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901 Cards in this Set

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10 roles involved in mgmt
interpersonal (figurehead, leader, liaison), informational (monitor, desseminator, spokesperson), decisional (entrepreneur, distrubance handler, resource-allocator, negotiator)
3 levels of mgmt
top (upper) - president, chief executive; middle - district manger, base commander; first-line (lower-level, front-line, supervisory) - foreman, head nurse
3 phases of decision-making
intelligence (gathering knowledge leading to an understanding of what decision will have to be made, etc.), design (alternative courses of actions are invented), choice (actual decision is made)
3 skills involved in mgmt
technical, interpersonal, conceptual
4 functions of managers
planning, organizing, leading, and controlling
5 management process functions
"planning, organizing, staffing, directing and controlling"
5 Types of managers
line, staff, functional, general, and administrators
7. McCellands Theory Achievement:
the desire to excel or achieve in relation to a set of standards
7. McCellands Theory power
the desire to control overs and have influence over them.
8 Key Results Areas
market share, productivity, profitability, innovation, resources, worker performance and morale, manager performance and development, social responsibilities
Absolute comparisons
a process in which each criterion is compared to a standard or ranked on its own merits
Accessible: effective segmentation
the market segments can be effectively reached and served
Accommodative strategy
a social responsiveness strategy in which a company accepts responsibility for a problem and does all the society expects to solve that problem
accounting
the discipline that keeps track of a company's financial situation.
Action plan
the specific steps, people, and resources needed to accomplish a goal
actionable: effective segmentation
effective programs can be designed for attracting and serving the segments
activities
defined within the context of the work breakdown structure and are pieces of work that consume time
Activity in control process
Establishing performance standers, Measuring performance, Comparing measured performance to established standers, Talking corrective actions
Ad Council
a nonprofit organization that helps produce public service advertising campaigns for government agencies and other qualified sponsors.
ad layout
a sketch that shows the general arrangement and appearance of a finished ad.
adaptation
changing an existing product and/or promotion to better suit the characteristics of a targeted country or region.
Administrative Principles
Foresight, Organization, Command, Coordination, Control
Administrators
work in public and nonprofit organizations.
adoption: adoption process
the consumer decides to make full and regular use of the new product
advantages of functional project
team member can work on several projects, technical expertise is maintained within the functional area, functional area is a home after project completion, critical mass of specialized functional-area experts creates synergistic solutions to a project's technical problems
advantages of matrix project
communication bw functional divisions is enhanced, project manager is held responsible for successful completion of the project, duplication of resources is minimized, team members have a functional "home" after project completion, policies of the parent org are followed
advantages of pure project
project manager has full authority over the project, team members report to one boss, shortened communication lines, team pride, motivation, and commitment are high
advertising
a form of nonpersonal promotion in which companies pay to promote ideas, goods, or services in a variety of media outlets.
advertising agencies
independent businesses that specialize in developing ad campaigns and crafting the ads for the clients.
advertising campaign
a group of advertisements, commercials, and related promotional materials and activities that are designed as part of a coordinated advertising plan to meet specific goals of a company.
advertising proof
a representation of an ad that shows exactly how it will appear in print.
Advocacy groups
groups of concerned citizens who band together to try to influence the business practices of specific industries, businsesses and professions
After the fact controls
Current policies and procedures may prescribe corrective actions. Corrective action may call for exceptions to prescribed modes of behavior – doing whatever it takes to solve the problem may require empowering employees to use their imitative, discretion and good judgment to craft a unique of creative solution. Correction may be under automatic controls; check that these controls are not malfunctioning .
age and life cycle segmentation
dividing a market into different age and life cycle groups
agent
a wholesaler who represents buyers or sellers on a relatively permanent basis, performs only a few functions, and does not take title to goods
agents
intermediaries who bring buyers and sellers together and do not own the goods they sell.
aggregate sales and operations planning
finding the minimum-cost production schedule
agreement
a specific commitment that each member makes to the group.
allowance
a partial return of the sale price for merchandise that the customer has kept.
alteration
any changes made by a tailor to improve the fit of a garment, common with men's suits.
application blank
any form on which the employer asks the candidate to provide info
aptitude
an ability or natural talent; the potential to learn a certain skill.
arbitration
a dispute resolution procedure in which an independent third party decides and recommends how the disagreement should be resolved
articles of incorporation
a document filed with a state department of commerce that identifies the name and address of a new corporation, its purpose, the name of the inital directors, and the amount of stock that will be issued to each director.
aseptic packaging
a food storage process that keeps food fresh without refrigeration for up to six months.
assertiveness
standing up for what you believe.
asset
anything of monetary value that a person owns, such as cash, checking and savings accounts, real estate, or stocks.
attitude
a person's relatively consistent evaluations, feelings, and tendencies toward and object or idea
attitude research
a type of research designed to obtain information on how people feel about certain products, services, companies, or ideas; also known as opinion research.
A-type Conflict (affective)
disagreement that focusses on individual or personal issues
Autocratic Leaders
Directive leaders who prefer to make decisions and solve problems on their own with little input from subordinates.
Autocratic Style
A leader who tended to centralize authority, dictate work methods, make unilateral decisions, and limit employee participation
awareness: adoption process
the consumer becomes aware of the new product, but lacks information about it
balance of trade
the difference in value between a nation's exports and its imports.
Balance Sheet
546 A plan and control for the receipt and spending of income over a fixed period Assests= liabilities + shareholders equity
bar graph
a drawing made up of parallel bars whose lengths are proportional to the qualities being measured.
barriers
obstacles that interfere with the understanding of a message
basic stock list
a list used for those staple items that should always be in stock.
behavior modification
application to problems of industrial mgmt of the reinforcement theory
Behavioral addiction
the process of having managers and employees perform new behaviors that are central to symbolic of the new organizational culture a company wants to create
behavioral approach
focus on what effective leaders did - how they behaved
behavioral segmentation
dividing a market into groups based on consumer knowledge, attitude, use, or response to a product
Behavioral substitution
the process of having managers and employees perform new behaviors central to the new organizational cutlrure in place of behaviors that were central to the old organizational culture
Behavioral Theories
Leadership theories that identified behaviors that differentiated effective leaders from ineffective leader
belief
a descriptive thought that a person has about something
benefit segmentation
dividing a market into groups according to the different benefits that consumers seek from the product
better business bureau (bbb)
one of the oldest nonprofit organizations that establishes self-regulation among businesses.
blind check method
the receiver of a delivery writes the description of the merchandising, counts the quantities received, and lists them on a blank form or dummy invoice.
blisterpack
packaging with preformed plastic molds surrounding individual items arranged on a cardboard backing.
