Management 5, 6,8/ Marketing 6,7,8

Short term orientation:

a worldview that values personal stability or happiness and living for the presence.

General need description:

the stage in the business buying process in which a buyer describes the general characteristics and quantity of a needed item.

Performance review:

the stage of the business buying process in which the buyer assesses the performance of the supplier and decides to continue, modify, or drop the arrangement.

Supplier selection:

the stage of the business buying process in which the buyer reviews proposals and selects a supplier or suppliers.

Bias:

the systematic tendency to use information about others in ways that result in inaccurate perceptions.

Style:

describe the appearance of the product

Single use plans:

developed to handle non-program decision making in unusual or one-of-a-kind situations.

Values:

ideas about what a society believes to be good, right, desirable and beautiful.

Labels:

identify the product or brand, describe attributes, and provide promotion.

Planning:

identifying and selecting appropriate goals and courses of action for an organization.

Buyers:

people in an organization's buying center who make an actual purchase.

Social status effect:

perceive individuals with high social status more positively than those with low social status.

Time horizon: Long term, intermediate, short term

period of time over which plans are intended to imply or endure. Long-term plans are usually five or more years. Intermediate term plans are 1 to 5 years. Short term plans are less than one year.

Individualism:

a worldview that values individual freedom and self expression and adherence to the principle that people should be judged by their individual achievements rather than their social background.

Collectivism:

a worldview that values subordination of the individual to the goals of the group and adherence to the principle that people should be judged by their contribution to the group.

Nurturing orientation:

a worldview that values the quality of life, warm personal friendships, and services in care for the weak.

Long-term orientation:

a worldview that values thrift and persistence in achieving goals.

Differentiation:

actually differentiating the market offering to create superior customer value.

3. Implementing strategy:

allocate resources and responsibilities to achieve strategies.

Licensing:

allowing a foreign organization to take charge of manufacturing and distributing A product in its country or world region in return for a negotiated fee.

Schema:

an abstract knowledge structure stored in memory that allows people to organize and interpret information about a person, event, or situation.

Service:

an activity, benefit, or satisfaction offered for sale that is essentially intangible and does not result in the ownership of anything.

Hypercompetition:

permanent comment ongoing, intense competition brought about an industry by advancing technology or changing customer taste.

Continuity:

planning is an ongoing process in which managers build and refine previous plans and continually modify plans at all levels.

Flexibility:

plans can be altered if the situation changes.

Gender schema:

preconceived beliefs or ideas about the nature of men and women, their traits, attitudes, behaviors, and preferences.

Sociocultural forces:

pressures emanating from the social structure of a country or society or from the national culture.

Competitive advantage:

an advantage over competitors gain by offering greater customer value either by having lower prices are providing more benefits that justify higher prices.

Strategic alliance:

an agreement in which managers pull or share their organizations resources and know-how with a foreign company and the two organizations share the rewards and risks of starting a new venture.

Global organization:

an organization operates and competes in more than one country, uncertain and unpredictable.

2. Formulating strategy:

analyze the current situation and develop strategies.

Product:

anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.

Capital items

are industrial products that aid in the buyers production or operations

Standard operating procedures

are written instructions describing the exact series of actions that should be followed in a specific situation.

Positioning:

arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.

Quid pro quo:

asking for or forcing an employee to perform sexual favors in exchange for receiving some reward or avoiding negative consequences.

Unity:

at any one time only one central, guiding plan is put into operation.

Stuck in the middle:

attempting to simultaneously pursue both a local strategy and a differentiation strategy, difficult to achieve low cost with the added costs of differentiation.

Mentoring:

process by which an experienced member of an organization the mentor provides advice and guidance to a less experienced member the protégé and helps a less experienced member learn how to advance in the organization in his or her career.

Norms:

unwritten, informal codes of conduct that prescribe how people should act in particular situations and are considered important by most members of a group or organization, folkways, mores.

