Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
D099 Essentials
| Term | Definition |
|---|---|
| Predictive analytics | Examines past behavior and patterns to predict the future |
| Descriptive analytics | Used to understand what happened |
| Diagnostic analytics | Used to understand why something happened |
| Prescriptive analytics | Used to answer specific questions |
| Behavioral data | Tracks how a consumer has interacted with a company, which includes website visits, social media engagement, and email opt |
| Fit data | Includes attributes about a customer, such as age, income levels, education, and race |
| Firmographic data | Includes information related to organizations, such as industry type, revenue, and the number of employees a company has |
| Upselling | Occurs when a business sells a customer a more expensive item or an additional product |
| Forecasting | Occurs when the performance is predicted |
| Planning | A detailed proposal for doing or achieving something |
| Budgeting | A forecast of expected income and expenses |
| Conversion ratio | A measurement of how many customers move from one stage of the sales funnel to the next |
| Activity goal | The number of sales calls a sales representative needs to make over a defined amount of time |
| Sales growth | Measures the increase in the number of units sold or revenue earned |
| Sales target | The goal that management sets for measurements such as revenue, units sold, and number of accounts |
| Average purchase value | The average amount spent on a purchase |
| Average profit margin | The average profits for a given category |
| Volume | Associated with the amount of data available that includes anything from customer transactions to scientific data |
| Velocity | The speed at which data are being sent and collected |
| Variety | The various data forms |
| Structured data | Any data that reside in a fixed field within a record or file, including data contained in relational databases and spreadsheets |
| Unstructured data | Information that either does not have a predefined data model or is not organized in a predefined manner. Unstructured information is typically text |
| Collection | The business objective (what you want to measure, what question you want to answer, or what methods will be used to collect the data) is determined and the actual data collection using the prescribed methods performed |
| Processing | Data is sorted and organized for analysis |
| Analysis | Data is organized into charts and graphs to facilitate visualization and analysis |
| Interpretation | Data is used to guide business decisions, to provide information as to the next steps, or to inform a best course of action |
| Open | sourced frameworks |
| Personnel factors | Variations in the number and dynamics of the sales team can significantly impact sales results |
| Economic conditions | Essential factor to consider when forecasting |
| Competitor changes | Unforeseen changes in the competing market can significantly impact a sales forecast |
| Product changes | Changes in products translate to more sales because of improved product features, more attractive pricing, or other benefits |
| Lead scoring | A numerical calculation used to rank the prospects of a perceived value to the organization |
| Job analysis | Occurs when collecting information about the activities, tasks, and responsibilities of a job |
| Job design | Refers to the modification of an existing job to make it more effective |
| Job description | Explains the duties, tasks, and responsibilities of a job |
| Job interview | Occurs when questions are asked of job candidates to determine whether they should be hired for a particular position |
| Referrals | The best way to find loyal, satisfied employees is through referrals from current employees |
| Advertisements | Job openings promoted in newspapers, magazines, or on the internet, but not the best way to attract candidates who will be loyal, satisfied employees |
| Job fairs | An event where job seekers learn about job openings and submit applications or their résumés |
| College recruiting | Organizations find candidates by targeting specific colleges or certain degrees |
| Social recruiting | Organizations use social media to engage with new candidates and hire them |
| Internal recruiting | Done when an organization is looking to fill an opening with somebody who already works there |
| External recruiting | Occurs when an organization seeks to find talent outside the organization |
| Structured interview | A set of questions has been predetermined for every candidate based on the job analysis, not on the candidates' individual qualifications |
| Unstructured interview | Modified for each candidate, depending on his or her background or resume |
| Panel interview | A candidate is interviewed by several people at the same time |
| Informational interview | Conducted between an expert in a certain field and a person who is looking to explore possibilities in that field but is not interviewing for a particular opening |
| Cognitive ability test | Measures intelligences such as numerical ability and reasoning |
| Aptitude test | Measures technical skills related to job requirements and a person's ability to learn new skills |
| Personality test | Analyzes a candidate's attitudes and interpersonal skills and helps to understand personality traits such as the candidate's ability to be organized and pay attention to detail |
| Job knowledge test | Measures a candidate's understanding of the job he or she is being interviewed for |
| Title VII of the 1964 Civil Rights Act | Prohibits unlawful discrimination |
| Lilly Ledbetter Fair Pay Act of 2009 | Gives victims the right to file a complaint within 180 days of their last discriminatory paycheck |
| Equal Pay Act of 1963 | Seeks to eliminate the wage gap between women and men by prohibiting pay discrimination |
| Age Discrimination in Employment Act of 1967 (ADEA) | Prohibits age discrimination against employees who are at least 40 years of age |
