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Details Title: Intro to Business Management Description: Exam III Ch 9-12 Total Flash Cards: 127 Created: 04/06/2006 07:28:59	To study from this set of flash cards, or to create your own your own study flash cards, register HERE. If you are already a registered user, CLICK HERE.
Cards Term psychological contract Definition set of expectations held by an employee concerning what he or she will contribute to an organization (contributions) and what the organization will in return provide the employee (inducements) Term job satisfaction Definition degee of enjoyment that people derive from performing thier jobs Term turnover Definition annual percentage of an organization's workforce that leaves and must be replaced Term motivation Definition set of forces that cause people to behave in certain ways Term classical theory of motivation Definition theory holding that workers are motivated solely by money Term hawthorne effect Definition tendency for productivity to increase when workers beleive they are receiving special attention from management Term Theory X and Theory Y Definition theories of motivation holding people are naturally irresponsible (X) and that people are naturally responsible, growth oriented, self motivated and the such (Y) Term Theory X and Theory Y Definition theories of motivation holding people are naturally irresponsible (X) and that people are naturally responsible, growth oriented, self motivated and the such (Y) Term hierarchy of human needs model of motivation Definition theory describing 5 levels of human needs arguing that basic needs must be fulfilled before people work to satisfy higher level needs Term two-factor theory of motivation Definition theory holding that job satisfaction depends on two types of factors, hygiene and motivation Term expectancy theory Definition theory of motivation holding that people are motivated to work toward rewards that they want and that they beleive they have a reasonable chance of obtaining Term equity theory of motivation Definition theory holding that people evaluate thier treatment compared to others' Term management by objectives (MBO) Definition set of procedures involving both managers and subordinates in setting goals and evaluating progress Term participative management and empowerment Definition method of increasing job satisfaction by giving employees a voice in the management of thier jobs and the company Term job enrichment Definition method of increasing satisfaction by adding more motivating factors to job activities (job rotation for ex.) Term job redesign Definition method of increasing satisfaction by designing a more satisfactory fit between workers and their jobs Term job sharing Definition method of increasing job satisfaction by having people share one full-time job Term flextime programs Definition increasing job satisfation by allowing flexible work hours on daily or weekly basis Term telecommuting Definition type of flextime that allows people to perform parts of thier job away from the office Term leadership Definition process of motivating others to work to meet specific objectives Term managerial style Definition pattern of behavior that a manager exhibits in dealing with subordinates Term autocratic leadership style Definition when managers gennerally issue orders and expect them to be obeyed without question Term dmeocratic leadership style Definition when managers generally ask for input from subordinates but retain funal decisions making power Term free-rein style of leadership Definition when managers serve as advisers to subordinates who are allolwed to make decisions Term contingency approach to managerial style Definition using the appropriate managerial style in a particular situation contingent on it's unique elements Term marketing Definition process of planning and executing the conception, pricing, promotion and distribution of ideas goods and services to create exchanges that satisfy individual and organizational objectives Term value Definition relative comparison of a product's benefits with its costs Term utility Definition ability of a product to satisfy a human want or need Term consumer goods Definition products purchased by consumers for personal use Term consumer goods Definition products purchased by consumers for personal use Term industrial goods Definition products purchased by companies to produce other products Term services Definition intangible products, such as time, expertise, or an activity that can be purchased Term relationship marketing Definition marketing strategy that emphasizes lasting relationships with customers and suppliers Term external environment Definition outside factors that influence marketing programs by posing opportunities or threats Term substitute product Definition product that is dissimilar to those of competitors but that can fulfill the same need (like going to the gym vs dieting) Term brand competition Definition competitive marketing that appeals to consumer perceptions of similar prodcuts Term international competition Definition competitive markeing of domestic products against foreign products Term marketing manager Definition marnager who plans and implements the markeing activities that result in the transfer of products from producer to consumer Term marketing plan Definition detailed strategy for focusing marketing efforts on consumer needs and wants Term marketing mix Definition the combination of product, pricing promotion and distribution strategies used to market products (yes, the 4 Ps) Term product Definition good, service or idea that is marketing to fill consumer needs and wants