4 types of plans: Standing plans:

used in situations in which programmed decision making is appropriate.

Social marketing:

uses commercial marketing concepts to influence individuals behavior to improve their well-being in society.

B to B digital and social media marketing:

using digital and social media marketing approaches to engage business customers and manage customer relationships anywhere and anytime.

Occasion segmentation:

dividing the market into segments according to occasions when buyers get the idea to buy, actually make their purchase, or use the purchased item.

Benefits segmentation:

dividing the market into segments according to the different benefits that consumers seek from the product.

Demographic segmentation:

dividing the market into segments based on variables such as age, lifecycle stage, gender, income, occupation, education, religion, ethnicity, and generation.

Low cost strategy:

driving the organization's total cost down below the total costs of rivals.

Sexual orientation issues:

employment and workplace discrimination, same sex partner benefits.

Related diversification:

entering a new business or industry to create a competitive advantage in one or more of an organization's existing divisions or businesses.

Unrelated diversification:

entering a new industry or buying a company and a new industry that is not related in any way to an organization's current businesses or industry.

Market targeting:

evaluating each market segment's attractiveness and selecting one or more segments to serve.

Mores:

norms that are considered to be central to the functioning of society and to social life.

Synergy:

obtained with the value created by two divisions cooperating is greater than the value that would be created if the two divisions operated separately and independently.

Distributors:

organizations that help other organizations sell their goods or services to customers, powerful distributors can limit access to markets through the control of customers in those markets.

Competitors:

organizations that produce goods and services that are similar to a particular organization's goods and services. Most threatening force that managers deal with.

Internal marketing:

orienting and motivating customer contact employees and supporting service employees to work as a team to provide customer satisfaction.

Demographic forces:

outcomes of change in, or changing attitudes toward, the characteristics of a population, such as age, gender, ethnic origin, race, sexual orientation, and social class.

Political and legal forces:

outcomes of changes in laws and regulations, such as deregulation of industries, privatization of organizations, and increased emphasis on environmental protection.

Technological forces:

outcomes of changes in the technology that managers used to design, produce, or distribute goods and services.

Gatekeepers:

people and organizations buying center who control the flow of information to others.

Influencers:

people in an organization's buying center who affect the buying decision; they often help to find specifications and also provide information for evaluating alternatives.

Deciders:

people in an organization's buying center who have formal or informal power to select or approve the final suppliers.

Similar to me effect:

perceive others who are similar to ourselves more positively than we perceive people who are different.

Achievement orientation:

a worldview that values assertiveness, performance, success, and competition.

4 ways to expand internationally

1. Importing and exporting 2. Licensing and franchising 3. Strategic alliances, joint ventures 4. Wholly owned foreign subsidiary

Business markets:

Business buyers face more complex buying decisions than do consumer buyers.

Major influences on business buying behavior:

Economic factors: price and service Personal factors: emotion Environmental Organizational Interpersonal Individual

To perform the planning task, managers:

Establish and discover where an organization is at the present time. Determine its desired future state. Decide how to move it forward to reach that future state.

Disability issues:

Providing reasonable accommodations for individuals with disabilities, promoting a nondiscriminatory workplace environment, educating the organization about disabilities and aids

MGT Chapter 8: The five forces

Level of rivalry in an industry. Potential for new entrants. Power of large suppliers. Power of large customers. Threat of substitute products.

The five forces:

Level of rivalry in an industry. Potential for new entrants. Power of large suppliers. Power of large customers. Threat of substitute products.

Why planning is important:

Necessary to give the organization a sense of direction and purpose Useful way of getting managers to participate in decision making about the appropriate goals and strategies for an organization Helps coordinate managers of the different functions and divisions of an organization. Can be used as a device for controlling managers.