Bona Fide Occupational Qualifications (BFOQ)
 requires job candidate's race, color, etc. may not be considered or asked about in the hiring process unless legitimately related to job
bonded warehouses
public or private warehouses that store products requiring the payment of a federal tax.
boomerang method
a selling method that converts a customer's objection ino a selling point.
bounded rationality 
real-world decision-maker has his thinking limited by such things as societal and organizational norms and impracticality of obtaining all possible info about problem or alternatives
Brainstorming
a decision-making method in which group members build on each others' ideas and generate many alternative solutions
brand
a name, term, design, symbol, or combination of these elements that identifies a business, product, or service and distinguishes it from its competitors.
brand equity
the positive differential effect that knowing the brand name has on customer response to the product or service
brand extension
a branding strategy that uses an existing brand name to promote a new or improved product in a company's product line.
brand label
label giving the brand name, trademark, or logo.
brand licensing
a legal authorizaion by a trademarked brand owner to allow another company (the licensee) to use its brand, brand mark, or trade character for a fee.
brand mark
a unique symbol, coloring, lettering, or other design elements.
brand name
a word, group of words, letters, or numbers that represent a product or service; also known as a product brand.
break-even point
the point at which sales revenue equals the costs and expenses of making and distributing a product.
brick-and-mortar retailers
traditional retailers that sell goods to customers from physical stores, rather than over the internet.
broadcast media
radio and television.
broker
a wholesaler who does not take title to goods and whose function is to bring buyers and sellers together and assist in negotiation
budget
single-use plan - plan for use of resources (usu. along w/ expected results stated in quantitative terms)
budget accounts
accounts that allow the payment of a purchased item over a certain time period without a finance charge.
Budgeting
quantitative planning trough which mangers decide how to allocate available money to best accomplish company goals
bundle pricing
a pricing technique in which a company offers several products in a package that is sold at a single price.
Bureaucracy
the exercise of control on the basis of knowledge, expertise, or experience
bureaucracy theory - 3 kinds of authority
traditional (the way it's always been done); charismatic (leader has magnetism); rational-legal (based on expertise, training, experience)
Bureaucratic Organization
Bureaucracy: An ideal, intentionally rational, and very efficient form of organization. Based on principles of logic, order, and legitimate authority.
Business confidence indices
indices that show managers' level of confidence about future business growth
business cycle
recurring changes in economic activity, such as the expansion and contraction of an economy.
business philosophy
beliefs about how a business should be run that demonstrate an understanding of the business's role in the marketplace.
business plan
a proposal that outlines a strategy to turn a business idea into a reality.
business risk
the possibility of financial loss.
business-to-business selling
sales that take place in a manufacturer's or wholesaler's showroom (inside sales) or in a customer's place of business (outside sales).
buyer
a representative of a retail store who places orders for products that will be sold in the store, usually by traveling to manufacturers' showrooms.
buyer readiness stages
awareness, knowledge, liking, preference, conviction, and purchase
Buyers dependence
the degree to which a supplier relies on a buyer because of the importance of that buyer to supplier and the difficulty of finding other buyers for it products
buying behavior
the process individuals use to decide what they will buy, where they will buy it, and from whom they will buy it.
buying signals
the things customers do or say to indicate a readiness to buy.
buzz marketing
involves cultivating opinion leaders and getting them to spread information about a product or service to others in their communities
capacity
ability to hold, receive, store, or accommodate
capacity flexibility
ability to rapidly increase/decrease production levels
capacity utilization rate
capacity used/best operating level
cash flow statement
a monthly plan that tracks when a person anticipates that cash will come into their business and when they expect to pay out cash.
cash on delivery (cod) sale
a transaction that ocurs when a customer pays for merchandise at the time of delivery.
casual research - marketing research process
marketing research to test hypotheses about cause and effect relationships
category management
a process that involves managing product categories as individual business units.
cause packaging
packaging that is used by companies to promote social and political causes.
centralized buying
buying process for all branches in a chain store operation, usually done in a central location, such as company headquarters.
chain stores
two or more outlets that are commonly owned and controlled.
channel of distribution
the path a product takes from its producer or manufacturer to the final user.
channels
the avenues through which messages are delivered.
Characteristic of org information
information Data that have been deliberately selected, processed, and organized to be useful to an individual manager
Characteristics of a leader
guide, direct, persuade, coach, counsel and inspire others
Characteristics of bureaucratic organizations:
-Clear division of labor -Clear hierarchy of authority -Formal rules and procedures -Impersonality -Careers based on merit
Characteristics of multicultural organizations:
Pluralism, Structural integration, Informal network integration, Absence of prejudice and discrimination, Minimum intergroup conflict.
Charismatic leader
An leader whose personality and actions influence people to behave in certain ways
Chester Barnard
saw organization as open system
Chief information officer
the person over a group that is centralized IS serving the entire organization's needs placed under the control of a top-level manager and link them to top for control , coordination, and guidance.
Child labor
full-time employment of children for work otherwise done by adults.
circle graph
a pie-shaped geometric representation of the relative sizes of the parts of a whole; also called a pie chart.
Civil Rights Act of 1964 (part of EEO)
major piece of the structure of civil rights and EEO legislation; see Title VII.
Classical (administrative) Mgmt
Frenchman Henri Fayol "father of modern mgmt", first to distinguish the functions of mgmt, developed 14 principles of mgmt
clip art
images, stock drawings, and photographs used in print advertisements.
Closed systems
systems that can sustain themselves without interacting with their environment
closed systems 
one you can analyze as though it is in a black box w/ impenetrable boundaries
closing the sale
the process of obtaining a positive agreement from the customer to buy.
co-branding
a combination of one or more brands in the manufacture of a product or in the delivery of a service.
coercive power
based on ability to inflict punishment or deprive others of something valued
Cognitive maps
graphic depictions of how mangers believe environmental factors relate to possible organizational actions
cold canvassing
the process of locating as many potential customers as possible without checking out leads beforehand.
collateral
something of value that a person pledges as payment for a loan in case of default.
collective attitudes
The attitudes workers have about their work life and their work life.
color wheel
a circular illustration of the relationships between colors.
Command
to lead, select, and evaluate workers to get the best work toward the plan.
command economy
an economic system in which the government decides what, when, and how much will be produced and distributed.
common carriers
trucking companies that provide transportation services to any business in their operating area for a fee.
communication
the process of exchanging messages between a sender and a receiver.
communications program
software applications that enable users to electronically communicate through computers with people around the world.
Companies achieve competitive advantage by:
Products, Pricing, Customer service, Cost efficiency, Quality
Company Sales Force - types of intermediaries
expand the company's direct sales force. Assign salespeople, develop company sales
Company vision
a business;s purpose or reason for existing
comparative advertising
a company directly or indirectly compares its brand with one or more other brands.
competition
the struggle between companies to attract new customers, keep existing ones, and take away customers from other companies.
Competitive advantage
a core competency that clearly sets an organization apart from competitors and gives it an advantage over them in the marketplace.
