MGMT Term Test #3

Arbitration

Arbitration

Settlement of a labor/management dispute by a third party whose solution is legally binding and enforceable

Benefits

Non-financial forms of compensation provided to employees, such as pension plans, health insurance, paid vacation and holidays, and the like

Bonuses

Monetary rewards offered by companies for exceptional performance as incentives to further increase productivity

Boycott

An attempt to persuade people not to perchase the products of a company

Collective Bargaining

The negotiation process through which management and unions reach an agreement about compensation, working hours, and working conditions for the bargaining unit

Commission

An incentive system that pays a fixed amount or a percentage of the employee’s sales

Conciliation

A method of outside resolution of labour and management differences in which a third party is brought in to keep the two sides talking

Development

Training that augments the skills and knowledge of managers and professionals

Diversity

The participation of different ages, genders, races, ethnicities, nationalities, and abilities in the workplace

Human Resources Management (HRM)

All the activities involved in determining an organization’s human resources needs, as well as acquiring, training, and compensating people to fill those needs

Job Analysis

The determination, through observation and study, of pertinent information about a job-including specific tasks and necessary abilities, knowledge, and skills

Job Description

A formal, written explanation of a specific job, usually including job title, tasks, relationship with other jobs, physical and mental skills required, duties, responsibilities, and working conditions

Job Promotion

Advancement to a higher-level position with increased authority, responsibility, and pay

Job Specification

A description of the qualifications necessary for a specific job, in terms of education, experience, and personal and physical characteristics

Labour Contract

The formal, written document that spells out the relationship between the union and management for specified period of time-usually two or three years

Labour Unions

Employee organizations formed to negotiate with employers in order to achieve better pay, hours, and working conditions

Lockout

Management “locks the doors” of a worksite so that employees cannot go to work

Mediation

A method of outside resolution of labour and management differences in which the third party’s role is to suggest or propose a solution to the problem

Orientation

Familiarizing newly hired employees with fellow workers, company procedures, and the physical properties of the company

Onboarding

Process that introduces employees to company policies and clarifies roles, and includes training, inducting employees into the organizational culture, and assisting employees in forming social connections, including finding mentors

Picketing

A public protest against management practices that involves union members marching and carrying anti-management signs at the employer’s plant

Profit Sharing

A form of compensation whereby a percentage of company profits is distributed to the employees whose work helped to generate them

Recruiting

Forming a pool of qualified applicants from which management can select emloyees

Salary

A financial reward calculated on a weekly, monthly, or annual basis

Selection

The process of collecting information about applicants and using that information to make hiring decisions

Separations

Employment changes involving resignation, retirement, termination, or layoff

Strikebreakers

People hired by management to replace striking employees; called “scabs” by striking union members

Strikes

Employee walkouts; one of the most effective weapons labour

Training

Teaching employees to do specific job tasks through either classroom development or on-the-job experience

Transfer

A move to another job within the company at essentially the same level and wage

Turnover

Occurs when employees quit or are fired, promoted, or transferred and must be replaced by employees

Wages/Salary Survey

A study that tells a company how much compensation comparable firms are paying for specific jobs that the firms have in common

Wages

Financial rewards based on the number of hours the employee works or the level of output achieved

Attitude

Knowledge and positive or negative feelings about something

Buying Behaviour

The decision processes and actions of people who purchase and use products

Concentration approach

A market segmentation approach in which a company develops one marketing strategy for a single market segment

Culture

The intergrated, accepted pattern of human behaviour, including thought, speech, beliefs, actions, and artifacts

Exchange

The act of giving up one thing (money, credit, labour, goods) in return for something else (goods, services, or ideas)

Learning

Changes in a person’s behaviour based on information and experience

Market

A group of people who have a need, purchasing power, and the desire and authority to spend money on goods, services, and ideas

Market Segment

A collection of individuals, groups, or organizations who share one or more characteristics and thus have relatively similar product needs and desires

Market Segmentation

A strategy whereby a firm divides the total market into groups of people who have relatively similar product needs

Marketing

A group of activities designed to expedite transactions by creating, disributing, pricing, and promoting goods, services, and ideas

Marketing Concept

The idea that an organiztion should try to satisfy customers’ needs through coordinated activities that also allow it to achieve its own goals

Marketing Mix

The four marketing activities-product, price, promotion, and distribution - that the firm can control to achieve specific goals within a dynamic marketing environment

