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Intro to Business Management
Exam III Ch 9-12
127
Business
Undergraduate 1
04/06/2006

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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
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