Competitive analysis
is a process for monitoring the competition that involves identifying competition, anticipating their moves, and determining their strengths and weaknesses
competitive dimensions
cost/price, quality, delivery speed, delivery reliability, coping with changes in demand, flexibility and new-product intro speed, other product-specific criteria
Competitors
companies in the same industry that sell similar products or services to customers
Complex environment
an environment with many environmental factors
concentrated marketing: targeting strategies
a market coverage strategy in which a firm goes after a large share of one or a few segments or niches
Concentration of effect
the total harm or benefit that an act produces on the average person
Conceptual Skills
A managers ability to view the organization as a whole, understand how the various parts are interdependent, and assess how the organization relates to its external environment.
conditional value
payoff you think would happen under condition of each of the states of nature
Conglomerates
corporations that combine several different retailing forms under central ownership
Consensual Leaders
Leaders who encourage discussion about issues and then require that all parties involved agree to the final decision.
consensus
a decision on which all members of a team agree.
consideration
leadership behaviors include showing interest in the personal life and well-being of the employee, being warm and friendly, and listening to the employee's ideas
consignment buying
paying for goods only after the final customer purchases them.
Constant organizational culture
when a company actively defines and teaches organizational values, beliefs, and attitudes
Consultative Leaders
Leaders who confer with subordinates before making a decision but who retain the final decision-making authority.
consultive selling
sales that provide solutions to customers' problems by finding products that meet their needs.
consumer market
consumers who purchase goods and services for personal use.
consumer price index (cpi)
measurement of the change in price over a period of time of approximately 400 retail goods and services used by the average urban household.
consumer product
product bought by final consumer for personal consumption
consumer product safety commission (cpsc)
federal agency responsible for overseeing the safety of all products except food, drugs, cosmetics, medical devices, tobacco products, firearms and ammunition, motor vehicles, pesticides, aircraft, boats, and fixed site amusment rides.
consumer promotions
sales strategies that encourage customers and prospects to buy a product or service.
Contingency approach
holds that there are no universal management theories and that the most effective management theory or idea depends on the kinds of problems or situations that managers are facing at a particular time and place.
Contingency Plan
Plans that identify alternative courses of action for very unusual or crisis situations; typically stipulate the chain of command, standard operating procedures, and communication channels the organization will use during and emergency.
Contingency Theory of Leadership Effectiveness
Fred Fiedler; effectiveness of a particular leadership style depends on the situation
contract carriers
for-hire trucking companies that provide equipment and drivers for specific routes.
contract manufacturing
the process of hiring a foreign manufacturer to make products according to certain specifications.
Control
to make sure things happen according to plan and to take necessary corrective action.
Controlling
The process of assessing the organizations progress toward accomplishing its goals; includes monitoring the implementation of a plan and correcting deviations from it.
controlling function
making sure things are being done in a way that we want; the reverse of planning (measure/observe how much performance is deviating from plans)
convenience product
consumer product that the customer usually buys frequently, immediately, and with a minimum of comparison and buying effort
Conventional Distribution Channel
consists of one or more independent producers, wholesalers, and retailers. Each is a separate business seeking to maximize itw own profits, perhaps even at the expense of the system as a whole
Conventional level of moral development
the second level of moral development in which people make decisions that conform to societal expectations
cooperative advertising
a cost-sharing arrangement whereby both a supplier and a local advertiser pay for advertising.
Coordination
to fit diverse efforts together and ensure information is shared and problems solved.
copy
the selling message of a written advertisment.
copyright
the exclusive right to reproduce or sell a work authored by an individual, such as writings, music, and artwork.
core competencies
skills that differentiate the service or manufacturing firm from its competitors
core goods
provide a significant service component; appliances, data storage systems, automobiles
core services
integrate tangible goods; hotels, airlines, internet service providers
Corporate Culture
The set of attitudes, values, and standards that distinguishes one organization from another.
corporation
a legal entity created by either a state or a federal statute authorizing individuals to operate an enterprise.
Corruption
illegal practices that further one's business interests.
cost-benefit analysis
any systematic comparison of what a system/program or capital good will cost compared w/ revenues or benefits that will be generated
cost-plus pricing
all costs and expenses are calculated, and then the desired profit is added to arrive at a price.
coupons
certificates that entitle customers to discounts on goods and services.
cover letter
a letter written by an applicant to an employer describing why that applicant is the best person to fill a specific job opening.
CPM single time estimate
used when activity times are known with certainty, used to determine timing estimates for the project, each activity in the project, and slack time for activities
CPM with three time estimates
used when activity times are uncertain, used to obtain the same info as the single time estimate model and probability info
Credibility
The degree to which followers perceive someone as honest, competent, and able to inspire
credit
the opportunity for businesses or individuals to obtain products or money in exchange for a promise to pay later.
credit union
a cooperative association formed by labor unions or groups of employees for the benefits of its members.
critical path
path taking the longest time through this network of activities
Cross-functional strategic plan
Clearly the greatest advantage of strategic planning with a cross-functional team is the ability of team members to consider a situation from a number of viewpoints.
cross-training
a process that prepares a team member to do many different activities.
C-Type conflict (cognitive)
disagreement that focuses on problem-and issue-related differences of opinion
Culture
The shared set of beliefs, values, and patterns of behavior common to a group of people.
current issues in OM
coordinating relationships bw mutually supportive but separate orgs, optimizing global supplier, production and distribution networks, increased co-production of g/s, managing customer touch points, raising senior management awareness of operations as a significant competitive weapon
customer benefits
the advantages or personal satisfaction a customer will get from a good or service.
customer profile
a list of information about a target market, such as age, income level, ethnicity, occupation, attitudes, lifestyle, and geographic residence.
customer relationship management (crm)
identifying and understanding customers to form a strong, long-lasting relationship.
customer satisfaction
the extent to which a product's perceived performance matches a buyer's expectations
Customer-Driven Organizations
Customers want: High quality, Low price, On-time delivery
customization
the process of creating products or promotions for certain countries or regions.
cycle counts
a small portion of the inventory is physically counted each day by stockkeeping units so that the entire inventory is accounted for on a regular basis.
data analysis
the process of compiling, analyzing, and interpreting the results of primary and secondary data collection.
database
a collection of related information about a specific topic.
database marketing
a process of deisgning, creating, and managing customer lists that contain information about an individual's characteristics and transactions with a business; also known as customer relationship management (crm).
database programs
software applications that store and organize information.
debt capital
borrowed funds that must be repaid.
decentralized buying
local chain store managers or their designated buyers who are authorized to make special purchases for their individual stores.
decimal number
a fraction or mixed number whose denominator is a multiple of 10.
decision criteria
musts and NTH's ("nice to have's")
Decision making
the process of choosing a solution from available alternatives
Decision Support System
A specialized variant of a CIS an analytic model that joins a manager's experience, judgment, and intuition
Decisional Roles
A managers activities as an entrepreneur, resource allocator, conflict resolver, or negotiator.
decision-making done under 3 conditions
certainty, risk, uncertainty
decision-making done under certainty
outcome or payoff for an alternative has a probability of 1.0 (few real-world examples)
decision-making done under risk
probability of event is known or can be estimated - can be assigned a value from 0 to 1.0
decision-making done under uncertainty
probability of event unknown, cannot be estimated
decline stage
product's sales decline
Decoding - communication process
the process by which the receiver assigns meaning to the symbols encoded by the sender
Defensive strategy
a social responsiveness strategy in which a company does less than society expects
Delphi method
an approach to technological forecasting; used w/ expert respondents in the field of interest; getting individuals to state their judgments, review them, and make a final judgment about some question
Delphi technique
a decision-making method in which members of a panel of experts respond to questions and to each other until reaching agreement on an issue
demand
consumer willingness and ability to buy products.
demand elasticity
the degree to which demand for a product is affected by its price.