Diversity awareness programs:

Provide members with accurate information about diversity Uncover personal biases and stereotypes Assess personal beliefs, attitudes, and values and learning about other points of you Develop an atmosphere in which people feel free to share their differing perspectives. Improve understanding of others who are different

E- Procurement:

Purchasing through electronic connections between buyers and sellers usually online. Online purchasing, company buying sites, extranets. Advantages: access to new suppliers, lower costs, speeds order processing and delivery, enhances information sharing, improves sales, facilitates service and support. Disadvantages: erodes relationships as buyers search for new suppliers.

Steps in managing diversity effectively

Secure top management commitment Strive to increase the accuracy of perceptions Increase diversity awareness encourage flexibility Pay close attention to how organizational members are evaluated Consider the numbers. Empower employees to challenge discriminatory behaviors, actions, and remarks. Reward employees for effectively managing diversity. Provide training utilizing a multi pronged ongoing approach. Encourage mentoring of diverse employees

Perception:

The process through which people select, organize, and interpret what they see, hear, touch, smell, and taste to give meaning in order to the world around them.

Global environment:

The set of global forces and conditions that operates beyond an organization's boundaries but affects a manager's ability to acquire and utilize resources.

Proposal solicitation:

The stage of the business buying process in which the buyer invites qualified suppliers to submit proposals.

Store brand:

a brand created and owned by a reseller of a product or service.

Mission statement:

a broad declaration of an organization's purpose that identifies the organization's products and customers and distinguishes the organization from its competitors.

New task:

a business buying situation in which the buyer purchases a product or service for the first time.

Straight rebuy:

a business buying situation in which the buyer routinely re-orders something without modifications

Modified rebuy:

a business buying situation in which the buyer wants to modify product specifications, prices, terms, or suppliers.

Strategy:

a cluster of decisions about what goals to pursue, what actions to take, and how to use resources to achieve goals.

Shopping product:

a consumer product at the customer, in the process of selecting and purchasing, usually compares on such attributes as suitability, quality, price, and style. Examples, furniture's cars and appliances.

Convenience product:

a consumer product that customers usually buy frequently, immediately, and with minimal comparison in buying effort. Examples: newspaper, candy, fast food.

Unsought product:

a consumer product that the consumer either does not know about or knows about but does not normally consider buying. For example, life insurance, funeral services, blood donations.

Specialty product:

a consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort. Examples: medical services designer clothes and high-end electronics.

Product line:

a group of products that are closely related because they function in a similar manner, or sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges.

Undifferentiated mass marketing:

a market coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer. Focuses on common needs rather than what is different.

Concentrated niche marketing:

a market coverage strategy in which a firm goes after a large share of one or a few segments or niches. Limited company resources, knowledge of the market, more effective and efficient.

Differentiated segmented marketing:

a market coverage strategy in which a firm targets several market segments and designs separate offers for each. Goal is to achieve higher sales and a stronger position and it is more expensive than undifferentiated marketing.

Glass ceiling:

a metaphor alluding to the invisible barriers that prevent minorities and women from being promoted to top corporate positions.

Distributive justice:

a moral principle calling for fair distribution of pay, promotions, and other organizational resources based on meaningful contributions that individuals have made and not personal characteristics over which they have no control.

Procedural justice:

a moral principle calling for the use of fair procedures to determine how to distribute outcomes to organizational members.

Corporate level strategy:

a plan indicates in which industries and national markets an organization intends to compete.

Functional strategy:

a plan of action to improve the ability of each of an organization's functions to perform its task specific activities and ways to add value to an organization's goods and services.

Business level strategy:

a plan that indicates how a division intends to compete against its rivals in an industry.

Swot analysis:

a planning exercise in which managers identify internal organizational strengths and weaknesses in external environmental opportunities and threats.

Industrial product:

a product bought by individuals and organizations for further processing or for use in conducting a business. For example, materials and parts, cabinet items, and supplies and services.

Consumer product:

a product pop by final consumers for personal consumption. Examples: convenience products, shopping products, specialty products, unsought products.

Positioning statement:

a statement that summarizes company or brand positioning using this form: to ;target segment and need) our (Brand) is (concept) that (point of difference.)

