buisness final

Target Market Selection

Essential to focus marketing efforts on consumers most likely to purchase the product.

Marketing Mix

A set of controllable variables (product, price, promotion, distribution) used to satisfy customers and achieve business goals.

Marketing Objective

Achieve customer satisfaction and business success.

Marketing Mix

Controllable variables managed to gain a competitive advantage.

Value Dimension

Excelling in at least one area of the marketing mix increases value and competitiveness.

Product

Includes goods, services, and ideas offered to meet customer needs.

Importance of Managing Product Decisions

Crucial for meeting customer demands and standing out in the market.

Idea Development

Definition: Involves generating product ideas from market research, customer feedback, and creativity.

Term: Idea Screening

Definition: Evaluating ideas based on resources, consumer needs, and feasibility.

Term: Business Analysis

Definition: Assessing market demand and potential profitability.

Term: Product Development

Definition: Creating prototypes and integrating all elements of the marketing mix.

Term: Test Marketing

Definition: Trialing the product in limited markets to refine strategies.

Term: Commercialization

Definition: Full-scale launch of the product to the market.

A. Importance of Human Resource Management (HRM)

1. Focus on quantity and quality of employees

2. Competitive advantage through workforce diversity

B. Overview of HRM strategies

1. Recruitment

2. Training

3. Employee retention

4. Challenges: unionized employees and workplace diversity

Significance of HRM

Assessing human resource needs

2. Acquiring, training, and compensating employees

B. Impact of human relations on consumer behavior

C. Employee priorities

1. Job satisfaction

2. Benefits

3. Work environment

D. Adaptation to a diverse workforce

A. Importance of effective HRM planning

1. Forecasting employee needs

2. Conducting job analyses

3. Developing job descriptions and specifications

C. Role of job analysis in recruitment efforts

A. Recruitment methods

1. Internal vs. external sources

2. Nontraditional methods (internships, social media)

B. Selection process

1. Application reviews

2. Interviews

3. Testing

4. Reference checks

A. Legal constraints affecting HRM

1. Title VII of the Civil Rights Act of 1964

2. Americans with Disabilities Act (ADA)

3. Age Discrimination in Employment Act

4. Equal Pay Act

VI. Workforce Development

A. Orientation for new employees

B. Importance of training

1. On-the-job training

2. Classroom instruction

Performance Appraisal

A. Importance of performance assessments

B. Types of appraisals

1. Objective assessments

2. Subjective assessments

VIII. Turnover Issues

s

B. Costs associated with turnover

C. Role of exit interviews in understanding departures

Compensation Strategies

1. Financial rewards (wages, salaries, bonuses)

2. Benefits (health insurance, retirement plans)

B. Importance of fair and flexible compensation