Human Resource Management and Marketing Concepts

This set of flashcards includes key vocabulary terms related to Human Resource Management and Marketing concepts, useful for exam preparation.

Human Resource Management (HRM)

The function in organizations that focuses on recruiting, managing, and directing people to ensure proper employee functionality and satisfaction.

Recruitment and Selection

The process of attracting, screening, and selecting qualified candidates for a job.

Performance Appraisal

An evaluation of an employee's job performance, often used to inform promotions, compensation, and further training.

Compensation

The total pay and benefits provided to an employee for their work.

Employee Benefits

Additional forms of compensation provided to employees, which can include health insurance, retirement plans, and paid leave.

Flexible Work

Arrangements that allow employees to have control over their work schedules, such as flextime, compressed workweeks, or remote work.

Motivation

The internal drive that prompts individuals to take action toward a goal, influenced by factors like morale and intrinsic/extrinsic rewards.

Maslow’s Hierarchy of Needs Theory

A psychological theory that categorizes human needs into five levels: physiological, safety, social, esteem, and self-actualization, arranged in a hierarchy.

Labour-Management Relations

The interactions between management and labor organizations, focused on addressing work conditions, wages, and employee rights.

Collective Bargaining

The negotiation process between management and union representatives regarding employment terms, such as wages and benefits.

Market Segmentation

The process of dividing a large market into smaller, identifiable segments based on characteristics, needs, or behaviors.

Customer Relationship Management (CRM)

A system used by companies to manage interactions with current and potential customers, using data analysis to improve relationships.