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An organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders
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The ability of goods and services to satisfy consumer "wants"
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Business 101 (4)
| Question | Answer |
|---|---|
| An organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders | Marketing |
| The ability of goods and services to satisfy consumer "wants" | Utility |
| type of utility; Satisfies wants by converting inputs into a finished form | Form utility |
| type of utility; Satisfies wants by providing goods and services at a convenient time for customers (ex: Halloween candy) | Time utility |
| type of utility; Satisfies wants by providing goods and services at a convenient place for customers | Place Utility |
| type of utility; Satisfies wants by smoothly transferring ownership of goods and services from seller to buyer | Ownership Utility |
| The focus of marketing has changed overtime to now aim for __________ focus | Relationship |
| The ongoing process of acquiring, maintaining, and growing profitable customer relationships by delivering unmatched value | Customer Relationship Management |
| A customer perception that a product has a better relationship than its competitors between the cost and benefit | Value |
| When customers perceive that a good or service delivers value above and beyond their expectations | Customer Satisfaction |
| When customers buy a product from the same supplier again and again- sometimes paying even more for it than they would for a competitive product | Customer Loyalty |
| A formal document that defines marketing objectives and the specific strategies for achieving those objectives | Marketing Plan |
| Dividing potential customers into groups of similar people, or segment | Marketing Segmentation |
| The blend of marketing strategies for product, price, distribution, and promotion | Marketing Mix |
| The group of people who are most likely to buy a particular product (Characteristics: Size, Profitability, Accessibility, Limited Competition) | Target Market |
| Dividing the market into smaller groups based on measurable characteristics about people, such as age, income, ethnicity, and gender | Demographic Segmentation |
| Type of demographic segmentation; Dividing the market into smaller group based on where consumers live. The process | Geographic Segmentation |
| Type of demographic segmentation; Diving the market into smaller groups based on consumer attitudes, interests, value, and lifestyle | Psychographic Segmentation |
| Type of demographic segmentation; Dividing the market based on how people behave towards various products. This category includes both the benefits that consumers seek from products and how consumers use the products | Behavioral Segmentation |
| Description of how people act when they are buying, using, and discarding goods and services for their own personal consumption. Consumer behavior explores the reason behind people's actions | Consumer Behavior |
| Consumer discomfort with a purchase decision, typically for a higher-priced item | Cognitive Dissonance |
| What is the consumer decision process? | Need Recognition, Information search, evaluation of alternatives, purchase decision, post-purchase decision |
| The process of gathering, interpreting, and applying information to uncover marketing opportunities and challenges, and to make better marketing decisions | Marketing Research |
| What is marketing research used for? | The process of gathering, interpreting, and applying information to uncover marketing opportunities and challenges, and to make better marketing decisions |
| Secondary Data | Existing data that marketers gather or purchase for a research project |
| Primary Data | New data that marketings compile for a specific research project |
| Marketing research that does not require the researcher to interact with the research subject | Observation Research |
| Marketing research that requires the researcher to interact with the research subject | Survey Research |
| Anything that an organization offers to satisfy consumer needs and want. | Product |
| Financial consulting and piano lessons are an example of what? | Services |
| Consumers buy a core benefit that satisfies their needs | Core Benefit |
| Physical good or the delivered service that produces the core benefit | Actual Product |
| Additional goods and services provided with the actual product that sharpen the product's competitive edge | Augmented Product |
| The attributes that make a good or service different from other products that compete to meet the same or similar customer needs | Product Differentiation |
| The specific characteristics of a product | Product Features |
| The advantage that a customer gains for specific product features | Customer Benefit |
| A group of products that are closely related to each other, either in terms of how they work of the customers they serve | Product Line |
| The total number of product lines and individual single firm | Product Mix |
| Protects the product, provides information, facilitates storage, suggests product uses, promotes the product band, attracts buyer attention | Packaging |
| Marketing communication, designed to influence consumer purchase decisions through information, persuasion, and reminders | Promotion |
| Specific marketing communication vehicles, including traditional tools, such as advertising, sales promotion, direct marketing, and personal selling, and newer tools such as product placement, advergaming, and internet mini movies | Promotional Channels |
| Paid, nonpersonal communication, designed to influence a target audience with regards to a product, service, organization, or idea | Advertising |
| Ongoing effort to create positive relationships with all of a firms different publics | Public Relation |
| Unpaid stories in the media that influence perceptions about a company or its products | Publicity |
