MGTA02 MIDTERM NOTES

Marketing

The process of identifying, anticipating, and satisfying customer needs.

Operations

The processes that create goods and services demanded by customers.

Accounting

The systematic recording, reporting, and analysis of financial transactions.

Finance

The management of large amounts of money, especially by governments or large companies.

HRM

Human Resource Management; the practice of recruiting, hiring, deploying, and managing an organization's employees.

Value Chain Model

A model that describes how businesses create value through a series of steps turning factors into products and services.

Leadership

The action of leading a group of people or an organization.

Management

The process of dealing with or controlling things or people.

Planning

The process of thinking about and organizing the activities required to achieve a desired goal.

Organizing

The process of arranging and structuring resources to accomplish objectives.

Leading

The act of guiding or influencing others to accomplish objectives.

Controlling

The process of monitoring performance and making adjustments as necessary.

Market Segmentation

The process of dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors.

4Ps of Marketing

Marketing mix that includes Product, Price, Place, and Promotion.

Customer Focus

A business approach that prioritizes the needs and satisfaction of customers.

Primary Research

The collection of original data, typically through surveys or interviews, to understand customer preferences.

Secondary Research

The use of existing information, such as reports and studies, to gather insights about customer needs.

Corporate Social Responsibility (CSR)

A business model that helps a company be socially accountable— to itself, its stakeholders, and the public.

Stakeholders

Individuals or groups that have an interest in the success or failure of a business, such as employees, customers, suppliers, and the community.

Break-even Analysis

A financial calculation to determine the number of sales required to cover costs.

Promotion

Communication strategies that aim to raise awareness, interest, and sales of products.

Distribution Strategies

Methods for delivering products to consumers, including intensive, selective, and exclusive distribution.

E-Tailing

Retailing over the Internet, allowing consumers to shop online.

Operations Management

The administration of business practices to create the highest level of efficiency possible within an organization.

Goods vs. Services

Goods are tangible products you can touch, while services are intangible experiences.