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68 Cards in this Set
- Front
- Back
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What are the basic functions of HRM?
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Acquiring, Maintaining, and Developing the HRM Organization
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What are the 5 factors of Aqcuisition? (HRM)
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Human resources planning
Determining the firm’s human resource. Job analysis Determining the exact nature of the positions to be filled. Recruiting Attracting people to apply for positions in the firm. Selection Choosing and hiring the most qualified applicants. Orientation Acquainting new employees with the firm |
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What are the 5 factors of Maintaining? (HRM): Development also added
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Maintaining
Employee relations Increasing employee job satisfaction through satisfaction surveys, communication programs, exit interviews, and fair treatment Compensation Rewarding employee effort through monetary payments Benefits Providing rewards to ensure employee well-being Development Training and development Teaching employees new skills, new jobs, and more effective ways of doing their present jobs Performance appraisal Assessing employees’ current and potential |
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How is HRM needed to deal with Cultural Diversity in it's organization?
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Maintaining
Employee relations Increasing employee job satisfaction through satisfaction surveys, communication programs, exit interviews, and fair treatment Compensation Rewarding employee effort through monetary payments Benefits Providing rewards to ensure employee well-being Development Training and development Teaching employees new skills, new jobs, and more effective ways of doing their present jobs Performance appraisal Assessing employees’ current and potential |
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What are the key factors in Job Analysis? (HRM)
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A systematic procedure for studying jobs to determine their various elements and requirements
Job description A list of the elements that make up a particular job Duties to be performed, working conditions, the jobholder’s responsibilities, the tools and equipment used on the job Job specification A list of the qualifications required to perform a particular job Skills, abilities, education, and experience Used for recruiting, selecting, evaluation, and compensation decisions |
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What are major factors for external Recruiting? (HRM)
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The process of attracting qualified job applicants
Goal is to attract the “right” number of applicants External recruiting Sources Websites, newspaper ads, employment agencies, college campuses, union hiring halls, employee referrals, open houses, job fairs, walk-in applicants Advantages Fresh perspectives and varied backgrounds of new hires Attracting applicants with the required skills and knowledge Disadvantages Expense May cause resentment among exis |
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What are the major factors for Internal Recruiting? (HRM)
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Promotion or transfer
Job posting may be required by policy or union contract Advantages Provides motivation for current employees Helps retain quality personnel Disadvantages Cost of filling the newly vacant position Cost of training another employee |
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What is selection and how is it useful? (HRM)
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The process of gathering information about applicants and then using that information to choose the most appropriate applicant
Employment applications Provide useful factual information about the applicant Information gathered is used for Identifying applicants worthy of further consideration Familiarizing interviewers with applicant backgrounds Often include résumés |
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What is orientation relating to HRM?
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The process of acquainting new employees with an organization
Topics Range from location of company cafeteria to career paths within the firm May be brief and informal or long and formal |
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What are the 6 types of compensation? (HRM)
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Hourly wage
The amount of money paid for each hour of work Salary Profit sharing The distribution of a percentage of the firm’s profit The amount of money paid for an employee’s work during a set calendar period, regardless of the number of hours worked Commissions Payments based on a percentage of sales revenue Incentive payment A payment in addition to wages, salary, or commissions such as gainsharing for exceeding goals or quotas Lump-sum salary increases An entire pay raise taken all at one time in one lump sum |
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What are the two types of Employee Benefits? (HRM)
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Rewards in addition to regular compensation that are provided indirectly to the employee
Type of benefits Pay for time not worked Vacation time, holidays, and sick leave Insurance packages Health, life, and dental coverage Pension and Retirement programs Costs may be shared or fully paid by the employer Required by law Workers’ compensation, unemployment insurance, and Social Security Flexible benefits plan An employee receives a predetermined amount of benefit dollars to spend on a package of benefits he or she has selected to meet individual needs |
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Performance Appraisal: what are the two types of evaluation techniques?
