Busi 1301 Unit 4

Utility

ability of good and services to satisfy wants

Form Utility

converting inputs into finished items

Time Utility

providing goods and services at a convenient place

Ownership Utility

transferring ownership from seller to buyer

Customer Relationship Management (CRM)

the ongoing process of acquiring, maintaining, and growing profitable customer relationships by delivering unmatched value

Market Segmentation

dividing potential customers into groups of similar people, or segments

Target Market

the group of people who are most likely to buy a particular product. Includes size, profitability, accessibility

demographic segmentation

dividing your market into segments or groups of people who have similar characteristics.

• demopgraphic: age, gender, income

• geographic: location

psychographic: values

marketing mix

Product: package design, brand name, product image, customer service

Price: low cost, high end

Place: right place right time

Promotion: all the ways a company promotes a product

environmental scanning

the process of continually collecting information from the external marketing environment

primary data

new data collected for a specific project

green marketing

developing and promoting environmentally sound products and practices to gain a competitive edge

secondary data

existing data from others research

top management

sets the overall direction of the firm

first-line management

manages the people who do the work

technical skills

expertise in a specific functional area or department

Maslow's Hierarchy of Needs Theory

offers a pyramid of physiological, safety, social, esteem, and self-actualization needs

-physiological: basic survival needs

• esteem: respect, promotion

• social: teamwork

-safety: health insurance

• self- actualization: fulfillment

Theory X and Theory Y

X: managers who believe that workers dislike work and will do anything to avoid it

Y: managers who believe that employees do not dislike work

Equity Theory

Strategic Planning

high level, long term planning - usually the focus of top-level managers. Ex. Decision to open a new production facility.

operational planning

short-term planning by first-line supervisors. Ex. Production goals for the current week.

contingency planning

Planning for unexpected events

Strategies

Plans of action for achieving goals and objectives.

degree of centralization

Relates directly to the source of power and control

Departmentalization

Divide workers into groups based on function, product, customer, geography, or process

Matrix Organization

Flexible structure that brings together experts from different areas of the company to complete a project.

autocratic leaders

leaders who hoard decision-making power for themselves and typically issue orders without consulting their followers

Job Analysis

Examines what needs to be done in each position to be most effective

Job Specialization

Specific qualifications for the job such as education or experience

structured interviews

include a list of questions that are asked of all candidates

orientation

Introduction to the company administrative items like where to park and introduction to the company culture.

compensation

covers both pay and benefits

Benefits

Noncash compensation like health insurance, vacation, childcare

cafeteria-style benefits

employees are given a set dollar amount and they can choose which employee benefits that would like.

Flextime

workers can choose their hours as long as they work required number of hours.

Systems software

sometimes called the operating system performs the critical functions necessary to operate the computer. Ex. OS and Windows

Applications software

software that helps a user perform specific tasks. Excel- for spreadsheets. Word- for documents. Most businesses have application software that is specific for their industry.

cloud computing

Using internet-based storage capacity, applications, and processing power to supplement or replace having these items on the company's computer system.

information

Data that have been processed in a way that provides useful information (sales for the current month)

decision support system

Gives managers access to large amounts of data that have been processed into useful information for decision making

data warehouse

Large organization wide database that stores data

viral marketing

getting customers to tell their friends and family how great your product or service is. Many viral marketing campaigns have used social media.

computer virus

oftware that can be spread from one computer to another without knowledge of computer users by attaching to e-mails or files.

spam

Unsolicited e-mail that can be screened using spam filters.

phishing

Official looking e-mails sent in an attempt to get private info.

firewall

software and/or hardware to help prevent hackers from getting access.

intellectual property

Property that is the result of creative intellectual effort such as books, musical works, inventions, and computer software.