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MGMT 140
Final Exam
| Question | Answer |
|---|---|
| Marketing | the activity, set of institutions and processes for creating, communicating, delivering, and exchanging offerings with value for customers clients, partners, and society at large |
| contemporary marketing | marketing through websites that help buyers find the best price, identify product features, and question sellers. Also from blogs and social networking sites that cultivate consumer relationships |
| Four Eras of US Marketing | Production Era, Selling Era, Marketing Concept Era, Customer Relationship Era |
| Production & Selling Eras | General philosophy was "produce what you can because the market is limitless" *After mass production the focus turned to focus and persuasion |
| Marketing Concept Era | After WWII, consumer spending boom developed. Businesses knew they needed to be responsive to consumers if they wanted their business |
| The Marketing concept includes 3 parts | Consumer orientation- finding what customers want then providing it Service orientation- making sure everyone in an organization is committed to customer satisfaction Profit Orientation- Focusing on the goods and services that will earn the most profit |
| Customer Relationship Management (CRM) | Learning as much as you can about customers and doing what you can to satisfy or exceed their expectations. |
| non-profit marketing tactic include | fundraising, public relations, special campaigns, ecological practices, changing public opinions & attitudes, increasing organizational membership |
| Marketing Strategies for Non-Profits | Determine the firm's goals, Focus on the long-term marketing, find a competent BOD, Exercise strategic planning, train and develop long-term volunteers, carefully segment the target market |
| The four "P's" of Marketing | Product, Price, Place, Promotion |
| Product | A good, service, or idea that satisfies a consumers want or need |
| Pricing products depends on many factors.. | competitors prices, production cost, distribution, high or low price strategies |
| Promotion | All of the techniques sellers use to inform people about their products and motivate them to purchase those products |
| Promotion includes | Advertising, personal selling, public relations, word of mouth, sales promotions |
| Perfect promotion | have customers get emotional about your product |
| Marketing Research | Analyzing markets to determine challenges and opportunities, and finding the information needed to make good decisions |
| 4 steps in the marketing research process | Defining the problem or opportunity and determining the present situation, collecting data, analyzing the data, choosing the best solution |
| Secondary Data | Existing data that has previously been collected by sources like the government |
| Primary Data | In-depth information gathered by marketers from their own research |
| Focus Group | A group of people who meet under the direction of a discussion leader to communicate opinions |
| marketers must turn researched data into... | useful information |
| Ways to find out what consumers think | Consumer surveys, Focus Groups, listen to competitor's customers, survey sales force, become a phantom customer |
| Environmental Scanning | The process of identifying factors that affect marketing success |
| Factors in the environmental scan | global, tech, sociocultural, competitive, economic |
| Consumer Market | All the individuals or households that want goods and services for personal use and have the resources to buy them |
| Business-to-Business (B2B) | Individuals and organizations that buy goods and services to use in production or to sell, rent, or supply to others |
| Market Segmentation | Divides the total market into groups with similar characteristics |
| Target Marketing | Selecting which segments an organization can serve profitably |
| Geographic Segmentation | Dividing the market by cities, counties, states, or regions |
| Demographic Segmentation | Dividing the market by age, income, education, and other demographic variables |
| Psychographic Segmentation | Dividing the market by group values, attitudes, and interest |
| Benefit Segmentation | Dividing the market according to product benefits the customer prefers. |
| Volume (Usage) Segmentation | Dividing the market by the volume of product use. |
| Niche Marketing | Identifies small but profitable market segments and designs or finds products for them |
| one-to-one Marketing | Developing a unique mix of goods and services for each individual consumer |
| Mass Marketing | Developing products and promotions to please large groups of people |
| Relationship Marketing | Rejects the idea of mass production and focuses toward custom-made goods and services for customers |
| Keys to Successful Relationship Marketing | Open communication, consistently reliable service, staying in contact with customers, trust, honesty, and ethical behavior, showing that you truly care |
| steps in the consumer decision-making process | Problem recognition, search for information, evaluating alternatives, purchase decision, post-purchase evaluation |
| Key factors in consumer decision making | learning, reference groups, culture, subcultures, cognitive dissonance |
| B2B marketers include | manufacturers, wholesalers and retailers, hospitals, schools and charities, government |
| B2B market differences | fewer customers, large buyers, geographically concentrated, more rational than emotional, sales are direct, promotions focus on personal selling |
| Ben Bernanke | Princeton Econ professor, Chairman of the federal reserve in 2006 |
| Money | Anything people generally accept as payment for goods and services |
| Barter | The direct trading of goods or services for other goods or services |
| Standards for a useful form of money | Portability, Divisibility, Stability, Durability, Uniqueness |
| Money Supply | The amount of money the Federal Reserve makes available for people. |
| M1 | Money that can be accessed quickly (coins, paper money, travelers' checks) |
| M2 | M1 + money that may take a little time to obtain (Savings accounts, mutual funds) |
| M3 | M2 + big deposits like institutional money market funds |