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Objective methods
Their basis is a measurable quantity (e.g., units of output, sales volume, number of defective products). Judgmental methods Managerial estimates of employee performance levels Ranking Ordering employees from best to worst Difficult to use because there is no absolute standard and differences in performance of ranked employees is not apparent Rating Using a predetermined scale (standard) to evaluate each employee’s performance |
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What are the common evaluation techniques? (HRM)
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Avoiding appraisal errors
Use the entire evaluation instrument; avoid focusing on one portion Do not let an employee’s poor performance in one area influence the evaluation of other areas of performance Evaluate the entire performance period and not the most recent behaviors of the employee Guard against any form of personal bias or discrimination in the evaluation |
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Performance Feedback? (HRM)
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Performance appraisal information should be provided to employees
Most often through a performance feedback interview Tell and sell: Superior tells the employee how well or poorly the employee is performing and attempts to persuade the employee to accept the evaluation Tell and listen: Supervisor tells the employee about his or her performance and then gives the employee a chance to respond Problem-solving approach: Employee evaluates own performance and sets own goals; supervisor offers comments and goals are mutually established Mixed interview 360-degree evaluation: Employee is provided feedback from evaluations by his superiors, peers, and subordinates |
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What is the National Labor Relations Act and Labor-Management Relations Act (1935)? (HRM)
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Establishes a collective-bargaining process in labor-management relations as well as the National Labor Relations Board (NLRB)
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What Is Motivation? (Chapter 10)
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The individual internal process that energizes, directs, and sustains behavior; the personal “force” that causes us to behave in a particular way
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What is Theory X? (Chapter 10)
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Theory X
Generally consistent with Taylor’s scientific management Employees dislike work and will function only in a controlled work environment |
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What is Theory Y? (Chapter 10)
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Theory Y
Generally consistent with the human relations movement Employees accept responsibility and work toward organizational goals if they will also achieve personal rewards |
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What is the Equity theory? (Chapter 10)
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People are motivated to obtain and preserve equitable treatment for themselves
Equity: the distribution of rewards in direct proportion to the contribution of each employee to the organization Workers compare their own input-to-outcome (reward) ratios to their perception of others’ Workers who perceive an inequity may Decrease their inputs Try to increase outcome (ask for a raise) Try to get the comparison other to increase inputs or receive decreased outcomes Leave the work situation (quit) Switch to a different comparison other |
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What is the goal setting theory? (Chapter 10)
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Employees are motivated to achieve goals they and their managers establish together
Goals should be very specific, moderately difficult, and ones that the employee will be committed to achieve Rewards should be tied directly to goal achievement |
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What are the Advantages of Management by Objectives? (Chapter 10)
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Motivates employees by involving them actively
Improves communication Makes employees feel like an important part of the organization Periodic review enhances control |
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What are the disadvantages of Management by Objectives? (Chapter 10)
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Doesn’t work if the process doesn’t begin at the top of the organization
Can result in excessive paperwork Some managers assign goals instead of collaborating on creating them Goals should be quantifiable |
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What is one major key motivation Technique? (Chapter 10)
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Job enrichment
Provides employees with more variety and responsibility in their jobs |
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What is flextime? (Chapter 10)
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A system in which employees set their own work hours within employer-determined limits
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What is Telecommuting? (Chapter 10)
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Working at home all the time or for a portion of the work week
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What are the advantages of Telecommuting? (Chapter 10)
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Increased employee productivity
Lower real estate and travel costs Reduced absenteeism and turnover Increased work/life balance and improved morale Access to additional labor pools |
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What are the disadvantages of Telecommuting? (Chapter 10)
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Feelings of isolation
Putting in longer hours Distractions at home Difficulty monitoring productivity |
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What is employee empowerment? (Chapter 10)
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Making employees more involved in their jobs by increasing their participation in decision making
