Business 101 (4)
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| show | Marketing
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| show | Utility
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| show | Form utility
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| type of utility; Satisfies wants by providing goods and services at a convenient time for customers (ex: Halloween candy) | show 🗑
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| type of utility; Satisfies wants by providing goods and services at a convenient place for customers | show 🗑
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| type of utility; Satisfies wants by smoothly transferring ownership of goods and services from seller to buyer | show 🗑
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| The focus of marketing has changed overtime to now aim for __________ focus | show 🗑
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| The ongoing process of acquiring, maintaining, and growing profitable customer relationships by delivering unmatched value | show 🗑
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| show | Value
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| show | Customer Satisfaction
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| 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 | show 🗑
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| show | Marketing Plan
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| Dividing potential customers into groups of similar people, or segment | show 🗑
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| show | Marketing Mix
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| The group of people who are most likely to buy a particular product (Characteristics: Size, Profitability, Accessibility, Limited Competition) | show 🗑
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| show | Demographic Segmentation
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| Type of demographic segmentation; Dividing the market into smaller group based on where consumers live. The process | show 🗑
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| show | Psychographic Segmentation
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| show | Behavioral Segmentation
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| 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 | show 🗑
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| show | Cognitive Dissonance
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| What is the consumer decision process? | show 🗑
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| show | Marketing Research
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| What is marketing research used for? | show 🗑
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| Secondary Data | show 🗑
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| show | New data that marketings compile for a specific research project
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| Marketing research that does not require the researcher to interact with the research subject | show 🗑
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| show | Survey Research
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| show | Product
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| Financial consulting and piano lessons are an example of what? | show 🗑
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| show | Core Benefit
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| Physical good or the delivered service that produces the core benefit | show 🗑
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| show | Augmented Product
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| The attributes that make a good or service different from other products that compete to meet the same or similar customer needs | show 🗑
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| The specific characteristics of a product | show 🗑
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| The advantage that a customer gains for specific product features | show 🗑
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| show | Product Line
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| The total number of product lines and individual single firm | show 🗑
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| show | Packaging
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| show | Promotion
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| show | Promotional Channels
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| Paid, nonpersonal communication, designed to influence a target audience with regards to a product, service, organization, or idea | show 🗑
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| Ongoing effort to create positive relationships with all of a firms different publics | show 🗑
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| Unpaid stories in the media that influence perceptions about a company or its products | show 🗑
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| Person-to-person presentation or products to potential buyers | show 🗑
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| show | Distribution Strategy
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| Type of distribution strategy; The network of organizations and process that link producers to consumers | show 🗑
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| show | Physical distribution
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| A distribution process that links the producers and the customer with no intermediaries | show 🗑
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| Distribution organizations that facilitate the movement of products from the producer to the consumer | show 🗑
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| Distributors that sell products directly to the ultimate users, typically in small quantities, that are stored and merchandized on the premise | show 🗑
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| Distributors that buy products from producers and sell them to other businesses or nonfinal users such as hospitals, nonprofits, and the government | show 🗑
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| All organizations, processes, and activies involved in the flow of goods from the raw material to the final consumers. | show 🗑
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| Planning and coordinating the movement of product along the supply chain, from the raw materials to final consumers | show 🗑
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| A subset of supply chain management that focuses largely on the tactics involved in moving products along the supply chain | show 🗑
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| The process of determining the number of units a firm must sell to cover all costs | show 🗑
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| show | Profit Margin
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| 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 | show 🗑
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| show | Layoffs, wage gap, older workers, younger workers, women workers, work-life balance, lawsuits
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| show | Job Analysis
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| show | Job Description
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| The specific qualifications necessary to hold a particular position | show 🗑
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| show | Internal Recruitment
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| The process of seeking new employees from outside the firm | show 🗑
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| Steps of External Recruitment: | show 🗑
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| The first step in the training and development process, designed to introduce employees to the company culture and provide key administrative information. | show 🗑
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| show | On the job training
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| show | Apprenticeships
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| 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 | show 🗑
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| show | Compensation
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| The pay that employees receive in exchange for the number of hours or days that they work | show 🗑
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| show | Salaries
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| Noncash compensation, including programs such as health insurance, and childcare | show 🗑
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| show | Flextime
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| show | Compressed workweek
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| Offers both benefits and drawbacks to employees and employers; Many employees commute via phones, videoconferencing, broadband networks | show 🗑
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| Federal legislation that prohibit discrimination in hiring, firing, compensation, apprenticeships, training, terms, conditions, or privileges of employment | show 🗑
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| show | Americans with Disabilities Act of 1990
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| Protects anyone from going away for medical leave or children | show 🗑
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| Creating value by managing the activies that produce goods and services and there to customers | show 🗑
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| Producing output or achieving a goal at the lowest cost | show 🗑
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| Using resources to create value by providing customers with goods and services that offer a better relationship between price and perceived benefits | show 🗑
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| show | Goods
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| show | Services
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| show | Focus on creating value, provision of services, mass customization, complex value chains, sustainable environment.
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| show | Process
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| show | Value Chain
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| show | Automation
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| show | Robot
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| 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 | show 🗑
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Created by:
mcluttrell