Democratic Leaders
Leaders who solicit input from all members of the group and then allow the members to make the final decision through a vote.
Democratic Style
A leader who tended to involve employees in decision making, delegate authority, encourage participation in deciding work methods and goals, and use feedback as an opportunity for coaching employees
demographic segmentation
dividing a market into groups based on variables such as age, gender, family size, family life cycle, income, occupation, religion, race, generation, and nationality
demographics
statistics that describe a population in terms of personal characteristics such as age, gender, income, marital status, ethnicity, education, and occupation.
denominator
the bottom number in a fraction; it represents how many parts make up a whole.
depression
a period of prolonged recession.
derived demand
the demand for industrial goods based on the demand for consumer goods and services.
descriptive label
a label that gives information about the product's use, construction, care, performance, and other features.
descriptive research - marketing research process
marketing research to better describe marketing problems, situations, or markets, such as the market potential for a product or the demographics and attitudes of consumers
Designing acceptable controls
focus on critical control points, integration, acceptability, timeliness, feasibility, accuracy and comprehensibility.
desktop publishing programs
a software application that is part word processor and part graphics application, and enables users to edit and manipulate both text and graphics in one document.
Devil's advocacy
a decision-making method in which an individual or a sub group is assigned the role of a critic
differentiable: effective segmentation
the segments are conceptually distinguishable and respond differently to different marketing mix elements and programs
differentiated marketing: targeting strategies
a market coverage strategy in which a firm decides to target several market segments and designs separate offers for each
digit
the ten basic symbols that compose the numbering system; 0, 1, 2, 3, 4, 5, 6, 7, 8, and 9.
direct check method
the merchandise is checked directly against the actual invoice or purchase order.
direct close
a closing method in which a salesperson asks for the sale.
direct distribution
sales of goods or services directly to the customer, with no intermediares.
direct investment
e.g. building a hotel in another country
direct marketing
direct connections with carefully targeted individual consumers to both obtain an immediate response and cultivate lasting customer relationships
direct marketing channel
a marketing channel that has no intermediary levels
directing (leading) function
guiding and influencing people to seek organizational objectives
directive leadership
House's Path-Goal theory; used in complex, non-routine jobs
disadvantages of functional project
aspects of the project that are not directly related to the functional area get short-changed, motivation of team members is often weak, needs of the client are secondary and are responded to slowly
disadvantages of matrix project
two bosses, doomed to failure unless PM has strong negotiation skills,suboptimization is a danger
disadvantages of pure project
duplication of resources, organizational goals and policies are ignored, org falls behind on its knowledge of new technology , team members have no functional area "home"
disclaimer
a statement that contains exceptions to and exclusions form a warranty.
discretionary income
the money left over from a consumer's income after paying for basic living necessities such as food, shelter, and clothing.
Discretionary responsibility
the expectation that a company will voluntarily serve a social role beyond its economic, legal and ethical responsibilities
display
the visual and artistic aspects of presenting a product to a target group of customers.
disposable income
the money left over after taxes are taken out of a consumer's income.
Disseminator role
the informational role managers play when they share information with others in their departments or companies
Distal goals
short-term goals or subgoals
Distinctive competencies
Distinctive competencies are things that an organization does well—so well in fact that they give it an advantage over similar organizations.
distractions
things that compete with the message for the listener's attention.
distribution center
a warehouse designed to speed delivery of goods and to minimize storage costs.
distribution scheduling
finding the optimal shipping schedule for distributing products between factories and warehouses or between warehouses and retailers
Disturbance handler role
the decisional role managers play when they respond to sever problems that demand immediate action
Diversification
This strategy can lead the organization into entirely new and even unrelated businesses. It involves seeking new products (often through acquisitions) for customers not currently being served.
Diversity
Describes differences among people at work.How diversity is handled in the workplace reflects the organization's culture
doing business as (dba) registration
the registraion by which a county government officially recognizes that a new proprietorship or partnership exists.
dollar control
the planning and monitoring of the total inventory investment that a business makes during a stated period of time.
domestic business
a business that sells its products only in its own country.
drop shippers
businesses that own the goods they sell but do not physically handle the products.
Dynamic environment
an environment in which the rate of change is fast
economic forecasting 
uses variety of methods to predict general levels of economic activity for a locality, region, country or the whole world
Economic responsibility
the expectation that a company will make a profit by producing a valued product or service
economic risks
risks that result from changes in overall business conditions.
economies of scale
as a plant gets larger and volume increases, average cost per unit of output drops
economy
the organized way a nation provides for the needs and wants of its people.
effectiveness
doing the right thing to create the most value for the company
efficiency
doing something at the lowest possible cost
Electronic Brainstorming
a decision-making method in which group members use computers to build on each others' ideas and generate many alternative solutions
Elements of observable culture
Stories, Heroes, Rites and rituals, Symbols
Elton Mayo
Hawthorne Studies, Human Relations Mvt, Behavioral Approach
e-marketplace
the online shopping location where products are sold to customers and industrial buyers through the use of the internet.
embargo
a total ban on specific goods coming into and leaving a country.
emotional barriers
biases against the sender's opinions that prevent a listener from understanding.
emotional motive
a feeling experienced by a customer through association with a product.
empathy
an understanding of a person's situation or frame of mind.
employee discounts
discounts offered by employers to their workers.
Employee shrinkage
employee theft of company merchandise
Empowerment
The process of giving employees increased autonomy and discretion to make decision. as well as control over the resources needed to implement those decisions.
Encoding - communication process
process of putting thought into symbolic form
endless chain method
the process of asking previous customers for names of potential customers.
enterprise resource planning (erp)
sophisticated software that integrates all parts of a company's business management.
Entrepreneur Role
the decisional role managers play when they adapt themselves, their subordinates, and their units to change
entrepreneurs
people who create, launch, organize, and manage a new business and take the risk of business ownership.
enumeration
listing items in order
Environmental change
the rate at which a company's general and specific environments change
Environmental complexity
the number of external factors in the environment that affect organizations
environmental protection agency (epa)
federal agency that protects human health and our environment.
environmental scan
an analysis of outside influences that may have an impact on an organization.
Environmental scanning
searching the environment for important events or issues that might affect an organization
Equal Employment Opportunity (EEO)
refers to legislation and governmental and org. policies that require that all persons have the same treatment
equal employment opportunity commission (eeoc)
federal agency responsible for the fair and equitable treatment of employees with regard to hiring, firing, and promotions.
