business exam 3

Contingent workers

When full time workers are on leave －agency supplements, reduces costs

360 degree review

Manager sends your review to coworkers- seeking feed back

HR challenges

Decreased employee loyalty, worker shortage, finding qualified employees , employee satisfaction

Purpose of unions

Represent employees to negotiate wages, benefits, and other job related issues

Mediation

Suggestions in meetings - not legally binding

Arbitration

Legally binding decisions made in union meetings

Right to work laws

Legislation that gives workers the rights to join a union (under an open shop)

NLRB

National labor relations board- oversees management issues and guidelines for unionization

Certification

Formal process of a union being formed by employees and recognized by NLRB as official

Collective bargaining

Negotiations overwages, workplace environments, and hours

Environment scanning

Scanning environment external factors (aka other business) to understand benefits, threats, and opportunities

Marketing mix

Product, place, price, promotion

Marketing concept

Organization satisfies customers needs

Formula for value

Value=benefits-costs

Customer relationship management

Using information to keep up with customer relationships (buying behavior patterns)

Break even point

BEP = total fixed costs/ price per unit- costs of unit

Convenience products

Noncostly - frequently purchase

Shopping products

Buyers are willing to spend more money and effort for quality product

Installation products

Facilities like ware houses and major equipment

Product life cycle (PLC)

Introduction, growth (increase in sales and competition),maturity (max profit, intense competition), decline

Skimming price strategy

Pricing new products high to recover costs (whilst competition is limited)

Penetration price strategy

Pricing products low to attract more consumers

Everyday low pricing

Setting prices lower than competitors

Direct distribution

Producer→ consumer

Intensive distribution

Heavy saturation in the market - purchased frequently

Exclusive distribution

One single outlet expense and high quality - not purchased frequently

Logistics

The planning of flow of material from points of origin to points of consumption

Category killers

A large retail that dominates it's product market by purchasing products in bulk and selling at cheap prices

Agent

Business person who represents a seller but doesn't own the products

Inbound logistics

Brings goods from suppliers to producers

Outbound logistics

Manages flow of finished products to consumers