Marketing and Human Resource Management

Flashcards covering key terms and concepts from Marketing Management and Human Resource Management.

Market

The sum total of all the buyers and sellers in a specific region or area.

Marketing

The achievement of corporate goals through meeting and exceeding customer needs better than the competition.

Traditional Marketing

A business activity through which goods and services move directly from producers to consumers.

Modern Marketing

Meeting and exceeding customer needs in a way that achieves corporate goals.

Selling Concept

A marketing approach focusing on selling goods to increase sales rather than customer satisfaction.

Marketing Concept

A customer-satisfaction process emphasizing satisfaction and long-term customer relationships.

Marketing Mix

The set of actions or tactics a company uses to promote its brand or product, typically comprising the 4 Ps: Product, Price, Place, and Promotion.

Marketing Environment

The internal and external factors affecting a company's marketing and selling of products.

Societal Marketing Concept

A marketing approach that considers consumers' wants, company's requirements, and society's long-term interests.

Components of Marketing Mix

The main components are Product, Price, Place, and Promotion.

Human Resource Management (HRM)

The process of employing, training, compensating, and developing policies related to employees.

Managerial Functions (HRM)

Includes planning, organizing, directing, and controlling human resources to achieve organizational goals.

Operative Functions (HRM)

Involves recruitment, job analysis, performance appraisal, training, and development.

Advisory Functions (HRM)

HRM provides expert advice to management on matters related to human resources.

Employee Welfare

Services, benefits, and facilities provided to employees for their well-being.

Demographic Environment

Factors comprising the population characteristics that constitute the market.

Economic Environment

Factors influencing customers' purchasing power and spending patterns.

Technological Environment

Innovation, research and development influencing market operations.

Political-Legal Environment

Laws and government policies that impact how businesses operate.

Social-Cultural Environment

Cultural values and beliefs that influence customer behavior.