Business Chapter 11-14
Marketing Research Process
- defining the question and determining the present situation - collecting research data - analyzing the research data - choosing the best solution and implementing it
Production, Selling, Marketing Concepts, Customer Relationship
4 eras of marketing
Injunction
A court order directing someone to do something or to refrain from doing something
Job Analysis
A study of what employees do who hold various job titles.
Job Description
A summary of the objectives of the job, the type of work to be done, the responsibilities and duties, the working conditions and the relationship of the job to other functions.
Yellow-Dog contract
A type of contract that required employees to agree as a condition of employment not to join a union; prohibited by the Norris-LaGuardia Act in 1932
Strike
A union strategy in which workers refuse to go to work; the purpose is to further workers' objectives after an impasse in collective bargaining
Job Specifications
A written summary of the minimal qualifications required of workers to do a particular job.
Open Shop Agreement
Agreement in right-to-work states that gives workers the option to join or not join a union, if one exists in their workplace
Negotiated Labor-Management Agreement (Labor Contract)
Agreement that sets the tone and clarifies the terms under which management and labor agree to function over a period of time
Training and Development
All attempts to improve productivity by increasing an employee's ability to perform. Training focuses on short-term skills, development on long-term abilities.
Job Sharing
An arrangement whereby two part-time employees share one full-time job.
Secondary Boycott
An attempt by labor to convince others to stop doing business with a firm that is the subject of a primary boycott; prohibited by the Taft-Hartley Act
Lockout
An attempt by management to put pressure on unions by temporarily closing the business
Union
An employee organization whose main goal is representing its members in employee-management negotiation of job-related issues
Performance Appraisal
An evaluation that measures employee performance against established standards in order to make decisions about promotions, compensation, training or termination.
Mentor
An experienced employee who supervises, coaches and guides lower-level employees by introducing them to the right people and generally being their organizational sponsor.
American Federation of Labor
An organization of craft unions that championed fundamental labor issues; founded in 1886. Limited membership to skilled workers
Craft Union
An organization of skilled specialists in a particular craft or trade
Fringe Benefits
Benefits such as sick leave pay, vacation pay, pension plans, and health plans that represent additional compensation beyond base wages.
Agency shop Agreement
Clause in a labor-management agreement that says employers may hire nonunion workers; employees are not required to join the union but must pay a union fee.
Union Shop Agreement
Clause in a labor-management agreement that says workers don't have to be members of a union to be hired, but must agree to join the union within a prescribed period
Closed Shop Agreement
Clause in a labor-management agreement that specified workers had to be members of a union before being hired (was outlawed by the Taft-Hartley Act in 1947)
Reverse Discrimination
Discrimination against whites or males in hiring or promoting.
Contingent Workers
Employees that Include part-time workers, temporary workers, seasonal workers, independent contractors, interns, and co-op students.
Affirmative Action
Employment activities designed to "right past wrongs" by increasing opportunities for minorities and women.
Certification
Formal process whereby a union is recognized by the National Labor Relations Board (NLRB) as the bargaining agent for a group of employees
Cafeteria-Style Fringe Benefits
Fringe benefits plan that allows employees to choose the benefits they want up to a certain dollar amount.
Value
Good quality at a fair price. When customers calculate the value of a product, they look a the benefits and then subtract the cost to see if the benefits exceed the costs.
Core Time
In a flextime plan, the period when all employees are expected to be at their job stations.
Industrial Unions
Labor organizations of unskilled and semiskilled workers in mass-production industries such as automobiles and mining
Right-to-Work Laws
Legislation that gives workers the right, under an open shop to join or not join a union if it is present
Union Security Clause
Provision in a negotiated Labor-management agreement that stipulates that employees who benefit from a union mus either officially join or at least pay dues to the union
Product, Price, Place, Promotion
The Four P's
Orientation
The activity that introduces new employees to the organization; to fellow employees; to their immediate supervisors; and to the policies, practices, and objectives of the firm.
Knights of Labor
The first national labor union; formed in 1869.
Decertification
The process by which workers take away a union's right to represent them
Human Resource Management (HRM)
The process of determining human resource needs and then recruiting, selecting, developing, motivating, evaluating, compensating and scheduling employees to achieve organizational goals.
Networking
The process of establishing and maintaining contacts with key managers in and outside the organization 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.
Management Development
The process of training and educating employees to become good managers and then monitoring the progress of their managerial skills over time.
Collective Bargaining
The process whereby union and management representatives form a labor-management agreement, or contract, for workers
Recruitment
The set of activities used to obtain a sufficient number of the right employees at the right time.
Congress of Industrial Organizations (CIO)
Union Organization of unskilled workers; broke away from the AFL in 1935 and rejoined it in 1955
Sexual Harassment
Unwelcome sexual advances, requests for sexual favors, and other conduct (verbal or physical) of a sexual nature that creates a hostile work environment
Compressed Workweek
Work schedule that allows an employee to work a full number of hours per week but in fewer days.
Flextime Plan
Work schedule that gives employees some freedom to choose when to work, as long as they work the required number of hours.
