Marketing and Management Concepts

This set of flashcards covers key vocabulary and concepts related to marketing, management strategies, and human resources from the provided lecture notes.

Healthy competition

A beneficial rivalry between companies to improve their products and services.

Exclusivity

A marketing strategy that limits the availability of a product to enhance its prestige.

Merchant wholesalers

Distributors that take legal title to the goods they handle.

Distribution strategy

A plan to deliver products or services to customers effectively.

Drop shipper

A wholesaler who ships products directly from the manufacturer to the consumer.

Intensive distribution

A strategy aimed at providing products in as many outlets as possible.

Exclusive distribution

A strategy where a manufacturer grants exclusive rights to a single distributor.

Channel intermediaries

Organizations that facilitate the movement of products from the producer to the consumer.

Pricing strategy

The method companies use to price their products or services.

Skimming pricing

Setting a high price initially and then gradually lowering it.

Penetration pricing

Setting a low price initially to attract customers and gain market share.

Loss-leader pricing

Pricing a product below its market cost to attract customers.

Operational planning

Short-term planning focused on the implementation of specific tasks.

Tactical planning

Mid-range planning that translates strategic goals into specific actions.

Strategic planning

Long-term planning that defines a company's direction and goals.

Contingency planning

Preparing alternative plans to be enacted if unexpected events occur.

True

Statement indicating correctness; in context, it indicates a situation is accurate.

False

Statement indicating incorrectness; it signifies a situation is not accurate.

Physiological needs

Basic survival needs such as food, water, clothing, and shelter.

Safety needs

The need to feel safe and secure from harm.

Esteem needs

The need for self-esteem, respect, and recognition.

Social needs

The need for interpersonal relationships and acceptance.

Theory X

Management theory that assumes employees are inherently lazy and need to be closely supervised.

Theory Y

Management theory that assumes employees are self-motivated and seek responsibility.

Equity theory

A theory suggesting that employees are motivated by fairness in their treatment and compensation.

Cognitive skills

Mental capabilities that include thinking, learning, and problem-solving.

Human skills

Social skills that enable effective communication and interaction with others.

Conceptual skills

The ability to understand complex situations and develop strategies to address them.

Halo effect

Cognitive bias where one trait influences overall evaluation of a person.

Employee separation

The process of an employee leaving the organization.

Stock options

A benefit that allows employees to buy company stock at a predetermined price.

Commission

Payment to employees based on sales performance.

Job description

Document outlining the responsibilities and duties of a position.

Job specifications

Document detailing the qualifications and requirements for a position.

Employee selection

The process of choosing the best candidate for a position.

Internal recruitment

Filling job vacancies with current employees.

Performance appraisals

Evaluations of employee performance to inform decisions on promotions and raises.

Promoting career development

Fostering employee growth and advancement within the organization.