| Exchanging money globally | Falling dollar value: the amount of goods and services you can buy with a dollar decreases. Rising Dollar Value: the amount of goods and services you can buy with a dollar increases |
| Impacts of a "Falling Dollar" | Overseas demand for US products rise, A favorable exchange rate for US companies increases profits in foreign markets, US tourism increases which is good for hotels, resorts, theme parks, and retailers that serve international travelers |
| 5 Major parts of the Federal Reserve System | the board of governors, The federal open market committee, 12 Federal Reserve Banks, 3 Advisory councils, the member banks of the system |
| Fed Uses 3 basic tools to manage the money supply | Reserve Requirement, Open-Market Operations, Discount Rate |
| Reserve Requirement | A percentage of commercial banks' checking and savings accounts they must keep in the bank or in non-interest-bearing deposits at the local reserve district bank |
| Open-Market Operations | The buying and selling of government bonds |
| Discount Rate | The interest rate the fed charges for loans to member banks |
| US banking system includes | Commercial banks, Savings and loan associations, credit unions, non banks |
| Commercial Bank | A profit seeking organization that receives deposits from individuals and corporations in the form of checking and savings accounts and uses those funds to make loans |
| Commercial bank's two types of customers | Depositors, Borrowers |
| Demand Deposit | The technical name for a checking account; money is available on demand from the depositor |
| Time Deposit | A savings account; a bank can require a prior notice before you make a withdrawl |
| Certificate of Deposit (CD) | A savings account that earns interest, to be delivered on the certificates Maturity date |
| Savings and Loan Associations (S&Ls) | A financial institution that accepts both savings and checking deposits and provides home mortgage loans |
| Credit Unions | Non-profit, member owned financial cooperatives that offer the full variety of banking services to their members |
| Non Banks | Financial institutions that accept no deposits, but offer many of the services provided by regular banks. |
| Non banks include | Life insurance companies, pension funds, brokerage firms, commercial finance companies, corporate financial services |
| Federal Deposit Insurance Corporation (FDIC) | An independent agency of the US government that insures bank deposits up to $250,000 |
| Savings Association Insurance Fund (SAIF) | Insures holders of accounts in savings and loan associations |
| National Credit Union Administration | Provides up to $250,000 coverage per individual depositor per institution |
| Smart Card | Combination of a credit card, debit card, phone card, drivers license, and more |
| World Bank | Lends most of its money to less-developed nations to improve their productivity and help raise standards of living and quality of life |
| International Monetary Fund (IMF) | Fosters Cooperative monetary policies that stabilize the exchange of one national currency for another. About 185 countries are a part of the IMF. |
| Human Resource Management | The process of determining human resource needs and then recruiting, selecting, developing, motivating, evaluating, compensating and scheduling employees to achieve organizational goals |
| Human Resource Management's role has grown because of.. | increased recognition of employees as a resource, changes in law that rewrote old workplace practices |
| The more complex the job position... | the more scarce the workers making recruiting more important and more difficult |
| Challenges in Finding high-level workers | shortage of trained workers in key areas, worker shortage in skilled trades, increasing number of baby boomers who delay retirement, declining economy with fewer full-time jobs, expanding global markets w/ low wage workers, decreased employee loyalty |
| Civil rights act of 1964 | prohibits discrimination in the hiring/firing process due to race, religion, creed, sex, age, national origin |
| 1972 Equal Employment opportunity Act | Strengthened the EEOC, Gave EEOC the right to issue workplace guidelines for acceptable employer conduct, EEOC could mandate specific record keeping procedures, EEOC was vested with power of enforcement |
| Civil Rights Act of 1991 | Amended title VII and gave victims of discrimination the right to a jury trial and possible damages |
| Office of Federal Contract Compliance Programs (OFCCP) | Ensures that employers doing business with the federal government comply with the nondiscrimination and affirmative action laws |
| Americans with Disabilities Act of 1990 (ADA) | Requires employers to give applicants with physical or mental disabilities the same consideration for employment as people without disabilities |
| Age Discrimination in Employment Act (ADEA) | protects workers 40 and over from employment and workplace discrimination in hiring, firing, promotion, layoff, compensation, benefits, job assignments and training |
| HR Planning Process | Preparing a human resource inventory of employees, preparing a job analysis, assessing future human resource demand, Assessing future labor supply, establishing a strategic plan |
| Job Analysis | A study of what employees do who hold various job titles |
| Job Description | A summary of the objectives of the job, the type of work, the responsibilities and duties, working conditions and relationship to other jobs |
| Job Specifications | A summary of the minimum qualifications needed to do a particular job |
| Recruitment | The set of activities for obtaining the right number of qualified people at the right time |
| Selection | The process of gathering information and deciding who should be hired, under legal guidelines, to serve the best interest of the individual and the organization |
| Steps in the selection process | obtaining complete application forms, conducting initial and follow-up interviews, giving employment test, conducting background investigations, obtaining results from physical exams, establishing trial work periods |
| Contingent workers | Include part-time and temporary workers, seasonal workers, independent contractors, interns and co-op students |
| contingent workers are good when | full-time workers are on leave, periods of peak demand, uncertain economic times, save on employee benefits, screen candidates for future employment |
