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intro2bus
intro business
63
Business
Undergraduate 1
02/10/2009

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Term
management
Definition
accomplish goals through planning/organizing/controlling people
Term
planning
Definition
a management function that includes anticipating trends and determining best strategies for achieving goals
Term
organizing
Definition
designing the structer/organization in which everyone can work to achieve the goal
Term
leading
Definition
guiding, training, coaching, and motivating a vision to achieve
Term
controlling
Definition
establishing clear standards to determine whether or not an organiation is rewarding people for doing a good job and correcting actions if they are not
Term
vision
Definition
explanatioin of why an organization exists and where they're heading
Term
mission statement
Definition
1. organization's self concept
2. company philosophy and goals
3. long term survival
4. customer needs
5. social responsibility
6. nature of company's product/service
Term
goals
Definition
long-term accomplishments an organizations wants to attain
Term
objectives
Definition
specific, short-term statements a company wants to achieve
Term
SWOT analysis
Definition
strength, weaknesses, oppertunities, threats. a planning tool
Term
strategic planning
Definition
determining major goals and organizing stragegies to obtain them
Term
tactical planning
Definition
developing short-term statements about what is to be done, who is to do it, and how
Term
operational planning
Definition
setting work standards and schedules to meet objectives
Term
contingency planning
Definition
preparing alternitive courses of action if primary plans fail
Term
decision making
Definition
1. define situation
2. describe/collect needed info
3. develop alternitives
4. develope agreement among those involved
5. decide best alternitive
6. do what is indicated
7. determine if decision is good- follow up
Term
problem solving
Definition
solving everyday problems that occur- less formal than decision making and calls for quicker action
Term
brainstorming
Definition
coming up with as many solutions for a problem asap
Term
PMI
Definition
listing all pluses, minuses, and implications in separate columns
Term
organization charts
Definition
visual that shows relationship btw people and their work duties
Term
top management
Definition
president and exectutives
Term
middle managment
Definition
all managers responsible for planning and controlling
Term
supervisory management
Definition
manager directly responsible for supervising workers and evaluating their daily performances
Term
technical skills
Definition
specific skills
Term
human relations skills
Definition
communication/motivation skills with people
Term
conceptual skills
Definition
skills of picturing an organization and and connecting the relationships its various parts
Term
staffing
Definition
hiring, motivating and retaining the best people
Term
autocratic leadership
Definition
leadership decisions without consulting others
Term
participative(democrative) leadership
Definition
managers/employees working together to make a decision
Term
free-rain leadership
Definition
managers set goals, and workers obtain them however they want
Term
enabling
Definition
giving education/tools for decision making
Term
knowledge management
Definition
finding the right info, keeping right info, and making info right for everyone
Term
external customers
Definition
dealers (who sell products) to end customers (final users)
Term
internal customers
Definition
individuals who receive services from other individuals
Term
planning
Definition
strategic - tactical - operational - contingency
Term
management
Definition
top - middle - supervisory - nonsupervisory (employees)
Term
marketing
Definition
planning and executing conception, pricing, promotion and distribution of goods to facillitate goods
Term
marketing concepts
Definition
1. customer orientation 2. service orientation 3. profit orientation
Term
customer relationship management (CRM)
Definition
learning as much as possible about customers and doing everything to satisfy them/ exceed their expectations
Term
marketing mix
Definition
product, price, place, promotion
Term
product
Definition
physical good/service/idea that saticefies a customer
Term
test marketing
Definition
testing among potential users
Term
brand name
Definition
symbol that differentiates one product from another
Term
promotion
Definition
techniques sellers used to motivate their products
Term
marketing research
Definition
analysis to make good decisions
Term
marketing research process
Definition
1. define the question/problem/oppertunity
2. collecting data
3. analyzing the research data
4. choosing best solution
Term
secondary data
Definition
info already comped by others and made available to others online
Term
primary data
Definition
data gathered yourself
Term
focus group
Definition
small group who discusses the their opinions/organization/products of company
Term
environmental study
Definition
identifying factors that can affect marketing success
Term
consumer market
Definition
individuals who want goods
Term
business-to-business(B2B) market
Definition
businesses who want goods to make other goods
Term
market segmentation
Definition
dividing market into groups of similar interests
Term
target marketing
Definition
marketing towards groups for more profitability
Term
geographic segmentation
Definition
dividing market by geographic area
Term
demographic segmentation
Definition
dividing market by age/income/education level
Term
psychographic segmentation
Definition
dividing market using values/interests/attitudes
Term
benefit segmentation
Definition
dividing market by deciding which benefits of the product to talk about
Term
volume/usage segmentation
Definition
dividing market by usage
Term
niche market
Definition
finding small, but profitable marketing areas
Term
one-to-one marketing
Definition
developing a unique product for an individual customer
Term
mass marketing
Definition
making products for large group of people
Term
relationship marketing
Definition
marketing relationsship strategy that keeps individual customers over time by marketing to their speficif needs
Term
decision-making process
Definition
1. problem recognition (learning)
2. info search (reference group)
3. alternative evalution (culture)
4. purchase decision, or no decision (subculture)
5. postpurchase evaluation (cognitive dissonance)
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