Term marketing manager Definition marnager who plans and implements the markeing activities that result in the transfer of products from producer to consumer Term product differentiation Definition creation of a product or product image that differes enough from existing products to attract consumers Term distribution (concerned with marketing) Definition part of the marketing mix concerned with getting products from producers to consumers Term Four parts of promotion Definition advertising, personal selling, sales promotion and public relations Term three basic ways to define market segment Definition geographic, demographic and psycographic (life style and opinion, most important becuase it can be changed) Term target market Definition groupe of people that has similar wants and needs and that can be expected to show interest in the same products Term main influences on consumer behavior Definition psycological (motivations, perceptions and attitudes), personal (lifestyle, economic status, personality), social (family, leaders, friends) and cultural Term consumer behavior Definition various faces of the decision process by which consumers come to purchase and consume products Term brand loyalty Definition pattern of regular consumer purchasing based on satisfaction with a products Term steps in the consumer buying process Definition 1. problem need recognition 2. information seeking 3. evaluation of alternatives 4. purchase decision 5. post purchase evaluation Term data warehousing Definition process of collecting, storing and retrieving date in electronic files Term data mining Definition application of electronic technologies for searching, sifting and reorganizing data in order to collect marketing informationa nd target products in the marketplace Term industrial market Definition organizational market consisting of firms that buy goods that are either converted into products or used during production Term reseller market Definition market consisting of intermediaties that buy and resell finished goods Term institutional market Definition market consisting of such nongovernmental buyers of goods and services as hospitals, churches, museums, and charatable organizations Term feature Definition tangible quality that a company builds into a product Term value package Definition product marketed as a bundle of value-adding attributes, including reasonable cost Term classifications of consumer products Definition convenience goods (milk), shopping goods (appliances) and specialty goods (wedding stuff...) Term two types of industrial products Definition expense items and capital items (purchased and consumed rapidly for daily operations and infrequently purchased, fixed cost goods, buildings and the such) Term product mix Definition group of product that a firm makes available for sale Term product line Definition groupd of similar products intended for a similar group of buyers who will use them in similar ways Term speed to market Definition strategy of introducing new products to market changes Term product life cycle (PLC) (and stages) Definition series of stages in a products profit-producing life. 1. introduction 2. growth 3. maturity 4. decline Term branding Definition process of using symbols to communicate the qualities of a product made by a particular producer Term brand awareness Definition extent to which a brand name comes to mind when the consumer considered a particular product category Term types of brand names Definition national: widely produced product carrying the name of the manufacturer, licenced: product for whose name the sller has purhased thr ight from an organization, private (or private label): product commissioned by a wholesaler or retailer. (p311) Term pricing objectives Definition goals that producers hope to attain in pricing products for sale Term market share Definition as a percentage, total of market sales for a specific company or product Term markup Definition amount added to an item's cost to sell it at a profit markup percentage = markup/sales price Term breakeven analysis Definition for a particular selling price, assesment of a seller's costs versus revenues at various sales volumes Term breakeven point Definition volume at which total revenue from sales equals total costs (variable and fixed) Term price skimming Definition setting an initially high price to cover new product costs and generate a profit Term penetration pricing Definition setting an initially low price to establish a new product in the market Term price lining Definition setting a limited number of prices for certain categories of products Term psycological pricing Definition pricing tactic that takes advantage of the fact that consumers do not always respond reationally to stated prices Term odd-even pricing Definition psycolocigal pricing tactic based on the premist that customers perfer prices not stated in even dollar amounts Term distribution mix Definition combination of distribution channels by which a firm gets its produc ts to end users Term wholesaler Definition intermediary who sells products to other businesses for resale to final consumers Term retailer Definition intermediary who sells products directly to consumers Term distribution channel Definition network of interdependent companies through which a product passes from producer to end user Term direct channel Definition distribution channel in which a product travels from producer to consumer without intermediaries Term sales agent/broker Definition independent intermediary who usually represents many manfacturers and sells to wholessalers or retailers Term industrial (business)distribution Definition network of channel