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44 Cards in this Set
- Front
- Back
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define mission statement
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a formal summary of the aims and values of a company, organisation, or individual
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define vision statement
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a company's road map, indicating both what the company wants to become and guiding transformational initiatives by setting a defined direction for the company's growth
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define business goals
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what a company expects to accomplish over a specific period of time
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define business objectives |
a statement of what an organisation expects to achieve over a set period |
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define communication |
exchange of information between people; the sending and receiving of messages |
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define stakeholders |
any group or individual who has interest in, or is affected by, the activities of a business |
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explain the importance of communication in achieving business objectives |
Communication is important in achieving business objectives because it ensures that business goals can be met efficiently if the message is shared among all of the stakeholders involved. |
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list the various means of communicating business strategies internally |
The means of communicating business strategies internally is so that all the internal stakeholders and employees are involved in approaching the goal sufficiently and effectively. It ensures that the goal can be met to the best of its ability if all members partake in a step to achieve it. |
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list various methods of communication and the factors influencing the appropriateness of these methods |
Methods of communication include verbal such as spoken and written and nonverbal such as body language and visually. The factors influencing the appropriateness of these methods includes what the message is, who and where the receiver is, the receivers preferred option of communication, if a permanent and quick response Is required, if technology is available and if it is intended to be public or private. |
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there are several "barriers" which limit effective communication, describe two and how they can be overcome |
Barriers that can limit communication can include language and improper attitude. Language relates to how the sender portrays the message and can limit the message being sent effectively if the sender doesn't give the message accurately. Improper attitude refers to the manner of how the sender talks to the receiver and can be limited if a manager talks down to its receiver. |
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define interview |
a meeting of people face to face, especially for a conference |
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define body language |
the use of gestures, facial expressions and posture to communicate |
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define logos |
a graphical representation that identifies a business product |
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define brand name |
that part of the brand that can be spoken |
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explain the difference between vertical and horizontal communication |
Vertical communication refers to communication from different levels of a company such as the CEO to employee or principal to year level leader. Horizontal communication refers to communication between people on the same level such as employee to employee and teacher to teacher. |
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explain the difference between verbal and non-verbal communication |
Verbal communication is the exchange of messages that is spoken such as interviews or speeches whereas non-verbal communication is the exchange of messages that is not spoken such as body language or visual communication. |
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explain the difference between internal and external stakeholders |
Internal stakeholders are people who are interested in the business that are within the company such as employees. However external stakeholders are people who are interested in the business that are outside of the company such as consumers. |
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why is it important for a business to have good language in communication? |
It is important for a business to have good language in communication so that the message is efficiently sent and the goal can be achieved without any barriers that can affect the message. |
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define marketing |
Marketing is getting the right product or service in the right quantity, to the right place at the right time and making a profit in the process. |
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what are the factors affecting marketing decisions? |
The factors affecting marketing decisions involves competitors, consumers and technological factors |
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define target market
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Target market is a group of customers with similar characteristics who currently purchase the product or may do so in the future. |
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define advertising (include 3 examples) |
Advertising is paid non-personal messages communicated through mass media to the public. For example, television commercials, billboards and radiocommercials. |
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explain the factors influencing consumer behaviour |
Consumer behaviour is influenced by psychological influences and sociocultural influences. Psychological influences refer to perception, motives and attitude towards the business whereas sociocultural influences refer to family and roles, peer groups and social class. |
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explain two market research methods |
Observational: measures behaviour as it occurs + natural behaviour - time consuming Interviews: dives deep into detail + captures emotions and behaviour - expensive |
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identify and explain the marketing mix (4P) |
Product: the goods and services that are available for sale Price: the concern of the amount of money to purchase the product Promotion: the act of communicating the benefits and value to consumers Place: the distribution, location and methods of getting the product tothe consumer |
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explain why a business might use logos and slogans as methods of marketing |
A business might use logos and slogans as methods of marketing because consumers associate them with their products. The golden arches have become associated with McDonalds and is its logo that attracts customers to buy food from them. |
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explain the 4 dimensions of market segmentation |
Market segmentation is the division of the consumer market of four elements. Demographic refers to age, gender, education and religion Geographic refers to rural or suburban Psychographic refers to lifestyle, personality and consumer opinions Behavioural refers to brand loyalty |
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what is a marketing plan? |
A marketing plan is a document that lists activities aimed at achieving particular marketing outcomes in relation to a good or service. The plan provides a template for future action aimed at reaching marketing objectives, such as establishing a customer base. |
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describe two ways in which the success of a marketing plan can be measured |
A marketing plan can be measured by sales and profit as it can determine how well the business is doing in terms of generating money because it can measure if the goal of the marketing plan has been met. Another way of measuring a marketing plan is consumer feedback which can be done by surveys and can help indicate the performance of the business as it is used to tell if the consumer is happy with the business's activities. |
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define public relations |
the planned and sustained effort to establish
and maintain goodwill and mutual understanding between an organisation and its public |
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define publics |
groups that the organisation interacts with and that have a vested interest in, or impact on, the organisation's ability to achieve its objectives |
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define publicity |
any free news stories about a business's products or services |
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why is public relations important to a business? |
Public relations is important to a business because it manages its corporate image and how that image is projected to the outside world. |
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explain the difference between marketing and public relations |
The difference between marketing and public relations is that marketing is the paid messages to the intended audience whereas public relations is the company creating a relationship with its external publics and stakeholders. |
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list 5 public relations activities |
- advertising - promotion - sponsorships - charities - business events |
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identify 4 of examples of an organisation's internal publics |
Internal publics includes employees, CEOs, managers and supervisors. |
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identify 4 example of an organisation's external publics |
External publics includes suppliers, consumers, media publics and government publics. |
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what are PR strategies? |
Public relation strategies are strategies that are used to create a favourable image for the business. They must establish objectives that are specific, measurable, attainable, results- centred, realistic and time-bound.They must have an identified public and implement the campaign and evaluate. |
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what is crisis management? |
Crisis management is how a PR management
team approaches a crisis that occurs to defend their public image. |
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what are the elements of a crisis communication plan? |
- determine the target publics - essential information should be communicated - get the facts - responses should be quick - be prepared to answer questions - provide updates - establish a chain of command - establish a crisis communication team - monitor the process - evaluate the effectiveness |
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explain the main stages in developing a PR campaign |
The main stages include establishing objectives, identifying publics,developing strategies, implementing the campaign and evaluating the results. |
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why is it important to evaluate a PR campaign? |
It is important to evaluate a PR campaign so that you can identify if the PR campaign was successful in relation to the business's image to see if it affected them positively or negatively. |
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describe two performance indicators to evaluate the performance of public relations strategies |
Profit and sales determines if the business is generating enough sales after a crisis by identifying if sales increased or decreased. Customer feedback determines if the business's consumers are happy with their service and evaluates if consumers want to come back after how the company dealt with the crisis. |
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describe an organisation's PR strategy that you are familiar with that helped to overcome a poor public image |
Nestle responded to Greenpeace pressure by announcing that they would cease obtaining palm oil from plantations on farms link to rainforest destruction and this increased their sales because the consumers were happy with how they handled the situation. |