Equal Pay Act of 1963 (part of EEO)
men and women performing the same work must get the same pay
equity
the concept of equal rights and opportunities for everyone.
equity capital
the process of raising money from within your company or by selling part of tthe interest in the business.
Equity theory 
 people try to maintain or est. an equality b/w their own ratio of what they put in to a job vs. what they get out of it [I/O (self) = I/O (other)]
ERG Hiearchy
a motivation category that uses three types of needs, existence, relatedness and growth needs.
ERISA (Employee Retirement Income Security Act of 1974)
est. standards for company retirement plans
e-tailing
retailers selling products over the internet to the customer; also known as online retailing.
ethical behavior
behavior that conforms to a society;s accepted principles of right and wrong
Ethical intensity
the degree of concern people have about an ethical issue
Ethical Issues for Multinational Corporations
Corruption, Sweatshops, Child labor, Sustainable development
Ethical responsibility
a company's social responsibility nnot to violate accepted principles of right and wrong when conducting its business
ethics
basic values and moral principles that guide the behavior of individuals and groups.
Ethics training
Structured programs that help participants to understand ethical aspects of decision making. Helps people incorporate high ethical standards into daily life.
european union (eu)
european trading bloc
Evaluation apprehension
fear of what others will think of your ideas
evaluation: adoption process
the consumer considers whether trying the new product makes sense
everyday low prices (edlp)
consistently low prices with no intention of raising them or offering discounts in the future.
exception principle
once procedures, policies, and other plans have been est. and are working, mgmt should focus on the exceptions where performance does not meet standards
exchange
the act of obtaining a desired object from someone by offering something in return
Exclusive distribution
giving a limited number of dealers the exclusive right to distribute the company's products in their territories
excuses
reasons for not buying or not seeing the salesperson.
executive summary
a brief overview of an entire marketing plan.
exempt carriers
trucking companies that are free from direct regulation of rates and operating procedures.
existence needs
the need related to a person's well being
exit interview
an interview arranged by human resources department when an employee leaves a company.
expansion
a time when the economy is flourishing; also called prosperity.
expected value
conditional value of alternative times probability of state of nature
experimental method
a research technique in which a researcher observes the results of changing one or more marketing variables while keeping certain other variables constant under controlled conditions.
expert opinion
method of sales forecasting; asking marketing executives what they expect will happen
Expert Power
Power that is derived from an individuals extensive knowledge in one or more areas.
Exploratory Research - marketing research process
marketing research to gather preliminary information that will help define problems and suggest hypotheses
exports
goods and services sold to other countries.
express warranty
a warranty that is explicitly stated, in writing or verbally, to encourage a customer to make a purchase.
extended coverage
an endorsement tha provides protection against types of loss that may not be covered under a basic property insurance policy.
extensive decision making
the process used when there has been little or no previous experience with an item.
External environments
all events outside a company that have the potential to influence or affect it
factors of production
economic term for the four categories of resources: land, labor, capital, and entrepreneurship
factory outlets
producer operated stores by firms in value retail centers
family
most important consumer buying organization in society
feature-benefit selling
sales that match the characteristics of a product to a customer's need and wants.
federal trade commission (ftc)
federal agency responsible for enforcing the principles of a free enterprise system and protecting consumers from unfair or deceptive business practices.
Feed Foward Control
A control that prevents defects and deviations from standards by focusing on operations before they begin
feedback
a receiver's response to a message.
Feedback - communication process
the part of the receiver's response communicated back to the sender
fidelity bonds
a type of insurance that protects a business from employee dishonesty.
Fiedler contingency model
A contigency theory that proposed that effective group performance depended upon the proper match between a leader's style of interacting with his or her followers and the degree to which the situation allowed the leader to control and influence
Figurehead role
the interpersonal role managers play when they perform ceremonial duties
finance
a business function that involves money management.
firewall
hardware or software that protects a computer from attacks by hackers.
first principle of Scientific Mgmt
scientific study of work - use systematic procedures, gather info, est. method of performance
First-Line managers
managers who train and supervise the performance of non managerial employees who are directly responsible for producing the company's products or services
fixtures
the principle installations in a store; permanent or movable store furnishings that hold and display merchandise.
flexibility
behavior that allows you to adapt to changing circumstances.
flexible plants
zero-changeover-time plant- moveable equipment, knockdown walls, and easily accessible and reroutable utilities
flexible processes
flexible manufacturing systems and simple, easy set up equipment; allow for rapid low-cost switching from one product line to another which enables economies of scope
flexible-price policy
a price policy that lets customers bargain for merchandise.
flextime
a program that allows workers to choose their work hours.
focal point
an area in a display that attracts attention first, above all else.
focused factory
a production facility works best when it focuses on a fairly limited set of production objectives
food and drug administration (fda)
federal agency that regulates labeling and safety of food, drugs, and cosmetics sold in the united states.
forced-choice questions
questions that ask repsondents to choose answers from possibilities given on a questionnaire.
forecasting
early step in planning process; est. premises or assumptions on which plans will be based
foreign corporation
a company that is incorporated under the laws of a state that differs from the one in which it does business.
foreign direct investment (fdi)
investments in factories, offices, and other facilities in another country that are used for a business's operations.
Foresight
to complete a plan of action for the future.
formal balance
when a large item is placed on one side of the display, a similarly large item should be placed on the other side.
Forms of International Business
?
for-profit business
a business that seeks to make a profit from its operations.
fourth principle of Scientific Mgmt
work to be divided b/w mgmt and workers
fractions
numbers used to describe or compare parts of a whole.
franchise
a legal agreement to sell a parent company's product or services in a designated geographic area.
Frank and Lilian Gilbreth 
Scientific Mgmt, "One Best Way", Science of Bricklaying
Frederick W. Taylor
"Father of Scientific Mgmt"
free enterprise system
a system that encourages individuals to start and operate their own businesses in a competitive market, without government involvement.
Free reign style
when a leader asks his friends and subordinates to take over his leadership position, is characterized by delegation, and his willingness to give advice.
free trade
commercial exchange between nations that is conducted on free market principles, without tariffs, import quotas, or other restrictive regulations.
free-on board (fob)
the price for goods includes delivery at the seller's expense to a specified point and no further.
Free-rein (Laissez-fair) Leadership
A leadership style in which the leader turns over all authority and control to subordinates.
freight forwarders
private companies that combine less than carload or truckload shipments form several businesses and deliver them to their destinations.
Fritz Roethlisberger
Hawthorne Studies, Behavioral Approach, Human Relations
Full Service Retailers
specialty stores and first class department stores. Salespeople assist customers in every phase of the shopping process
full warranty
a warranty that guarantees that if a product is found to be defective within the warranty period, it will be repaired or replaced at no cost to the purchaser.