members involved in the flow of manufactured goods to industrial customers Term merchant wholesaler Definition independent wholesaler who takes legal possession of goods produced by a variety of manufacturers and then resells them to other businesses Term syndicated selling Definition E-commerce practice whereby a website offeres other websites commissions for referring customers Term shopping agent (e-agent) Definition e-intermediary in the internet distribution channel that assists users in finding products and prices but that does not take possession of products Term types of retail outlets Definition deptartment store, supermarket, specialty store, bargain retailer, discount house, catalog showroom, factory outlet, warehouse club, Term nonestore and electric retailing Definition convenience sotre, direct-response retailing, mail order, telemarketing, electronic retailing Term cybermall Definition collection of virtual storefronts (business websites)representing a variety of products and product lines on the internet Term interactive marketing Definition nonstore retailing that users a website to provide real-time sales and customer service Term video marketing Definition nonstore retailing to consumers via standard and cable television Term private vs public warehouses Definition private owned by providing storage for a single company and public owned buy third party and stores goods for many firms Term order fulfillment Definition all activities involved in completing a sales transaction, begining with making the sale and ending with ontime delivery to the customer Term positioning Definition process of establishing an identifiable product image in the minds of consumers Term promotional mix Definition combination of tools used to promote a product Term advertising Definition promotional tool consisting of paid, nonpersonal communication used by an identified sponsor to inform an audience aobut a product Term direct mailing advertising medium Definition when messages are mailed directly to consumers homes or places of business Term media mix Definition combination of advertising media chosen to carr messages about a product Term creative selling Definition personal selling tast in which salespeople try to persuade buyers to purchase products by providing information about thier benefits Term personal selling tactics Definition order processing, creative selling missionary selling (promoting firm's and products rather than try to close sales) Term sales promotion Definition short term promotion to stimulate buying Term point-of-purchase display (POP) Definition sales promotion technique in which product displays are located in ctain areas to stimulate purchase Term premium Definition promotion in which offers of free or reduced price items are used to stimulate purchases Term information system (IS) Definition system for transforming raw data into information that can be used in decision making Term information Definition meaningful, useful interpretation of data Term electronic information technologies (EIT) Definition IS application based on telecommunications technologies, that use networks of aapliances or devices to communicate information by electronic means Term groupware (IS) Definition software that connects memebers of a group for shared email distribution, electronic meetings, appointments, and group writing Term data communication network Definition global network (internet for ex) for users to send electronic messages and info quickly Term data communication network Definition global network (internet for ex) for users to send electronic messages and info quickly Term internet servie provider (ISP) Definition commercial firm that maintains a permanaent connection to the internet and sells temporary connections to subscribers Term internet servie provider (ISP) Definition commercial firm that maintains a permanaent connection to the internet and sells temporary connections to subscribers Term internet servie provider (ISP) Definition commercial firm that maintains a permanaent connection to the internet and sells temporary connections to subscribers Term web server Definition dedicated workstation customized for managing, maintaining, and supporting websites Term intranet Definition private network of internal web sites and other sources of info available to a company's employees Term firewall Definition software and hardware system that prevents outsiders from accessing a company's internal network Term extranet Definition internet allowing ousiders access to a firm's internal informaion system Term mass customization Definition flexible production process that generates customized products in high volumes at low cost Term knowledge worker Definition employee who uses information and knowledge as raw materials and who relies on information technology to design new products for business systems Term CAM Definition computer aided manufacturing Term MIS Definition management information system (system used to turn data into information for decision making) Term DSS Definition decision support system (interactive system that locates and presents information needed to support decision making) Term ESS Definition executive support system Term expert system (AI) Definition form of AI that attempts to imitate the behavior of human experts in a particular field Term GUI Definition graphical user interface Term WAN vs LAN Definition wide or local area network linked together to communicate Term client server network Definition information-technology system consisting of clients (users) that are electronically linked to share network resources provided by a server, such as a host computer