| Pregnancy Discrimination Act of 1978 | Amended Title VII to make it illegal to discriminate on the basis of pregnancy, childbirth, or related medical conditions |
| Americans with Disabilities Act (ADA) of 1990 | Prohibits unlawful discrimination against qualified disabled workers |
| Occupational Safety and Health Act (OSHA) | Requires certain workplace safety and health standards |
| Fair Labor Standards Act (FLSA) | Determines the minimum wage employees are to be paid |
| Disparate treatment | Occurs when someone is treated less favorably than others in an employment situation because of intentional unlawful discrimination |
| Disparate impact | Occurs when a neutral employment practice has an adverse impact on employees protected by antidiscrimination laws |
| Employee referral | A candidate recommended by an existing employee |
| Headhunter | A person who identifies and approaches suitable candidates to fill open positions |
| Content validity | Refers to how comprehensively the measure assesses the underlying construct that it claims to assess |
| Construct validity | Refers to whether the measure accurately assesses the underlying construct that it claims to assess |
| Criterion validity | Examines how well the construct correlates with one's behavior in the real world across multiple situations and manifestations |
| Compensatory model | A type of statistical approach that permits a high score in an important area to make up for a lower score in another area |
| Multiple cutoff model | A type of statistical approach that requires that a candidate have a minimum score level on all selection criteria |
| Multiple hurdle model | A type of statistical approach that requires only candidates with high (preset) scores go to the next stages of the selection process |
| Reliability | The degree in which other selection techniques yield similar data over time |
| Master budget | Consists of financial budgets, such as the balance sheet and cash budgets, and its operating budgets, which include the income statement developed from sales and production forecasts |
| Sales budget | Considers numbers sold, expected budgeted price, and values of sales |
| Administrative budget | Determined by looking at functions such as office expenses, office rent, research and development costs, and legal costs |
| Production budget | Determines how much money is needed for production by using the sales forecast, required number of units for inventory, and the units in inventory |
| Outsourcing | Occurs when a business hires a third party to perform some of its tasks, such as production, customer service, and marketing |
| Freelancing | Happens when a self |
| Downsizing | Occurs when a business reduces the size of its workforce |
| Costing | Occurs when the cost of performing an element of business is assigned |
| Activity | based costing |
| Cost driver | A cost driver is an activity or transaction that causes costs to be incurred |
| Activity center | An activity center is a unit of the organization that performs some activity |
| Aggressive customers | not only demand the highest product quality and the best service but also want the lowest prices |
| Passive customers | Do not generate high costs, but they are willing to accept high prices |
| Bargain basement customers | Do not require much service, but they also do not generate high profits |
| Carriage trade customers | Generate high revenue but could also be expensive to serve |
| Upselling | The practice of selling an item that is a higher |
| Cross-selling | Occurs when a customer is encouraged to purchase an additional product that can be used in conjunction with the original product |
| Contribution margin | Allows costs to be assessed to determine how much is available from each division to cover fixed costs, as contribution margin analyzes sales' less variable costs |
| Full costing | A costing method in which the complete end |
| Balance sheet | A balance sheet is a statement of assets, liabilities, and capital for an organization at a particular point in time |
| Control Monitoring | the behavior of organizational members and the effectiveness of the organization itself to determine whether organizational goals are being achieved, and taking corrective action if necessary |
| Return on Assets Managed | Measurement of profit used to evaluate marketing proposals |
| Customer profitability analysis | Grouping customers into profitability segments and determining the costs associated with each group. |
| Sales potential forecast | Describes the number of prospects and their buying power |
| RACI matrix | A responsibility assignment chart that maps out tasks, milestones, and key decisions and assigns the roles of responsible, accountable, consulted, and informed |
| Market potential | An estimate of the possible sales for a product or service for an entire industry in a market in a stated time period under ideal conditions |
| Sales potential | The maximum or total sales from all perspective buyers of a product for a single firm, generally a percentage of total market potential |
| Market share | The portion of a market controlled by a particular company or product; expressed in dollars or units |
| Sales pipeline | A way of tracking the progress of sales deals that a sales team is currently working on and expects to close within a reasonable period of time |
| Expert opinion | Gathered from knowledgeable experts who work outside a company |
| Sales force composite | A forecast generated from estimates of sales over a period of time and gathered from a company's sales representatives |
| Executive opinion | The estimates of all the company's executives are averaged to form an overall forecast |
| Delphi technique | A group of experts provide an anonymous forecast, which are all collated and then sent to the entire group |
| Decomposition | A time series analysis that adjusts for seasonality and is predictable |
