Business Management: Marketing, Human Resource Management, and Operations Management

A complete set of vocabulary flashcards covering Marketing (Chapter 10), Human Resource Management (Chapter 9), and Operations Management (Chapter 11) from Business Management Back to Basics.

Marketing

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large (Baines, Fill & Rosengren, 2017).

Production Orientation

A marketing orientation in which an organisation's focus is directed internally towards its own capabilities and competencies.

Sales Orientation

A marketing orientation based on the belief that an elevated level of sales will translate into high profit margins.

Marketing Orientation

A marketing orientation based on three core principles: customer orientation, profit orientation, and organisational integration.

Societal Marketing Orientation

A marketing orientation encompassing green and ecological marketing activities intended to satisfy customer needs while diminishing negative impacts on the natural environment.

Relationship Marketing Orientation

A marketing orientation where customer loyalty is considered of paramount importance to long-term success, enhanced when customer satisfaction takes place.

Marketing Information System (MIS)

A system designed to gather, process, and manage marketing information to support executive decision-making.

Individual Factors of Consumer Behaviour

Personal elements influencing consumer purchasing decisions, consisting of motivation, perception, learning ability, attitude, personality, and lifestyle.

Group Factors of Consumer Behaviour

Social environment elements influencing consumer purchasing decisions, consisting of family, culture, social class, reference groups, and opinion leaders.

Consumer Decision-Making Process

The five-stage process consumers go through when making purchases, consisting of need/problem recognition, information search, evaluation of alternatives, purchase, and post-purchase evaluation.

Product Cannibalisation

A potential disadvantage of market segmentation where excessive differentiation of a basic product leads to a proliferation of models and variations that eat into existing sales.

Marketing Mix

The set of strategic variables consisting of Product, Price, Place, and Promotion used by managers to achieve marketing objectives.

Human Resource Management (HRM)

The process of managing employees in an organisation, with the main objective of ensuring strategic goals are met by recruiting and retaining motivated, capable employees.

Acquisition Phase

The HRM phase comprising activities to attract outside people to the organisation, including human resource planning, job analysis, recruitment, selection, and orientation.

Maintaining Phase

The HRM phase concerned with establishing a good working environment to retain employees through relationships, compensation, and benefits.

Development Phase

The HRM phase focused on improving and expanding employee abilities, attitudes, skills, knowledge, and capabilities.

Job Analysis

The procedure by which HR managers determine the duties of different positions within the organisation and the characteristics of the people required for them.

Job Description

A document derived from job analysis that provides information regarding duties to be performed, working conditions, responsibilities, and machinery used on the job.

Job Specification

A document derived from job analysis that lists the qualifications required to perform a job, such as skills, experience, and education.

Recruitment

The process whereby an organisation communicates opportunities and information to the labour market to attract and acquire the required quantity and quality of potential employees.

Selection Process

A sequence of steps followed by an organisation to evaluate recruited candidates and ensure the appointment of the best-suited individual for a position.

Orientation

The HRM process aimed at integrating a new employee into the organisation, its procedures, environment, work situation, co-workers, subordinates, and superiors.

Employee Wellness Programmes (EWPs)

Workplace initiatives implemented to reduce stress and stimulate employee commitment to the organisation.

Management by Objectives (MBO)

A performance management style that links organisational objectives to individual employee performance through clear objective-setting, joint participation, regular review, and framing rewards.

Operations Management

The administration of business practices and processes in a manner that facilitates efficiency within an organisation and increases profitability.

Goods

Tangible objects resulting from operational processes.

Services

Intangible commodities characterized by five key features: intangibility, perishability, inseparability, simultaneousness, and variability.

Transformation Model

An operational framework designed to help an organisation analyse, control, and monitor activities that transform various inputs into required outputs.

Transformed Resources

Input resources in the transformation model that are directly changed or processed, consisting of materials, information, and consumers.

Transforming Resources

Input resources in the transformation model used to execute the conversion process, consisting of staff and facilities.

Productivity

An operational measurement defined by the formula $\frac{\text{Outputs}}{\text{Inputs}}$.

Efficiency

An operational performance metric defined by the formula $100\times \frac{\text{Actual Output}}{\text{Standard Output}}$.