Management must be involved to set expectations, communicate standards, institute periodic evaluations, guarantee follow-up |
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What is a team? (Chapter 10)
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Groups of employees functioning together as a unit to complete a common goal or purpose
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What are the teams stages of development? (Chapter 10)
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Forming
Storming Norming Performing Adjourning |
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What is the early history of Unions? (Chapter 11)
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Apprenticeship & guilds for skilled workers
Craft union Organization of skilled workers in a single craft or trade Limited to a single city; lasted for a short time Knights of Labor Formed as a secret society Goals: to eliminate depersonalization of worker resulting from mass production; to improve moral standards of employees and society Lost public favor after Haymarket riot of 1886 |
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What are union memberships? (Chapter 11)
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Approx. 15.5% of the nation’s workers belong to unions
AFL-CIO The largest union with approx 9 million members Includes actors, barbers, construction workers, carpenters, retail clerks, musicians, teachers, postal workers, painters, steel and iron workers, firefighters, bricklayers, newspaper reporters Teamsters Independent labor organization with approx 1.4 million members United Auto Workers (UAW) Represents employees in the automobile industry with approx 640,000 members Part of AFL-CIO |
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What are Membership trends? (Chapter 11)
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Union membership has declined steadily since 1980
Heavily unionized industries have been decreasing or not growing as fast as nonunionized industries Firms have moved from unionized areas (Northeast, Great Lakes region) to less unionized areas (Southeast, Southwest) Largest employment growth is in service industries, which are typically not unionized Some companies are moving manufacturing to other (less unionized) countries Management is providing benefits that reduce employees’ need for unionization |
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What is the Norris-LaGuardia Act (Chapter 11)
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Made it difficult for businesses to obtain court orders banning strikes, picketing, and union membership drives
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What was the first contract in Collective Bargaining? (Chapter 11)
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Pre-negotiation preparations by both parties
Exchange of initial contract demands by union and company Bargaining over issues until agreement is reached (or strike) Agreement is ratified by a vote of the union membership Agreement is signed and becomes a legally binding agreement (or more negotiation) |
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What was the later contract in Collective Bargaining? (Chapter 11)
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Pre-negotiation preparations are more intense
Each side may take a harder line on the issues in negotiations Contract expiration date produces tension |
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What are the forms of employee pay? (Chapter 11)
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Direct compensation: wage or salary and benefits
Deferred compensation: pension and retirement |
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What are the magnitudes of employee pay? (Chapter 11)
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Parity with local and national industry pay levels
Real wage protection through cost-of-living clauses Financial condition of employer Cost-sharing for benefits |
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What were the detriments to employee pay? (Chapter 11)
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Management seeks to tie wages to each employee’s productivity
Unions feel this creates unnecessary competition and usually suggest pay according to seniority Management seeks to constrain benefits to only some employees Unions want equal application of benefits |
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What was the security for the indivual and the job? (Chapter 11)
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Security
For the individual Job security: Protection against the loss of employment Seniority For the union Membership Closed shop: Workers must be union members before they are hired; outlawed by the Taft-Hartley Act Union shop: New employees must join the union after a probationary period Agency shop: Employees can choose not to join the union but must pay dues Maintenance shop: Employees who join the union must remain members as long as they are employed by the firm |
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What were the management rights? (Chapter 11)
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The firm wants to control whom it hires, how work is scheduled, how discipline is handled
Unions seek to control these matters Some union executives have been given seats on corporate boards of directors |
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What were the Grievence Procedures? (Chapter 11)
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See grievance chart on portal
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How customer relations are managed? (Chapter 12)
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Relationship marketing: Establishing long-term mutually satisfying buyer-seller relationship
Customer relationship management (CRM): Using information about customers to create marketing strategies that develop and sustain desirable customer relationships Customer lifetime value: a combination of purchase frequency, average value of purchases, and brand-switching patterns over the entire span of a customer’s relationship with a company |