Functional managers
are responsible for a single area of activity.
functional project
project housed within a functional division
Gantt chart
a graphic chart that shows tasks must be completed at which times in order to complete a project or task
gender segmentation
dividing a market into different groups based on gender
General environment
the economic, technological, sociocultural, and political trends that indirectly affect all organizations
General managers
are responsible for more complex units that include many functional areas.
general partnership
a way to organize a business in which each partner shares in the profits and losses
generalization
a statement that is accepted as true by by most people.
generic brand
products that do not carry a company identity.
geographic segmentation
dividing a market into different geographical units such as nations, states, regions, counties, cities, or neighborhoods
geographical pricing
a pricing technique that makes price adjustments because of the location of the customer for delivery of products.
geographics
segmentation of the market based on where people live.
global business
a business that sells its products to more than one country.
global company
sells a single product all over the world
Global Diversity
?
Global Management Skills
A managers ability to operate in diverse culture environments.
Globalization
-National boundaries of world business have largely disappeared. -Globalization is the worldwide interdependence of resource flows, product markets, and business competition that characterize the new economy.
Goal of controls
Planning, organizing, leading and staffing
goal setting theory
people work harder to achieve goals that are specific, accepted by them, and challenging
goals
 desired end states
goods
tangible items of monetary value that satisfy needs and wants.
grade label
a label that states the quality of the product.
graphics and design programs
software applications for creating and modifying images.
green marketing
producing and promoting environmentally safe products.
greeting approach
a way to approach a customer that focuses on welcoming the customer to the store.
gross domestic product (gdp)
the output of goods and services produced by labor and property located within a nation.
gross natinal product (gnp)
the total dollar value of goods and services produced by a nation.
gross profit
the difference between sales revenue and the cost of goods sold.
gross sales
the total of all sales for a given period of time.
group
two or more people who interact to accomplish individual or mutual goals
Groupthink
a barrier to good decision making caused by pressure within a group for members to agree with each other
growth needs
needs that relate to a person's achievement and competence.
growth stage
sales start climbing quickly
Hawthorne studies: Employee attitudes, interpersonal relations and group processes.
Some things satisfied some workers but not others. People restricted output to adhere to group norms.
Hawthorne studies: Lessons from the Hawthorne Studies:
Social and human concerns are keys to productivity. Hawthorne effect — people who are singled out for special attention perform as expected.
headline
the phrase or sentence that captures the readers' attention, arouses their interest, and entices them to read the rest of the ad.
Henri Fayol
Classical Approach, Functions of Mgmt, 14 Principles of Mgmt, "Father of Modern Mgmt"
Henry L. Gantt 
Scientific Mgmt, Gantt Charts for Scheduling
Henry Mintzberg 
Mangerial Roles - Interpersonal, Informational, Decisional
Herbert Simon
adminstrative man model of decision-making; 3 phases of decision making (Nobel prize winner)
Herzberg's hygiene (dissatisfier) factors
extrinsic to work (working conditions, company policy, supervision, pay, benefits); keep employee from quitting (do not motivate exceptional performance
Herzberg's motivator (satisfier) factors
recognition, responsibility, achievement, etc., intrinsic
Herzberg's Two-Factor (Motivator-Hygiene) Theory
motivators lead to extraordinary job performance while hygiene factors keep employee showing up and doing the minimum necessary
hierarchy of plans
planning flows in a top-down sequence from overall vision to more specific detailed level of plans
High-High leader
A leader high in both initiating structure and consideration behaviors
home page
the main page of a web site that clearly and quickly lets people know what site they are visiting.
horizontal organization
a structure where top management shares decision making with self-managing teams of workers who set their own goals and make their own decisions.
Human relations (behavioral) perspective
Hawthorne studies
Human Relations Skills
a managers interpersonal skills that are used to accomplish goals through the use of human resources.
human risks
risks that are triggered by errors or omissions as well as the unpredictability of customers or of working environments.
human skills
the ability to work well with other
hypertext markup language (html)
a detailed code used to write web pages.
hypertext transfer protocol (http)
the global computer protocol used to identify and locate web pages on the internet.
illustration
the photograph, drawing, or other graphic elements used in an advertisement.
Implementing CIS
Computer operations, System programming, Data entry, Application development, Application maintenance, data management, Communication management End-user computing
implied warranty
a warranty that takes effect automatically by state law whenever a purchase is made.
imports
goods and services purchased from other countries.
incentives
products earned or given away through contests, sweepstakes, and rebates.
income segmentation
dividing a market into different income groups
income statement
a summary of income and expenses during a specific period of time; also known as profit and loss statement.
indirect distribution
sales of goods or services to the customer through one or more intermediaries.
indirect marketing channel
channel obtaining one or more intermediary levels
Industrial distributors - types of intermediaries
Find distributors in the different regions or industries who will buy and carry the new line
industrial market
businesses that buy products to use in their operations; also called the business-to-business market (this can be abbreviated as b-to-b or b2b).
industrial product
product bought by individuals and organizations for further processing or for use in conducting a business
industry
a group of establishments primarily engaged in producing or handling the same product or group of products or in rendering the same services.
Industry regulation
regulations and rules that govern the business practices and procedures of specific industries, businesses, and professions
influence
viewed as the essence or equivalent of leadership by some; ability to get others to do something desired by the person doing the influencing
informal balance
the placement of several small items with one large item within a display.
Informational Roles
A managers activities as an information gatherer, information disseminator, or spokesperson for the company.
Informative advertising
used heavily when introducing a new product category
infrastructure
the physical development of a country, including its roads, ports, sanitation facilities, and utilities.
initiating structure
involves giving direction and orders, clarifying jobs and roles, explaining objectives and pressuring subordinates for task performance
initiative
the process of taking action and doing what needs to be done without being asked.
innovation
introduction of things that are new - technology, methods, ideas, and new products and services
installment accounts
accounts that allow for payment over a period of time; also known as time payment accounts.
institutional advertising
the process used to try to create a favorable image for a company and foster goodwill in the marketplace.
institutional promotion
a promotion method used to create a favorable image for a business, help it advocate for change, or take a stand on trade or community issues.
insurance policy
a contract between a business and and insurance company to cover a specific business risk.
integrated distribution
a distribution system in which manufacturers act as wholesaler and retailer for their own products.
Integrative conflict resolution
an approach to dealing with conflict in which both parties deal with the conflict by indicating their preferences and hen working together to find an alternative that meets the needs of both
Intellectual capital & Knowledge Workers
-People are the ultimate foundations of organizational performance. -Intellectual capital is the collective brainpower or shared knowledge of a workforce that can be used to create value -A knowledge worker adds to the intellectual capital of an organization.
Intensive distribution
a strategy in which they stock their products in as many outlets as possible
interest
the money paid for the use of money borrowed or invested.
interest: adoption process
the consumer seeks information about the new product
intermediaries
businesses involved in sales transactions that move products from the manufacturer to the final user; also known as middlemen
Internal environment
the events and trends inside an organization that affect management, employees, and organizaional cutlture
internet
a worldwide network of computer networks, allowing a free flow of information.
internet service providers (isps)
companies that provide internet access for businesses, organizations, and individuals.
internship
an opportunity that offers students direct work experience and exposure to various aspects of a career, either with or without pay.