Joint venture:

a strategic alliance among two or more companies that agree to jointly establish and share the ownership of a new business.

Tariff:

a tax that a government imposes on imported or occasionally export of goods.

Derived demand:

business demand that ultimately comes from the demand for consumer goods.

System selling or solution selling:

buying a packaged solution to a problem for my single seller, thus avoiding all the separate decisions involved in a complex buying decision.

Person marketing:

consist of activities undertaken to create, maintain, or change the attitude or behavior of target consumers toward particular people.

Organization marketing:

consist of activities undertaken to create, maintain, or change the attitudes and behavior of target consumers toward an organization.

Buying center:

consist of all the individuals and units that play a role in the business purchase decision making process. Participants in the business buying process: users, influencers, deciders, purchasers, gatekeepers

Place marketing:

consists of activities undertaken to create, maintain, or change attitudes and behavior toward particular places.

Design:

contributes to a product's usefulness as well as to its looks. Brand: is the name, term, sign, or design or a combination of these, that identifies the maker or seller of a product or service.

Economies of scale:

cost advantages associated with large operations.

Managing service differentiation

creates a competitive advantage. Examples offer delivery and image.

Low uncertainty avoidance:

cultures are easy-going, value diversity, and tolerate differences in personal beliefs and actions.

Brand loyalty:

customers preference for the products of organizations currently existing in the task environment.

Multidomestic strategy:

customizing products and marketing strategies to specific national conditions, helps gain local market share, and raises production costs.

Three steps in planning: 1. Determining the organization's mission and goals:

define the business, and establish major goals.

Power distance:

degree to which societies accept the idea that inequalities in the power and well-being of their citizens are due to differences in individuals physical and intellectual capabilities and heritage.

Differentiation:

distinguishing in organizations products from the products of competitors on dimensions such as product design, quality, or after sales service.

Income segmentation:

dividing a mark into different income segments.

Age and lifecycle segmentation:

dividing a market into different age and lifecycle groups.

Geographic segmentation:

dividing a market into different geographical units, such as nations, states, regions, countries, cities, or even neighborhoods.

Gender segmentation:

dividing a market into different segments based on gender.

Psychographic segmentation:

dividing a market into different segments based on lifestyle or personality characteristics.

Market segmentation:

dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate marketing strategies or mixes.

Behavioral segmentation:

dividing a market into segments based on consumer knowledge, attitudes, and uses of a product, or responses to a product.

Diversification:

expanding a company's business operations into a new industry in order to produce new kinds of valuable goods or services.

Vertical integration:

expanding a company's operations either backward into an industry that produces inputs for its products or forward into an industry that uses, distributes, or sells its products.

Line extension:

extending an existing brand name to new forms, colors, sizes, ingredients, or flavors of an existing product category.

Brand extension:

extending an existing brand name to new product categories.

Barriers to entry:

factors that make it difficult and costly for the organization to enter a particular task environment or industry.

Salience effect:

focused attention on individuals who are conspicuously different.

Intermarket segmentation:

forming segments of consumers who have similar needs and buying behaviors even though they are located in different countries.

Functional level plan:

functional managers decisions pertaining to the goals that they propose to pursue to help the division attain its business level goals.

Government market:

governmental units - federal, state, and local, that purchase or rent goods and services for carrying out the main functions of government. Tends to favor domestic suppliers, require them to submit bids, and normally award the contract to the lowest bidder.

External stimuli:

idea from a trade show or advertising

Supplies and services

include operating supplies, repair and maintenance items and business services.

Materials and parts

include raw materials and manufacturing materials and parts

Customers:

individuals and groups that buy goods and services that an organization produces.

Suppliers:

individuals and organizations that provide an organization with the input resources that it needs to produce goods and services, raw materials, component parts, and employees.

Programs:

integrated sets of plans achieving certain goals.

