, augmented product and potential product.

67
Q

The core product is…

A

the fundamental benefit that responds to the customer’s problem of an unsatisfied need or want

68
Q

The expected product is…

A

attributes that actually deliver the benefit that forms the core product.

69
Q

The augmented product is…

A

the bundle of benefits that the buyer may not require as part of the basic fulfillment of their needs. Features often the main reason to choose a brand. Often becomes part of the core product over time.

70
Q

The potential product is…

A

the parts that could become part of the expected or augmented product.

71
Q

Consumer products are…

A

Everyday goods/services that are bought almost daily without conscious planning

72
Q

Shopping products are

A

fairly important goods/services that are bought less frequently with more planning.

73
Q

Speciality products are…

A

brands that the buyer especially wants and will seek out, regardless of location and price.

74
Q

Unsought products are…

A

things like life insurance, cemetery plots etc.

75
Q

The product life cycle consists of

A

Growth, Maturity and an eventual decline.

76
Q

The new product development process consists of…

A

idea generation, screening, business analysis, prototype development, marketing and finally commercialisation.

77
Q

The product identity is…

A

encompassed within the brand. Way to recognise the product. The choice of name and associated brands are critical.

78
Q

Product line is…

A

series of related products offered by a firm. EG/ different types of cadbury chocolate bar.

79
Q

Product mix is…

A

Portfolio of products that a company offers or sells.

80
Q

Product expansion strategies uses.

A

Brand extension to gain a foothold for a new product.

81
Q

The pricing methods examined are…

A

Cost based, value based, optimal, skim, pentration, loss leader, participative, fremium, competition based.

82
Q

Price adjustment tactics include

A

discounts and bundling

83
Q

Bundling is…

A

when a collective price is lower than the individual purchase price (eg hurricanes season tickets).

84
Q

Dynamic pricing…

A

constantly adjusts prices in accordance with supply and demand.

85
Q

Placement is…

A

the act of putting the product in the hands of the consumer.

86
Q

Intermediaries are…

A

Organisations in the distribution channel.

87
Q

Intensive distribution is…

A

an approach to market coverage that distributes products through every suitable intermediary (eg milk)

88
Q

Exclusive distribution

A

distributes products through a single intermediary in a region (eg prestigious cars)

89
Q

Selective distribution

A

is an approach to market coverage that distributes products through a select few (eg watches and makeup)

90
Q

Horizontal channel integration is

A

bringing organisations at the same level of operation under a single management structure

91
Q

Vertical channel integration is

A

bringing different stages of distribution under a single management structure

92
Q

Vertical marketing system…

A

is a distribution channel in which all stages occur under a single management structure.

93
Q

Order processing is…

A

a term used to describe all of the activities involved in management of information required to handle and fill sale orders. Efficiency in order processing minimises costs.

94
Q

Scheduling is…

A

designed to smooth demand. Ensures that there sin’t excess demand. Business which can’t influence demand (eg hospitals), face higher costs as they must employ excess capacity than what is often required.

95
Q

The marketing concept (outside in) is…

A

satisfying customers needs as a path to profits; know the consumers’ satisfactions better than consumers do.

96
Q

Selling concept (inside out) is…

A

sales volume is how profits are made. Selling what the company makes, rather than what the customer wants.

97
Q

Customer driven companies…

A

focus on understanding customer needs even better than customers themselves do.

98
Q

Societal marketing concept…

A

is the idea that a company’s marketing decisions should consider consumers and society’s well being.

99
Q

The extended marketing mix includes…

A

Price, product, place, promotion but also people, process, physical evidence and placement logistics.

100
Q

Customer relationship management is

A

the process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.

101
Q

Customer perceived value…

A

Customer’s evaluation of difference between all benefits and costs of a marketing offer relative to those of competing offers.

102
Q

Consumer generated marketing is..

A

brand exchanges created by the consumer. Playing an increasing role in shaping their own brand experience.

103
Q

Partner relationship management is…

A

working closely with partners in other company’s and departments to jointly bring greater value to customers.

104
Q

Customer lifetime value is

A

the value of the entire stream of purchases that customer makes over lifetime of patronage.

105
Q

Share of customer is…

A

the portion of customer’s purchasing that a supplier gets in its product categories

106
Q

Customer equity is…

A

the sum of customer lifetime values.

107
Q

A brief summary of customer co-creation-

A

The market is traditionally viewed as ‘locus of exchange’. Auctions for commodities like hotel rooms are an example of how consumers have a direct input. Co-creation allows the customer to construct a service experience. Involves joint problem definition and problem solving.

Products can be commoditised, co-creation can’t.

108
Q

Building blocks of interaction are…

A

DART-

Dialogue, Access, Risk-Benefits, Transparency.

109
Q

With the dialogue aspect…

A

the customer and firm become joint problem solvers. Difficult if consumers don’t have same access to info. An exploitation of information assymetry is linked with access and transparency.

110
Q

Relationships in marketing…

A

revolves around creating, developing and maintaining committed, interactive and profitable exchanges with selected customers. Society is moving from attracting to retaining consumers.

111
Q

The 5 types of consumer/business relationships are…

A

Basic, reactive, accountable, proactive, partnership.

112
Q

A low margin business would typically have…

A

a basic relationship.

113
Q

A high margin business, with few customers would have…

A

a partnership.

114
Q

The most profitable customers are…

A

not necessarily the largest ones, but the mid level ones. The longer someone has been a customer for, the more likely they are to be loyal and less sensitive to price.

115
Q

ROMI is…

A

Return on marketing investment.

net return/costs of inv

116
Q

Customer satisfaction requires… (employee wise)

A

a focus on retaining and satisfying valuable/committed employees with whom customers interact.

BUS 102 (1 decks)

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