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What is the marketing concept? (Chapter 12)
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A component of an organization’s business philosophy that involves the entire organization in the process of satisfying customers’ needs while achieving the organization’s goals
To achieve this an organization must: Talk to its potential customers to assess their needs Develop a good or service to satisfy those needs Continue to seek ways to provide customer satisfaction |
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What are the two types of buying behavior? Define them. (Chapter 12)
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Consumer buying behavior
The purchasing of products for personal or household use, not for business purposes Business buying behavior The purchasing of products by producers, resellers, governmental units, and institutions |
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What is the classification of product? (Chapter 13)
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Everything one receives in an exchange, including all tangible and intangible attributes and expected benefits
A good, service, or idea Consumer product A product purchased to satisfy personal and family needs Business (industrial) product A product bought for resale, for making other products, or for use in a firm’s operations |
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What are the stages of the product life cycle? (Chapter 13)
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Introduction
Customer awareness and acceptance are low Growth Sales increase rapidly as the product becomes well known Maturity Sales are still increasing but at a slower rate; later in this stage, sales and profits begin to slowly decline Decline stage Sales volume decreases sharply and profits continue to fall |
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How to manage existing products. Chapter 13)
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Product modification: quality, functionality, or aesthetic characteristics
Line extensions: development of a product closely related to one or more products in the existing product line but designed specifically to meet somewhat different customer needs |
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What are the types of brands? (Chapter 13)
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Manufacturer (producer) brand
A brand that is owned by a manufacturer Store (private) brand A brand that is owned by an individual wholesaler or retailer Generic brand A product with no brand at all |
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What is price skimming and price penetration? (Chapter 13)
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Price skimming
Charging the highest possible price for a product during the introduction stage of its life cycle Penetration pricing Setting a low price for a new product to quickly build market share and discourage competitors |
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What is involved in psychological pricing? (Chapter 13)
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Odd-number pricing
Setting prices using odd numbers that are slightly below whole-dollar amounts Multiple-unit pricing Setting a single price for two or more units Reference pricing Pricing a product at a moderate level and positioning it next to a more expensive model or brand Bundle pricing Packaging two or more complementary products and selling them for a single price Everyday low prices (EDLPs) Setting a low price for products on a consistent basis Customary pricing Pricing on the basis of tradition |
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Promotional Pricing? (Chapter 13)
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Price leaders
Products priced below the usual markup, near cost, or below cost Special-event pricing Advertised sales or price cutting linked to a holiday, season, or event Comparison discounting Setting a price at a specific level and comparing it with a higher price |
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What is transfer pricing? (Chapter 13)
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Prices charged in sales between an organization’s units
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What is Discounting? (Chapter 13)
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Trade discounts
Discounts offered to intermediaries or middlemen Quantity discounts Discounts for large volume purchases Cash discounts Discounts for prompt payment Seasonal discounts Price reductions for buyers who purchase out of season Allowances Price reductions to achieve certain goals such as returning used equipment or increasing sales of a particular item |
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What are channels of distribution? (Chapter 14)
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A sequence of marketing organizations that directs a product from the producer to the ultimate user
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Product to consumer (Direct channel) (Chapter 14)
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No intermediaries
Used by all services and by a few consumer goods Producers can control quality and price, do not have to pay for intermediaries, and can be close to their customers Examples: Dell Computer, Mary Kay Cosmetics |
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Producer to retailer to consumer
Chapter 14 |
Producers sell directly to retailers when retailers (Wal-Mart) can buy in large quantities
Most often used for bulky products for which additional handling would increase selling costs, and for perishable or high-fashion products that must reach consumers quickly |
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Producer to wholesaler to retailer to consumer
Chpt 14 |
The traditional channel
Used when a producer’s products are carried by so many retailers that the producer cannot deal with them all |
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Producer to agent to wholesaler to retailer to consumer
Chpt 14 |
Agent—functional middlemen that do not take title to products and are compensated by commissions paid to the producers