| Rollover technique | A technique that takes the previous period's sales, copies them, and uses them for the current period's forecast |
| Moving average | Calculated by taking a subset of sales figure data and averaging them |
| Exponential smoothing | Factors in all sales data but calculates the most recent observations most heavily |
| Activity quotas | Require that salespeople reach a certain quota, such as a number of new clients, make a specified number of phone calls, or land a predetermined number of deals |
| Revenue quotas | Require salespeople to sell enough units of a good to generate a certain amount of profit or margin |
| Combination quotas | Combine the different types of quotas |
| Volume quotas | Entail the registration of new users or moving inventory, not landing new clients or accounts |
| Incremental method | Sales representatives are added to the workforce as long as revenue generated exceeds costs |
| Workload method | All sales representatives have an equal share of the workload |
| Breakdown method | Divides the forecasted sales volume by the average productivity of one sales representative |
| Time series technique | Make forecasts based solely on the historical pattern of data |
| Weighted moving average | A weighted average of the last “n” prices, where the weighting decreases with each previous price |
| Direct quota | A quota set for people who are in the front line of sales and have the power to impact their quota results |
| Expected value analysis | The value at some point in the future which Is calculated by multiplying each of the possible outcomes by the likelihood each outcome will occur and then adding up those values |
| Overlay quotas | Assigned to people who supervise the sales representatives |
| Buying centers | A group of people within an organization who make business purchasing decisions |
| Selling centers | Functional representation that supports a sales person to create a team |
| Economic buyer | The individual decision maker or group within the customer organization who controls the budget and writes the checks for new product purchases |
| Infrastructure buyer | Someone who makes sure that purchasing rules defined in corporate governance procedures are followed |
| User buyer | Someone who influences the buying decision as the person who will actually use the solution after the purchase decision is made |
| Initiators | Individuals who suggest purchasing a product or service for a business |
| Users | Individuals within an organization who actually use the product |
| Influencers | Individuals who have experience or expertise that can help improve the buying decision |
| Gatekeepers | Individuals who will decide if and when one gets access to members of the buying center |
| Decisions makers | The person who makes the final purchasing decision |
| Buyers | The people who sign the contract. Focused on the financial aspects of the purchase and how the purchase can positively impact organizational metrics |
| Procurement officer | Persons who are responsible for the management, administration, and supervision of the company's acquisition programs |
| Organizational buying process | Process through which industrial buyers make a purchase decision |
| Recognizing the need | Someone recognizes that the organization has a need that can be solved by purchasing a good or service. Users often drive this stage, although others can serve the role of initiator. |
| Defining the need | Usually involves users as well as initiators to put more definition around the type of product or service that will help meet the need |
| Search for suppliers | People involved in the buying process seek out information about the products they are looking for and the vendors who can supply them |
| Bid analysis | Qualified suppliers are asked to complete responses to requests for proposals |
| Request for proposals (RFP) | An invitation to submit a bid to supply a good or service |
| Supplier Selection | RFPs are reviewed and the vendor or vendors selected |
| Order Placement | Order is typically placed electronically and can be one transaction or continuous. |
| Performance Review | Buyer surveys quality and satisfaction levels |
| Producer | A company that purchases parts, products, or ingredients to produce other goods and services to sell to other companies or consumers |
| Resellers | A company that buys finished goods to sell, lease, or rent to other companies or consumers |
| Organizations | A government agency or nonprofit group that purchases products or services to serve or sell to its constituents |
| Straight rebuy | The duplicate purchase of the identical goods in the identical amount under the identical terms from the identical supplier |
| New task purchase | A business buying situation in which the buyer purchases a product or service for the first time |
| Modified rebuy | A buying situation in which an individual or organization buys goods that have been purchased previously but changes other element of the previous order |
| Functional relationships | Limited, ongoing relationships that develop when a buyer continues to purchase a product from a seller out of habit, as long as its needs are met |
| Affiliative relationships | A situation where the buyer needs extensive expertise from the seller to make a decision |
| Strategic partnership | A partnership in which the buyer and seller commit resources to generate growth for both parties |
| Alliance agreement | A formal agreement among companies who want to share resources to create a competitive advantage |
| Joint R&D agreements | Businesses join to develop a specific product or service |
| Co-marketing agreements | An agreement where companies share resources to market their products together |
| Minority investments | An investment by one organization in another organization in which the investor firm holds less than 50 percent of the shares |
Created by:
user-1977348
Popular Marketing sets