Business Foundations Test 3

study guide for business foundations

what did the Hawthorne Studies reveal?

employees perform better when they feel observed, valued, and cared about

what is Theory X?

assumes employees are lazy and need strict supervision

what is Theory Y?

assumes employees are self-motivated and enjoy working

what is Theory Z?

emphasizes teamwork, loyalty, and long-term employment

what is motivation?

the internal drive that directs behavior towards goals

what is employee moral

overall satisfaction and attitude at work

how can employee moral be improved

Recognition, fair treatment, communication, positive environment

What are the 5 levels of Maslow’s Hierarchy?

Physiological, Safety, Social, Esteem, Self-actualization

What is reinforcement theory

Behavior is shaped by rewards and punishments

What are hygiene factors

Basic job factors (pay, conditions) that prevent dissatisfaction

What is equity theory

Employees compare their rewards to others for fairness

What is job rotation

Moving employees between tasks to reduce boredom

What is job enrichment

Increasing responsibility and control in a job

Why is Human Resource Management important

It hires, trains, and retains employees and ensures productivity

Why hire from within

Saves time/money and boosts morale

What is a job description

A written summary of job duties and requirements

What is a headhunter

A recruiter who finds high-level employees

Name common training methods

On-the-job, classroom, online, internships, apprenticeships

What is objective performance evaluation

Based on measurable data

What is subjective performance evaluation

Based on opinions or judgment

What is the ADA

A law requiring accommodations and preventing disability discrimination

What are commissions

Pay based on sales performance

What do labor unions do

Represent workers for better wages and conditions

What are types of compensation?

Salary, wages, bonuses, benefits

What is diversity?

Differences among people (race, gender, age, etc.)

Why is diversity important

Improves creativity, decisions, and representation

What are the 4 Ps of marketing

Product, Price, Place, Promotion

What is an exchange

A trade of value between buyer and seller

What are marketing activities?

Research, pricing, promoting, distributing, developing products

What is the marketing concept

Focus on satisfying customer needs

What is a marketing strategy

A plan to reach target customers

What is market orientation

Focusing on customer wants first

What is a total market approach

Targeting the entire market with one strategy

How do companies segment markets

By demographics, geography, income, lifestyle

What are reference groups

People who influence buying decisions

What makes up the marketing environment

Economic, social, technological, competitive, political factors

What is buying behavior?

How and why consumers make purchasing decisions

What are the stages of the product life cycle

Introduction, Growth, Maturity, Decline

What are the main promotion methods

Advertising, personal selling, sales promotion, publicity

What are the steps in new product development

Idea, screening, testing, analysis, development, test marketing, launch

What is a convenience product

Bought frequently with little effort

What is a shopping product

Compared before buying

What is a specialty product

Unique, high-effort purchase

What are raw materials

Basic natural inputs

What is equipment

Tools used in production

What are processed materials

Materials altered for use

What are finished products

Completed goods ready for sale

What is a trademark

Legal protection for a brand name or logo

What is penetration pricing

Low price to enter a market

What is price skimming

High price at first, then lowered

What is intensive distribution

Selling in as many places as possible

What is selective distribution

Selling in some locations

What is exclusive distribution

Selling in very limited locations

What is a retailer

Sells to consumers

What is a wholesaler

What is a wholesaler

What is a producer

Makes products

What is advertising

Paid promotion

What is personal selling

Direct interaction with customers

What is publicity

Free media coverage

What is sales promotion

Short-term incentives to boost sales

What is the goal of promotional positioning

To create a clear image in consumers’ minds