Trademark
a brand that has exclusive legal protection for both its brand name and its design
Product Line
a group of products that are physically similar or are intended for a similar market
Brand Manager
a manager who has direct responsibility for one brand or one product line; called a product manager in some firms
Brand
a name, symbol, or design (or combination thereof) that identifies the goods or services of one seller or group of sellers and distinguishes them from the goods and services of competitors
Competition-Based Pricing
a pricing strategy based on what all the other competitors are doing. the price can be set at, above, or below competitors' prices
Product Screening
a process designed to reduce the number of new-product ideas being worked on at any one time
Focus Group
a small group of people who meet under the direction of a discussion leader to communicate their opinions about an organization, its products, or other given issues
Product Life Cycle
a theoretical model of what happens to sales and profits for a product class over time; the four stages of the cycle are introduction, growth, maturity, and decline
Brand Name
a word, letter, or group of words or letters that differentiates one seller's goods and services from those of competitors
Total Fixed Costs
all the expenses that remain the same no matter how many products are made or sold
Business-to-Business Market
all the individuals and organizations that want goods and services to use in producing other goods and services or to sell, rent, or supply goods to others
Consumer Market
all the individuals or households that want goods and services for personal consumption or use
Promotion
all the techniques sellers use to inform people about and motivate them to buy their products or services
Product
any physical good, service, or idea that satisfies a want or need plus anything that would enhance the product in the eyes of consumers, such as the brand
Specialty Goods and Services
consumer products with unique characteristics and brand identity. Because these producs are perceived as having no reasonable substitute, the consumer puts forth a special effort to purchase them
Variable Costs
costs that change according to the level of production
Primary Data
data that you gather yourself
Target Costing
designing a product so that it satisfies customers and meets the profit margins desired by the firm
One-to-One Marketing
developing a unique mix of goods and services for each individual customer
Mass Marketing
developing products and promotions to please large groups of people
Geographic Segmentation
dividing a market by cities, counties, states, or regions
Demographic Segmentation
dividing the market by age, income, and education level
Benefit Segmentation
dividing the market by determining which benefits of the product to talk about
Volume (Usage) Segmentation
dividing the market by usage
Psychographic Segmentation
dividing the market using the group's values, attitudes, and interests
Total Product Offer
everything that consumers evaluate when deciding whether to buy something; also called a value package.
Bundling
grouping two or more products together and pricing them as a unit
Brand Awareness
how quickly or easily a given brand name comes to mind when a product category is mentioned
Knockoff Brands
illegal copies of national brand-name goods
Secondary Data
information that has already been compiled by others and published in journals and books or made available online
Product Analysis
making cost estimates and sales forecasts to get a feeling for profitability of new-product ideas
Three-part business philosophy: (1) Customer Orientation, (2) Service Orientation, (3) Profit Orientation
marketing concept
Target Marketing
marketing directed toward those groups an organization decides it can serve profitably
Relationship Marketing
marketing strategy with the goal of keeping individual customers over time by offering them products that exactly meet their requirements
Generic Goods
nonbranded products that usually sell at a sizable discount compared to national or private-label brands
Psychological Pricing
pricing goods and services at price points that make hte product appear less expensive than it is.
Unsought Goods and Services
products that consumers are unaware of, haven't necessarily thought of buying, or find that they need to solve an unexpected problem
Dealer (private label) Brands
products that don't carry the manufacturer's name but carry a distributor or retailer's name instead.
Convenience Goods and Services
products that the consumer wants to purchase frequently and with a minimum of effort
Industrial Goods
products used in the production of other products. sometimes called business goods or B2B goods.
Commercialization
promoting a product to distributors and retailers to get wide distribution, and developing strong advertising and sales campaigns to generate and maintain interest int eh product among distributors and consumers
Everyday Low Pricing (EDLP)
setting prices lower than competitors and then not having any special sales
High-Low Pricing Strategy
setting prices that are higher than EDLP stores, but having many special sales where the prices are lower than competitors'.
Skimming Price Strategy
strategy in which a new product is priced high to make optimum profit while there's little competition
Penetration Strategy
strategy in which a product is priced low to attract many customers and discourage competition
Concept Testing
taking a product idea to consumers to test their reactions
Arbitration
the agreement to bring in an impartial third party (a single arbitrator or a panel of arbitrators) to render a binding decision in a labor dispute)
Marketing Research
the analysis of markets to determine opportunities and challenges, and to find the information needed to make good decisions
Manufacturers' Brand Names
the brand names of manufacturers that distribute products nationally.
Product Mix
the combination of product lines offered by a manufacturer
Product Differentiation
the creation of real or perceived product differences
Brand Loyalty
the degree to which customers are satisfied, like the brand, and are committed to further purchases
Brand Association
the linking of a brand to other favorable images
Market Segmentation
the process of dividing the total market into groups whose members have similar characteristics
Niche Marketing
the process of finding small but profitable market segments and designing or finding products for them
Environmental Scanning
the process of identifying the factors that can affect marketing success; include global, technological, sociocultural, competitive, and economic influences
Customer Relationship Management (CRM)
the process of learning as much as possible about customers and doing everything you can to satisfy them - or even exceed their expectations - with goods and services
Test Marketing
the process of testing products among potential users
Break-Even Analysis
the process used to determine profitability at various levels of sales
Bargaining Zone
the range of options between the initial and final offer that each party will consider before negotiations dissolve or reach an impasse
Price Leadership
the strategy by which one or more dominant firms set the pricing practices that all competitors in an industry follow
Mediation
the use of a third party, called a mediator, who encourages both sides in a dispute to continue negotiating and often makes suggestions for resolving the dispute
Brand Equity
the value of the brand name and associated symbols
Shopping Goods and Services
those producs that the consumer bys only after comparing value, quality, price, and style from a variety of sellers
Shop Stewards
union officials who work permanently in an organization and represent employee interests on a daily basis
Primary Boycott
when a union encourages both its members and the general public not to buy the products of a firm involved in a labor dispute
Strikebreakers
workers hired to do the jobs of striking workers until the labor dispute is resolved