| Training and Development | All attempts to improve productivity by increasing an employee's ability to perform |
| 3 steps in training and development | Assessing organization needs and employee skills to develop appropriate training needs, designing training activities to meet identified needs, evaluating the training's effectiveness |
| Most commonly used training and Development activities | Orientation, On-the-job training, Apprenticeships, Off-the-job-Training, Online Training, Vestibule training, Job Simulation |
| networking | Establishing and maintaining contracts with key managers in and out of the organization and using those contact to develop relationships |
| Mentors | Managers who supervise coach and guide selected lower-level employees by acting as corporate sponsors |
| Performance Appraisal | An evaluation that measures employee performance against established standards in order to make decisions about promotions, compensation, training or terminations |
| 6 steps in performance appraisals | Establishing performance standards that are measurable, clearly communicating those standards, evaluating performance against the standards, discussing the results with employees, taking corrective action, Using the results to make decisions |
| Major Uses of Performance Appraisals | Identify training needs, use as a promotion tool, recognize worker's achievements, evaluate the firm's hiring process, judge the effectiveness of the firm's orientation process, use as a basis for possible termination of a worker |
| Types of pay systems | salary, hourly wage/day work, piecework system, commission plans, bonus plans, profit sharing plans, gain-sharing plans, stock options |
| Fringe Benefits | Sick leave, Vacation pay, pension and health plans that provide additional compensation to employees beyond base wages |
| Fringe benefits can also include | company cars, country club memberships, recreational facilities, special home mortgage rates, paid and unpaid sabbaticals, day car and elder care services, dental and eye care, legal counseling, short or compressed work weeks |
| Cafeteria Style Fringe Benefits | Allow employees to choose the benefits they want (up to a certain dollar amount) |
| Soft Benefits include | onsite haircuts and shoe repair, concierge services, free meals at work, doggie daycare, onsite farmers markets |
| Flextime plan | Gives employees some freedom to choose which hours to work as long as they work the required number of hours or complete their task |
| Compressed work week | Employees work the full number of work hours, but in fewer than the standard number of days |
| Job Sharing | Lets two or more part-time employees share on a full-time job |
| Core Time | When all employees are expected to be at their job stations |
| Accounting | Recording, classifying, summarizing and interpreting of financial events and transactions in an organization to provide interested parties needed financial information |
| Managerial Accounting | Provides information and analysis to managers inside the organization to assist them in decision making |
| Managerial Accounting is involved with | cost of production, cost of marketing, preparation and control of budgets, minimizing tax liabilities |
| Government tax authority requires what accounting info? | Tax Reports |
| Government regulatory agencies require what accounting info? | Required Reports |
| People interested in the companies income require what accounting info? | Financial statements found in annual reports |
| Managers of the firm require what accounting info? | Financial statements and internally distributed financial reports |
| Financial Accounting | Financial information and analyses are generated for people primarily outside the organization. |
| Outside users of financial accounting are interested in.. | Organizations profitability, Able to pay debts, and how much debt does it have |
| Annual Report | A yearly statement of the financial condition, progress, and expectations of the firm |
| Private Accountants | Work in a single firm, government agency, or nonprofit organization |
| Public Accountant | provide accounting services to individuals or businesses |
| Certified Public Accountants (CPAs) | Accountants who have passed a series of examinations established by the American Institute of Certified Public Accountants and met a states requirements for education and experience |
| Auditing | Reviewing and evaluating the information used to prepare a company's financial statements |
| Independent Audit | An evaluation and unbiased opinion about the accuracy of a company's financial statements |
| Certified Internal Auditors (CIAs) | Accountants who have a bachelor's degree and two years of experience in internal auditing and pass an exam administered by the Institute of Internal Auditors |
| Tax Accountants | Accountants trained in tax law and are responsible for preparing tax returns or developing tax strategies |
| Government and Not-for-profit-Accounting | Support for organizations whose purpose is not generating a profit, but serving others according to a duly approved budget |
| Bookkeeping | The recording of business transactions. |
| Double-Entry Bookkeeping | Bookkeepers record all transactions in two places so they can check one list of transactions against the other for accuracy |
| Ledger | A specialized accounting book or program where all information is in one place |
| Trial Balance | A summary of all the information in the account ledgers |
| Financial Statement | A summary of all the financial transactions that have occurred over a particular period |
| Key financial statements of businesses are: | Balance Sheet, Income Statement, Statement of Cash Flows |
| Balance Sheet | The Financial statement that reports a firm's financial condition at a specific time |
| Assets | Economic resources owned by a firm items can be tangible or intangible |
| Liquidity | Ease with which assets can be converted into cash |
| Income Statement | The financial Statement that shows a firm's bottom line- that is, its profit after cost, expenses, and taxes |
| Net income/Net loss | The revenue left over after cost and expenses |
Created by:
cammccarty
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