Often used for inexpensive, frequently purchased items, for seasonal products, and by producers that do not have their own sales forces |
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Producer to business user
Chpt 14 |
Usually used for heavy machinery, airplanes, major equipment
Allows the producer to provide expert and timely services to customers |
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Producer to agent middleman to business user
Chpt 14 |
Usually used for operating supplies, accessory equipment, small tools, standardized parts
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Justifications for marketing intermediaries
Chpt 14 |
Intermediaries perform essential marketing services
Manufacturers would be burdened with additional record keeping and maintaining contact with numerous retailers Costs for distribution would not decrease and could possibly increase due to the marketing inefficiencies of producers |
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Wholesalers’ Services to Retailers Chpt 14
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Buy in large quantities and then sell in smaller quantities
Deliver goods Stock in one place a variety of goods Promote products to retailers Provide market information for both producers and retailers Provide financial aid in the form of inventory management, loans, delayed billing |
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Wholesalers services to manafactuers Chpt 14
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Provide instant sales forces to manufacturers
Reduce manufacturers’ inventory costs by purchasing finished goods in sizable quantities Assume the credit risks associated with selling to retailers Furnish market information gleaned from the market and customers to the manufacturers |
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Classes of In-Store Retailers Chpt 14
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Catalog showroom
A retail outlet that displays well-known brands and sells them at discount prices through catalogs within the store Warehouse showroom A retail facility in a large, low-cost building with large on-premises inventories and minimal service Convenience store A small food store that sells a limited variety of products but remains open well beyond normal business hours Supermarket A large self-service store that sells primarily food and household products Superstore A large retail store that carries not only food and nonfood products ordinarily found in supermarkets but also additional product lines Warehouse club A large-scale, members-only establishment that combines features of cash-and-carry wholesaling with discount retailing Traditional specialty store A store that carries a narrow product mix with deep product lines Off-price retailer A store that buys manufacturers’ seconds, overruns, returns, and off-season merchandise for resale to consumers at deep discounts Category killer A very large specialty store that concentrates on a single product line and competes on the basis of low prices and product availability |
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Kinds of Nonstore Retailing Chpt 14
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A type of retailing whereby consumers purchase products without visiting a store
Direct selling The marketing of products to ultimate consumers through face-to-face sales presentations at home or in the workplace Direct marketing Using computers, telephones, and nonpersonal media to show products to customers, who can then purchase them by mail, telephone, or online Catalog marketing An organization provides a catalog from which customers make selections and place orders by mail or telephone Direct-response marketing A retailer advertises a product and makes it available through mail or telephone orders Telemarketing The performance of marketing-related activities by telephone |
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Planned Shopping Centers
Chpt 14 |
A self-contained retail facility constructed by independent owners and consisting of various stores
Lifestyle shopping center Has an open-air configuration and is occupied by upscale national chain specialty stores Neighborhood shopping center Comprises several small convenience and specialty stores Community shopping center Includes one or two department stores and some specialty stores, along with convenience stores Regional shopping center Contains large department stores, numerous specialty stores, restaurants, movie theaters, and sometimes hotels |
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Physical Distribution Chpt 14
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All those activities concerned with the efficient movement of products from the producer to the ultimate user
Inventory management The process of managing inventories in such a way as to minimize inventory costs, including both holding costs and potential stock-out costs Holding costs—the costs of storing products until they are purchased or shipped to customers Stock-out costs—the costs of sales lost when items are not in inventory when needed Order processing Activities involved in receiving and filling customers’ purchase orders Warehousing The set of activities involved in receiving and storing goods and preparing them for reshipment Receiving goods Identifying goods Sorting goods Dispatching goods to storage Holding goods Recalling, picking, and assembling goods Dispatching shipments Types of warehouses Private warehouses—owned and operated by a firm Public warehouses—offer their services to all firms Materials handling The physical handling of goods, in warehousing as well as during transportation Transportation The shipment of products to customers Carrier—a firm that offers transportation services Common carriers—services are available for hire to all shippers Contract carriers—available for hire by one or several shippers; not available to the general public Private carriers—owned and operated by the shipper Freight forwarders—agents who facilitate the transportation process for shippers by handling the details of the process Railroads—in terms of total freight carried, these are America’s most important mode of transportation |