| Person-to-person presentation or products to potential buyers | Personal Selling |
| A plan for delivering the right product to the right person at the right place at the right time | Distribution Strategy |
| Type of distribution strategy; The network of organizations and process that link producers to consumers | Channel distribution |
| The actual, physical movement or products along the distribution pathway | Physical distribution |
| A distribution process that links the producers and the customer with no intermediaries | Direct Channel |
| Distribution organizations that facilitate the movement of products from the producer to the consumer | Channel Intermediaries |
| Distributors that sell products directly to the ultimate users, typically in small quantities, that are stored and merchandized on the premise | Retailers |
| Distributors that buy products from producers and sell them to other businesses or nonfinal users such as hospitals, nonprofits, and the government | Wholesalers |
| All organizations, processes, and activies involved in the flow of goods from the raw material to the final consumers. | Supply Chain |
| Planning and coordinating the movement of product along the supply chain, from the raw materials to final consumers | Supply Chain Management |
| A subset of supply chain management that focuses largely on the tactics involved in moving products along the supply chain | Logistics |
| The process of determining the number of units a firm must sell to cover all costs | Breakeven Analysis |
| The gap between the cost and the price of an item on a per-product basis | Profit Margin |
| The management function focused on maximizing the effectiveness of the workforce by recruiting world-class talent, promoting career development, and determining workforces strategies to boost organizational effectiveness | Human Resource Management |
| The challenges of human resource management: | Layoffs, wage gap, older workers, younger workers, women workers, work-life balance, lawsuits |
| The examination of specific tasks that are assigned to each position, independent of who might be holding the job at any specific time | Job Analysis |
| An explanation of the responsibilities for a specific position | Job Description |
| The specific qualifications necessary to hold a particular position | Job Specification |
| The process of seeking employees who are currently within the firm to fill open positions | Internal Recruitment |
| The process of seeking new employees from outside the firm | External Recruitment |
| Steps of External Recruitment: | Selection, Training, Orientation, On the Job Training |
| The first step in the training and development process, designed to introduce employees to the company culture and provide key administrative information. | Orientation |
| A training approach that requires employees to simply begin their jobs-sometimes guided by more experience's employees- and to learn as they go | On the job training |
| Structured training programs that mandate beginner serve as an assistant to fully trained worker before gaining full credentials to work in the field | Apprenticeships |
| A formal feedback process that requires managers to give their subordinates feedback on a one-to-one basis, typically by comparing actual results to expected results | Performance Appraised |
| The combination of pay and benefits that employees receive in exchange for their work | Compensation |
| The pay that employees receive in exchange for the number of hours or days that they work | Wages |
| The pay that employees receive over a fixed period, most often weekly or monthly | Salaries |
| Noncash compensation, including programs such as health insurance, and childcare | Benefits |
| A scheduling option that allow workers to choose when they start and finish their workdays, as long as they complete the required number of hours | Flextime |
| A version of flextime scheduling that allows employees to work a fill-time number of hours in less than the standard workweek | Compressed workweek |
| Offers both benefits and drawbacks to employees and employers; Many employees commute via phones, videoconferencing, broadband networks | Remote Work |
| Federal legislation that prohibit discrimination in hiring, firing, compensation, apprenticeships, training, terms, conditions, or privileges of employment | Civil Rights Act of 1964 |
| Protects Americans with Disabilities | Americans with Disabilities Act of 1990 |
| Protects anyone from going away for medical leave or children | Family and Medical Leave Act of 1993 |
| Creating value by managing the activies that produce goods and services and there to customers | Operating Management |
| Producing output or achieving a goal at the lowest cost | Efficiency |
| Using resources to create value by providing customers with goods and services that offer a better relationship between price and perceived benefits | Effectiveness |
| Tangible products | Goods |
| Intangible Products | Services |
| Characteristics of Operation Managment: | Focus on creating value, provision of services, mass customization, complex value chains, sustainable environment. |
| A set of related activies that transform input into output, thus adding value | Process |
| The network oof relationships that channel the flow of inputs, information, and financial resources through all of the process directly or indirectly involved in producing goods and services and distributing them to customers | Value Chain |
| Replacing human operation and control of machinery and equipment with some form and programmed control | Automation |
| A reprogrammable machine that is capable of manipulating materials, tools, parts, and specialized devices in order to perform a variety of tasks | Robot |
| An approach to quality improvement that calls for everyone within an organization to take responsibility for improving quality and emphasizes the need for a long-term commitment to continuous improvement | Total Quality |
Created by:
mcluttrell