Interpersonal Roles
A mangers activities as a figurehead, company leader, or liaison.
introduction stage
starts when the new product is first launched. sales are slow
inventory
all the goods stored by a business before they are sold.
inventory control
finding the optimal combination of products to stock in a network of warehouses or storage locations
inventory management
the process of buying and storing materials and products while controlling costs for ordering, shipping, handling, and storage.
inventory turnover
the number of times the average inventory has been sold and replaced in a given period of time.
invoice
an itemized list of goods that includes prices, terms of sales, total, takes and fees, and amount due.
jargon
specialized vocabulary used by members of a particular group.
job descriptions
written statements listing the requirements of a particular job and the skills needed to fulfill those requirements.
job enlargement
(horizontally)  addding duties of a similar level of skill at the same organizational level (horizontal loading)
job enrichment 
(vertically)  redesigning jobs to hold more motivator factors; implies increasing the depth of the job by giving it planning and controlling elements
job lead
information about a job opening.
joint venture
a business enterprise that different companies set up together; often, the venture involves a domestic company and a foreign company.
just-in-time (jit) inventory system
an inventory system that controls the flow of parts and material into assembly and manufacturing plants.
Key customer service lessons:
Protect reputation for quality products. Treat customers right.
kiosks
interactive point-of-purchase displays that are typically four feet high, have pedestal-mounted high-tech screens, and take up only a few square feet of floor space.
label
an information tag, wrapper, seal, or imprinted message that is attached, to a product or its package.
Laissez-Faire Style
A leader who generally gave the group complete freedom to make decisions and complete the work in whatever way it saw fit
Landrum-Griffin Act (1959)
attempted to eliminate racketeering from org. labor, to promote union democracy and self-government, and to provide for closer supervision by the Federal gov.
law of diminishing marginal utility
an economic law stating that consumers will buy only so much of a given product, even though the price is low.
Laws, Values, & Ethical Behavior
Legal behavior is not necessarily ethical behavior. Personal values help determine individual ethical behavior: Terminal values and Instrumental values
layaway
a sales method that keeps merchandise in storage until the customer finishes paying for it.
layman's terms
words the average customer can understand.
Leader
Someone who can influence others and who has managerial authority
Leader participation model
A leadership contingency model that related leadership behavior and participation in decision making
Leader role
the interpersonal role managers play when they motivate and encourage workers to accomplish organizational objectives
Leader-member relations
One of Fiedler's situational contingencies that described the degree of confidence, trust, and respect employees had for their leader
Leadership
The process of guiding and motivating others toward the achievement of organizational goals.
Leadership ability
Social skills,cleverness, creativity, diplomacy,tact, fluency in speaking,knowledge about group task, organizational ability, and persuasiveness.
Leadership Style
The relatively consistent way in which individuals in leadership positions attempt to influence the behaviour of others.
Leadership style: negative
Uses fines, termination and suspensions to motivate people
Leadership style: posetive vs. negative motivation
rewards praises and promotion are the approach that a posetive leader takes
Leading
Inspiring and motivating workers to work hard to achieve organizational goals
learning
changes in an individual's behavior arising from experience
learning curve
as plants produce more, they gain experience in the best production methods, which reduce their costs per unit
Learning Organizations
Organizations that are able to continually learn and adapt to new circumstances.
Learning Organizations, Core ingredients include:
Mental models, Personal mastery, Systems thinking, Shared vision, Team learning
Legal responsibility
a company's social responsibility to obey society's laws and regulations
Legitimate Power
Power that is derived from and individuals position in an organization.
liability
a debt that a perosn owes to others, such as credit card debt, school loans, car payments, or taxes.
Liaison role
the interpersonal role managers play when they deal with people outside their units
licensee
a company that makes a product under a designer's name and pays the designer for the design, packaging, and promotional ideas.
licensing
the process of letting another company (licensee) use a trademark, patent, special formula, company name, or some other intellectual property for a fee or royalty.
lifestyle
the kind of life a person lives.
limited decision making
the process used when a person buys goods and services that he or she has purchased before but not regularly.
limited liability
the personal assets of the owners cannot be taken if the company does not meet its financial obligations.
limited liability company (llc)
a relatively new form of business organization that is a hybrid of a partnership and corporation.
limited partnership
a form of business organization in whixch each limited partner is liable for any debts only up to the amount of his or her investment in the company. the business's general partner is liable for all debts.
Limited Service Retailers
provide more sales assistance because of carrying more shopping goods about which customers need information
limited warranty
a warranty that excludes certain parts of the product form coverage or requires the customer to bear some of the expense for repairs resulting form defects.
line
an assortment of designs offered by one designer or manufacturer.
line graph
a line that joins points representing changes in a variable quantity, usually over a period of time.
Line managers
are responsible for work activities that directly affect organization's outputs.
linear programming
several related mathematical techniques used to allocated limited resources among competing demands in an optimal way
long-range plans
covering a period of more than one year into the future
loss leader
an item priced at or below cost to draw customers into a store.
Magnitude of consequence
the total harm or benefit derived from an ethical decision
Management
The Process of guiding the development, maintenance, and allocation of resources to attain organizational goals.
Management by objectives (MBO)
a four-step process in which manger and employees discuss and select goals develop tactical plans and meet regularly to review progress toward goal accomplishment. brings planning process down to the individual; Peter Drucker; judge employee performance on basis of results rather than telling him or her what to do every step of the way
manager performance and development
deal w/ a critical aspect of the firm - quality of mgmt and continuous availability and updating of managerial competence
Managerial grid
A grid of two leadership behaviors - concern for people and concern for production - which resulted in five different leadership styles
manufacturer representative
an employee of a manufacturer whose job it is to sell the manufacturer's products to retail buyers.
Manufacturer's agency - types of intermediaries
Hire manufacturer's agents. Independent firms whose sales forces handle related products
market
the set of all actual and potential buyers of a product or service
Market development strategies
Pursuing growth through market development, an organization would seek to find new customers for its present products.
market economy
an economic system in which individuals and companies decide what will be produced, when, and how it will be distributed.
market intelligence
information about the size and location of a market, the competition, and the segmentation within the makret for a particular product or service.
market penetration pricing
setting a low price for a new product in order to attract a large number of buyers and a large market share
Market penetration strategies
These strategies focus primarily on increasing the sale of present products to present customers.
market research
asking customers what they think
market segmentation
dividing market into small groups with distinct needs, characteristics, or behaviors who might require separate products or marketing mixes
market share
a company's percentage of total sales volume generated by all comptetition in a given market.
market skimming pricing
setting a high price for a new product to skim maximum revenues layer by layer from the segments willing to pay the high price. fewer but more profitable sales
market targeting
the process of evaluating each market segments attractiveness and selecting one or more segements to enter
marketing
the process of planning, pricing, promoting, selling, and distributing products to satisfy customers' needs and wants.
marketing channel
a set of interdependent organizations that help make a product or service available for use or consumption by the consumer or business user
marketing concept
businesses should satisfy customers' needs and wants while making a profit.
marketing concept
the marketing management philosophy the achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do
marketing environment
the actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers
Marketing information systems
Throughout the marketing management process, current, reliable, and valid information is needed to make effective marketing decisions. Providing this information is the task of the marketing information system and marketing research.
