Project Management and Marketing Fundamentals

This set of vocabulary flashcards covers essential concepts in project management, marketing strategies, and logistics based on lecture notes.

Project Division Categories

The classification of projects based on the origin of orders, degree of novelty, size, and orientation.

Basic Goals of Project Management

The primary objectives focusing on meeting the requirements, implementation costs, and implementation time.

Resource Planning

The process of identifying, forecasting, and allocating the necessary assets, personnel, and equipment needed to complete a project or business objective efficiently.

Critical Path

The sequence of stages that determines the minimum total duration of a project; any delay in these tasks will delay the entire project completion date.

Product

Anything that can be offered to customers to satisfy a needs or wants.

Exchange

The act of obtaining a desired product or service from someone by offering something in return.

Marketing (P. Kotler definition)

A societal and managerial process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others.

Need

A basic human requirement such as food, water, or safety.

Want

The specific product a person chooses to satisfy a basic need, based on their culture and personality.

Choice Set

The small group of specific products that a customer actively considers and chooses from when making a final decision.

Monetary Transaction

A trade involving paying with money.

Barter Transaction

The direct trading of goods or services for other goods or services without using money.

Comparison: Project vs. Business Management

Business management focuses on repetitive and simple activities, while project management focuses on complex and unique ones.

Project (PMI definition)

A temporary venture, the goal of which is to create a unique product or service.

Classic Project Example

The implementation of a new IT system in an enterprise.

Measurable (SMART principle)

The characteristic of a goal represented by the letter "M" in the SMART acronym.

Post-Project Team Status

The phase where the team is dissolved and its members return to their permanent functional units.

Project Executive Phase

The stage in the project life cycle model where costs and expenses reach their highest level.

Project Compromise Triangle

The model consisting of three components: Costs, Time, and Scope.

Stages of Risk Management

The sequential four-stage process including Identification, Quantitative assessment, Analysis, and Reaction.

Project Manager Role

The individual who manages the project organization and functions independently of the normal chain of task assignment.

Strategic Marketing Questions

A set of four questions: Who is it aimed at? What benefit will they expect? How to position it? What differential advantage will it offer over competitors?

Team Reaction to Change

The tendency for project team members to become nervous or frustrated when working in a constantly changing environment.

Preliminary Hazard Analysis (PHA)

An unstandardized method used when there is little information, serving as a prelude to further research.

PHA Severity Scale

A five-point assessment moving from $1$ (negligible impact) to $5$ (catastrophic effects).

Linear Organization

The institutional form characterized by the lowest autonomy of the project unit.

4P of Product Strategy

The marketing mix consisting of Product, Price, Place, and Promotion.

Brand

A tool that an organization uses to differentiate itself from its competitors.

Logistics

The art and science of managing and controlling the flow of goods, energy, information, and other resources.

Exclusive Distribution

A strategy where the product is sold through a limited number of carefully selected intermediaries.

Pushing Strategy

A marketing strategy focusing on promoting a product through intermediaries.

Pulling Strategy

A marketing strategy focused on creating consumer demand that encourages customers to seek out the product.