Business 110 chapters 10, 11, 13, 14

Herzberg's motivation factors

-Work itself -achievement -recognition -responsibility -growth and advancement

Herzberg's hygiene factors include:

-company policy and asministration -supervision -working conditions -interpersonal relations (co-workers) -salary status and job security

Which of the compensation systems are likely to be effective in building cohesive teams?

-gain-sharing -skill-based pay

The choice of a compensation system is very important to managers because

-it affects efficiency and productivity -It affects morale and motivation

Theory Y manager assumes:

-most people like work -most people naturally work towards goals to which they are committed

Maslow's hierarchy of needs

-physiological needs: Basic survival needs such as the need for food, water, and shelter -safety needs: The need to feel secure at work and at home -social needs: The need to feel loved, accepted, and part of a group -esteem needs: The need for recognition and acknowledgment from others as well as self-respect and a sense of status and importance -self-actualization needs: The need to develop to ones fullest potential

Small businesses can motivate their workers without increasing costs by giving them:

-stock options -public recognition

An advantage of hiring contingent workers is that

-they receive fewer benefits then permanent workers -They reduce costs

The marketing research process

1. Defining the question and determining the present situation 2. Collecting research data 3. Analyzing the research data 4. Choosing the best solution and implementing it

Marketing in the United States has passed through for eras

1. Production 2. Selling 3. Marketing concept 4.Customer relationship

The five steps in the human resource planning process are

1. preparing a human resource inventory of the organizations employees 2. preparing a job analysis 3. assessing future human resource demand 4. assessing future labor supply 5. establishing a strategic plan

Product line

A group of products that are physically similar or intended for similar market

Job enrichment

A motivational strategy that emphasizes Motivating the worker through the job itself

Flextime

A schedule that allows employees to balance work-life demands

Competition-based pricing

A strategy based on what all the other competitors are doing. the price can be at, above, or below competitors prices

Job analysis

A study of what employees do you hold various job titles. it's necessary in order to recruit and train employees with the necessary skills to do the job. the results of the job analysis are two written statements: job description and job specification

Management by objectives

A system of goalsetting and implementation it involves a cycle of discussion, review, and evaluation of objectives among top and middle-level managers, supervisors, and employees

Specialty goods and services

Consumer products with unique characteristics and brand identity

Variable costs

Costs that change according to the level of production

The marketing concepts that states that a business must find out what consumers want and provide it for them is called the

Customer orientation

Secondary data

Data that you gathered from magazines/newspapers

Target costing

Designing a product so that it satisfies customers and meets the profit margin's desired by the firm

Disadvantages of job sharing

Disadvantages include the need to hire, train, motivate, and supervise at least twice as many people and perhaps prorate some fringe benefits

Market segmentation

Dividing the total market into groups with similar characteristics

Contingent workers

Employees that include part time workers, (anyone who works 1 to 34 hours per week) temporary workers, (workers paid by temporary employment agencies), seasonal workers, independent contractors, interns, and co-op students

True or false: Marketers must not continually adapt products to new competiton and new markets

False

Products used in the production of other products are called

Industrial goods

When no substitute for a specific product will do, a person is said to have brand

Insistence

The manager who will supervise the new employee may do what?

Interview the applicant after the first interview

Vestibule training

Is done in classrooms with equipment similar to that use on the job so that employees learn proper methods and safety procedures before assuming a specific job assignment

Job rotation

Makes work more interesting and motivating by moving employees from one job to another

The brand names of manufacturers that distribute products nationally

Manufacturers brands

The accelerating cost of administering benefits programs has led to

Many organizations outsourcing that function

Which marketing activity helps businesses gather information to compete effectively

Market research

Developing products and promotions to please large groups of people

Mass marketing

Reinforcement theory

Positive and negative reinforcers motivate a person to behave in certain ways

In setting a products price, a business needs to take into account

Producing, distributing, and promoting the products

An ongoing need for all markets hers in order for their business to survive is

Product adoption

The combination of product lines offered by a manufacturer are called

Product mix

A process designed to reduce the number of new product ideas being worked on at one time is called

Product screening

Unsought goods and services

Products consumers are unaware of, haven't necessarily thought of buying, or Suddenly find they need to solve an unexpected problem. this may include emergency car towing services, burial services, and car insurance

dealer brands (private brands)

Products that don't carry the manufactures name but carry a distributor or retailers name instead

Convenience goods and services

Products that the consumer wants to purchase frequently and with a minimum of effort

Shopping goods and services

Products the consumer buys only after comparing value, quality, price, and style, from a variety of sellers

Americans with disabilities act of 1990

Prohibits employers from discriminating against qualified individuals with disabilities in hiring, advancement, or compensation and requests them to adapt the workplace if necessary

Commercialization

Promoting a product to distributors and retailers to get wide distribution and developing strong advertising and sales campaigns to generate and maintain interest in the product among distributors and consumers

When firms try to make a product appear less expensive than it really is by the price points they set, it is

Psychological pricing

Hourly-wage or daywork

Wage based on number of hours or days worked, used for most blue collar and clerical workers

Benefits of job sharing

-An enthusiastic and productive workforce -reduced absenteeism and tardiness -Ability to schedule part-time workers into peak demand periods -Retention of experienced employees who might otherwise have retired

The purpose of a probationary period is to:

-Let the new employee prove their value to the organization -make it easier to terminate the employee who is not performing well -Reduce the probability of legal action by the employee

Brand-name

A word, letter, or group of words or letters, that differentiates one sellers goods and services from those of competitors

Job specifications

A written summary of the minimal education and skills to do a particular job

Most gain-sharing systems base bonuses on

Achieving specific improvements

A firm is at the break even point when revenue is equal to

All costs

Promotion

All the techniques sellers use to inform people about and motivate them to buy their products or services

The marketing mix

Also known as the 4 p's; includes product, place, price & promotion.