Marketing management
Marketing management can be defined as "the process of planning and executing the conception, pricing, promotion, and distribution of goods, services, and ideas to create exchanges with target groups that satisfy customer and organizational objectives."
marketing mix
the four basic marketing strategies, called the four p's: product, place, price, and promotion.
Marketing plan
It is a formal statement of decisions that have been made on marketing activities; it is a blueprint of the objectives, strategies, and tasks to be performed.
Marketing planning
This process can be viewed in terms of three interrelated tasks: (1) establishing marketing objectives, (2) selecting the target market, and (3) developing the marketing mix.
marketing research
the process and methods used to gather information, analyze it, and report findings related to marketing goods and services.
marketing strategy
identification of target markets and determination of marketing mix choices that focus on those markets.
markup pricing
the process where resellers add a dollar amount (markup) to its cost to arrive at a price.
marquee
an architectural canopy that extends over a store's entrance.
Maslow's esteem needs
fourth level; needs for recognition and respect
Maslows Hearchy of needs
physical, servival, social, esteem, and self realization needs
Maslow's Need Hierarchy Theory
human needs arranged in 5 groups in a hierarchy of pre-potency (lower needs must be satisfied first)
Maslow's physiological needs
lowest level; hunger, thirst
Maslow's safety needs
second level; physical safety, health, job security
Maslow's self-actualization needs
fifth (top) level; become what you are capable of becoming
Maslow's social needs
third level; love (friendship, conversation, etc.)
mass marketing
use of a single marketing plan to reach all customers.
material handling
finding the minimum-cost routings of material-handling devices
matrix project
attempts to blend properties of functional and pure project structures
maturity stage
sales growth slows or levels off
Maximizing
choosing the best alternative
McCellands Theory friendship
The desire for friendship, affiliation and close interpersonal relationships.
measurable: effective segmentation
the size, purchasing power, and profiles of the segments can be measured
media
the avenues through which messages are delivered; also known as channels.
Media - communication process
the communication channels through which the message moves from sender to receiver
Media advocacy
an advocacy group tactic that involves framing issues as public issues
media planning
the process of selecting the advertising media and deciding the time or space in which the ads should appear to accomplish a marketing objective.
media research
a type of research focusing on the issues of media effectiveness, selection, frequency, and ratings; also known as advertising research.
memorandum buying
a buying process in which the supplier agrees to take back any unsold goods by a certain pre-established date.
merchandise approach
a way to approach a customer that focuses on making a comment or asking questions about a product in which the customer shows interest.
merchant wholesalers
independently owned business that takes title to the merchandise it handles
Message - communication process
the set of symbols that the sender transmits
micromarketing: targeting strategies
the practice of tailoring products and marketing programs to the needs and wants of specific individuals and local customer groups
Middle Management
Managers who design and carry out tactical plans in specific areas of the company.
mini-nationals
midsize or smaller companies that have operations in multiple countries.
Mission
a statement of a company's overall goal that unifies company-wide efforts toward its vision, stretches and challenges the organization, and processes a finish line and a time frame
Mission Statement
A formal document that states and organizations purpose and reason for existing; and describes its basic philosophy.
mixed brand
a combination of manufacturer, private distributer, and generic brands as a strategy to sell products.
mixed bundling
the practice of packaging different products and services together.
mixed number
a whole number and a fraction written together.
model stock list
an inventory monitoring plan used for merchandise that quickly goes out of fashion.
Monitor Role
the informational role managers play when they scan their environment for information
monopoly
exclusive control over a product or the means of producing it.
Motion study
breaking each task or job into its separate motions and then eliminating those that are unnecessary or repetitive
Motivation to manage
an assessment of how enthusiastic employees are about managing the work of others
motivator factors
responsibiltiy, opportunities for professional growth, achievement and recognition
motive
a need that is sufficiently pressing to direct the person to seek satisfaction of the need
multichannel distribution
the company expands its sales and market coverage and gains opportunities to tailor its products and services to the specific needs of diverse customer segments. harder to control and generate conflict
multifactor productivity measure
ratio of output to a group of inputs; ex. total output/(labor+capital+energy)
multi-nationals
large corporations that have operations in multiple countries.
narrow and deep
describes a common stock plan in the peak of a season, with a large number of the top-selling items in the most popular colors available.
national brands
brands that are owned and initiated by national manufacturers or service companies; also known as producer brands.
natural risks
risks that result from natural occurrences, such as an earthquake or bad weather.
negotiation
the process of working with different parties to find a resolution to their conflict.
Negotiator role
the decisional role managers play when they negotiate schedules, projects, goals, outcomes, resources, and employee raises
net income
the amount left after total expenses are subtracted from gross profit.
net sales
the amount left after gross sales have been adjusted for returns and allowances.
net worth
the difference between the assets of a business and its liabillities.
networking
the art of building business contacts and alliances.
never-out list
an inventory monitoring plan used for best-selling products that make up a large percentage of sales volume.
news release
an announcement that is sent by a business or organization to media outlets.
Noise - communication process
the unplanned static or distortion during the communication process, which results in the receiver's getting a different message than the one the sender sent
Nominal group technique
a decision-making method that begins and ends by having group members quietly write down and evaluate ideas to be shared with the group
non personal communication channels
media that carry messages without personal contact or feedback, including major media, atmosphere, and events
Non store retailing
selling to final consumers through direct mail, catalogs, telephone, the internet, tv home shopping, home and office parties, and door to door.
nonprice competition
competition based on factors that are not related to price, such as product quality, service and financing, business location, and reputation.
nonprofit organization
an organziation that can function like a business but uses the money it makes to fund the cause identified in its charter.
Non-programmed Decisions
Responses to infrequent, unforeseen, or very unusual problems and opportunities, where the manager does not have a precedent to follow in decision-making.
nonverbal communication
expressing oneself without the use of words.
north american free trade agreement (nafta)
an international trade agreement among the united states, canada, and mexico.
notion of trade-offs
operations cannot excel simultaneously on all competitive dimensions
Number of team members
Is best when their are twelve and under members.
numerator
the top number in a fraction; it represents the number of parts being considered.
Objective goals
Planning, Organizing, Leading and Staffing
objectives
results, attainments, or accomplishments used as the end points for plans and actions (narrower than a goal)
occasion segmentation
dividing a market into groups according to occasions when buyers get the idea to buy, actually make their purchase, or use the purchased item
off-shore production
manufacture of clothing or accessories in a foreign country to take advantage of lower labor costs.
Open system
systems that can sustain themselves only by interacting with their environment, on which they depend for their survival
operational (action) planning
provides the detailed plans and assignments of responsibilities and authority required to execute strategic plans
operations and supply management
the design, operation, and improvement of the systems that create and deliver the firm's primary products and services