Marketing Orientaiton

An approach requiring organizations to gather information about customers needs, share that informantion throughout the firm, and use that information to help build long-term relationship with customers

Marketing Research

A systematic, objective process of getting informantion about potential customers to guide marketing decisions

Marketing Strategy

A plan of action for developing, pricing, distributing, and promoting products that meet the needs of specific customers

Multi-Segment Approach

A market segmentation approach in which the marketer aims its efforts at two or more segments, developing and marketing strategy for each

Perception

The process by which a person selects, organizes, and interprets information received from their senses

Personality

The organization of an individual’s distinguishing character traits, attitudes, or habits

Place/Distribution

Making products available to customers in the locations and quantities desired

Price

A value placed on an object exchanged between a buyer and a seller

Primary Data

Marketing information that is observed, recorded, or collected directly from respondents

Promotion

A persuasive form of communication that attempts to expedite a marketing exchange by influencing individuals, groups, and organizations to accept goods, services, and ideas

Reference Groups

Groups with whom buyers identify and whose values or attitudes they adopt

Secondary Data

Information that is complied inside or outside an organization for some purpose other than assessing the current situation

Social Classes

A ranking of people into higher or lower positions of respect

Social Roles

A set of expectiations for indivduals based on some position they occupy

Target Market

A specific group of consumers on whose needs and wants a company focuses its marketing efforts

Total-Market Approach

An approach whereby a firm tries to appeal to everyone and assumes that all buyers have similar needs

Accessibility

Allows consumers to find information about competing products, prices, and reviews, and become more informed about a firm and relative value of its products

Addressability

The ability of a business to identify customers before they make purchases

Advertising

A paid form of non-personal communication transmitted through a mass medium, such as television commercials or magazine advertisements

Advertising Campaign

Designing a series of advertisments and placing them in various media to reach a particular target market

Blog

A Web-based journal in which a writer can editorialize and interact with other internet users

Branding

The process of naming and identifying products

Business Products

Products that are used directly or indirectly in the operation or manufacturing processes of businesses

Commercialization

The full introduction of a complete marketing stratey and the launch of the product for commercial success

Connectivity

The use of digital networks to provide linkages between information providers and users

Control

Consumers’ ability to regulate the information the receive via the internet, and the rate and sequence of thier exposure to that information

Consumer Products

Products intended for household or family use

Digital Marketing

Uses all digital media, including the internet and mobile and interactive channels, to develop communication and exchanges with customers

Digital Media

Electronic media that function using digital codes via computers, cell phones, smartphones, and other digital devices

Discounts

Temporary price reductions, often employed to boost sales

E-business

Carrying out the goals of business using the internet

Exclusive Distribution

A manufacturer awards to an intermediary the sole right to sell a product in a defined geographic territory

Generic Products

Products that often come in simple packages and carry only their generic name

Influence Marketing

The use of influencers to sell a product or service or to build a brand

Integrated Marketing Communications

Coordinating the promotion mix elements and synchronizing promotion as a unified effort

Intensive Distribution

A form of market coverage whereby a product is made available as many outlets as possible

Interactivity

Allows customers to express their needs and wants directly to the firm in response to its communications

Labelling

The presentation of important information on a package

Manufacturer Brands

Brands initiated and owned by the manufacturer to identify products from the point of production to the point of purchase

Marketing Channel

A group of organizations that moves products from their producer to customers; also called a channel of distribution

Materials Handling

The physical handling and movement of products in warehousing and transportation

Mobile Marketing

Using a mobile device to communicate marketing messages

Omnichannel Retail

Combining or integrating multiple channels of retail including online and in-person

Packaging

The external container that holds and describes the product

Penetration Price

A low price designed to help a product enter the market and gain market share rapidly

Personal Selling

Direct, two-way communication with buyers and potential buyers

Physical Distribution

All the activities necessary to move products from producers to customers- inventory control, transportation, warehousing, and materials handling

Podcat

An audio or video file that can be downloaded from the internet with a subscription and automatically deliver new content to listening devices or personal computers

Price Skimming

Charging the highest possible price that buyers who want the product will pay

Private Distributor Brands

Brands, which may cost less than manufacturer brands, that are owned and controlled by a wholesaler or retailer

Product Line

A group of closely related products that are treated as a unit because of similar marketing strategy, production, or end-use considerations

Product Mix

All the products offered by an organization

Promotional Positioning

The use of promotion to create and maintain an image of product in buyers’ minds

Psychological Pricing

Encouraging purchases based on emotional rather than rational responses to the price