Mentor

An experienced employee who supervises, coaches, and guides, lower-level employees by introducing them to the right people and generally being there organizational sponsor

Grouping two or more products together and pricing them as a unit is called

Bundling

Job enlargement

Combining a series of tasks into one challenging and interesting assignment

Developing an accurate description of your business idea and asking people if the idea appeals to them is called

Concept testing

Consumer market

Consists of all the individuals or households that want goods and services for personal consumption or use and have the resources to buy them

Primary data

Data that you gather yourself

A small group of people who meet under the direction of a discussion leader to communicate their opinions about a product is a

Focus group

Profit orientation

Focus on those goods and services that will earn the most profit and enable the organization to survive and expand to serve more consumers wants and needs

The name used to referred to an entire product category is a

Generic brand

Empowerment Theory

Giving employees authority to make decisions and tools to implement the decisions they make

Product life cycle

Has four stages; introduction, growth, maturity, and decline

The tool that lists ages, names, education, capabilities, training, specialized skills, and other relevant information about an organizations employees is call day

Human resource inventory

Fringe benefits

Include sick leave pay, vacation pay, pension plans, and health plans, that provide additional compensation to employees beyond base wages

Extrinsic rewards

Is given to you by someone else as recognition for good work

Marketers should gather secondary data first because

It is already available and to avoid incurring unnecessary expenses

Training the duplicates the exact combination of conditions and tasks that occur on the job is

Job simulation

Illegal copies of national brand-name goods are called

Knock offs

What is a factor in terminating employees

Lost training costs

The process of establishing and maintaining contacts in and outside the organization is called

Networking

An effective performance appraisal system is also a way

Of satisfying legal requirements about such decisions

A physical good, service, or idea that satisfies a want or need is called a

Product

Piecework system

Wage based on the number of items produced rather then by the hour or day. This type of system creates powerful incentives to work efficiently and productively

1. Establishing performance standards. 2. Communicating those standards. 3. Evaluating performance. 4. Discussing results with employees. 5. Taking corrective action. 6. Using the results to make decisions.

What are the six steps in the performance appraisal process?

An assumption about people by a Theory Y manager

Would be that workers enjoy work

Psychographic segmentation

divides buyers into different groups based on social class, lifestyle, or personality traits

Job enrichment elements:

-Skill variety: The extent to which a job demands different skills -task identity: The degree to which the job requires doing a task with a visible outcome from beginning to end -task significance: The degree to which the job has a substantial impact on the lives or work of others in the company -Autonomy: The degree of freedom, independence, and discretion in scheduling work and determining procedures -feedback: The amount of direct and clear information given about job performance

Hawthorne effect

Refers to peoples tendency to behave differently when they know they're being studied

Goal-setting theory:

Setting ambitious but attainable goals can motivate workers and improve performance if the goals are accepted and accompanied by Feedback, and if conditions in the organization pave the way for achievement

Why is it important to communicate the established performance standards with employees?

So employees know what is expected of them

What are five factors influencing the marketing environment?

Sociocultural, competitive, economic, global, and technological, influences are all factors influencing the marketing environment

Products that rely on reaching special market segment through advertising are

Specialty goods

Job description

Specifies the objectives of the job, the type of work, the responsibilities and duties, working conditions, in the jobs relationship to other functions

Time motion studies

Studies, begun by Frederick Taylor, of which tasks must be performed to complete a job and the time needed to do each task

Scientific management:

Studying workers to find the most efficient ways of doing things and then teaching people those techniques

Designing a product so that it satisfies customers and meet the profit margin is desired by firms is called

Target costing

Orientation

The activity that initiates new employees into the organization; to fellow employees; to their immediate supervisors; and to the policies practices and objectives of the firm

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

Vrooms expectancy theory:

The amount of effort employees exert on a specific task depends on their expectations of the outcome

Product mix

The combination of all product lines offered by manufacturer

Brand association

The linking of a brand two other favorable images, like famous product users, a popular celebrity, or a particular geographic location

Recognizing what stage of its lifecycle a product is in has a direct impact on marketers decisions about

The marketing mix

Intrinsic rewards

The personal satisfaction you feel when you perform well and complete goals

Networking

The process of establishing and maintaining contact with key managers in your own and other organizations and using those contacts to weave strong relationships that serve as informal development systems

Selection

The process of gathering information and deciding who should be hired, under legal guidelines, to serve the best interests of the individual and the organization

Environmental scanning

The process of identifying factors that can affect marketing success

Customer relationship management(CRM)

The process of learning as much as possible about present customers and doing everything you can overtime to satisfy them with goods and services

Recruitment

The set of activities used to obtain a sufficient number of the rights employees at the right time

Price leadership

The strategy by which one or more dominant firms set the pricing practices that all competitors in an industry follow

Brand equity is

The value of the brand-name and associated symbol

Hay system

This plan is based on job tiers, each of which has a strict pay range. The system is set up on a point basis with three key factors considered: know-how, problem-solving, and accountability

All the expenses that remain the same no matter how many products are made or sold are called

Total fixed costs

On-the-job training

Training at the workplace that lets the employee learn by doing or by watching others for a while and then imitating them

Online training

Training programs in which employees complete classes via the Internet

True or false: people over 65 have become one of the fastest growing segment of the US population

True