Economic forces:

interest rates, inflation, unemployment, economic growth, and other factors that affect the general health and well-being of a nation or the regional economy of an organization.

Packaging:

involves designing and producing the container or wrapper for a product.

Target market:

is a set of buyers who share common needs or characteristics that the company decides to serve.

Value analysis:

is an approach to cost reduction where components are studied to determine if they can be redesigned, standardized, or made with less costly methods of production.

Brand equity:

is the differential effect that knowing the brand name has on customer response to the product or it's marketing.

Product line length:

is the number of items in the product line. For example line stretching, and line filling.

Supplier development:

is the systematic development of networks of supplier partners to ensure an appropriate and dependable supply of products and materials for use in making products or reselling them to others.

Brand value:

is the total financial value of a brand.

Product position:

is the way the product is defined by consumers on important attributes -The place it occupies in consumers minds relative to competing products.

Multiple segmentation:

is used to identify smaller, better to find target groups.

Overt discrimination:

knowingly and willingly denying diverse individuals access to opportunities in outcomes in an organizational, unethical and illegal.

Hyper logical social marketing:

location-based targeting to consumers and local communities or neighborhoods using digital and social media

Business level plan:

long-term divisional goals that will allow the division to meet corporate goals, divisions business level strategy and structure to achieve divisional goals.

Critical managerial roles:

managers can take many more steps to become sensitive to the ongoing effects of diversity and their organizations, take a vantage of all the contributions diverse employees can make, and prevent diverse employees from being unfairly treated.

Accuracy:

managers need to make every attempt to collect and utilize all available information at their disposal.

Brand positioning:

marketers can position brands at any of three levels: attributes, benefits, beliefs and values.

Users:

members of the buying organization who will actually use the purchase product or service.

Internal stimuli:

need for new product or production equipment.

Wholly owned foreign subsidiary:

production operations established in a foreign country independent of any local direct involvement.

Socioeconomic background:

refers to a combination of social class and income related factors. Socio economic diversity requires that managers be sensitive and responsive to the needs and concerns of individuals who might not be as well off as others.

Managing service productivity:

refers to the cost side of marketing strategies for service films. Example employee hiring and training and service quantity and quality.

Concentration on a single industry:

reinvesting A companies profits to strengthen its competitive position and its current industry.

Institutional markets:

schools, hospitals, nursing homes, prisons, and other institutions that provide goods and services to people in their care.

Importing:

selling products at home that are made abroad.

Global strategy:

selling the same standardized product and using the same basic marketing approach in each national market.

Franchising:

selling to a foreign organization the rights to use a brand-name in operating know-how in return for a lump sum payment and a share of the profits.

Service inseparability:

services are produced and consumed at the same time and cannot be separated from their providers.

Service intangibility:

services cannot be seen, tasted, felt, heard or smell before they are bought.

Service perishability:

services cannot be stored for later sale or use.

Focused low-cost strategy:

serving only one segment of the overall market and trying to be the lowest cost organization serving that segment.

Focused differentiation strategy:

serving only one segment of the overall market and trying to be the most differentiated organization serving that segment.

Positioning Maps:

show consumer perceptions of marketers browns versus competing products on important buying dimensions.

Stereotype:

simplistic and often inaccurate belief about the typical characteristics of particular groups of people.

High uncertainty avoidance:

societies are more rigid and expect hi conformity in their citizens beliefs and norms of behavior.

Project:

specific action plans to complete various aspects of a program.

Local marketing:

tailoring brands and marketing to the needs and wants of local customer segments - cities, neighborhoods, and even specific stores.

Individual marketing:

tailoring products and marketing programs to the needs and preferences of individual customers. Also known as one to one marketing and mass customization.

Micro marketing:

tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments; it includes local marketing and individual marketing.

Strategic leadership:

the ability of the CEO and top managers to convey a compelling vision of what they want the organization to achieve to their subordinates.

Business buyer behavior:

the buying behavior of organizations that buy goods and services for use in the production of other products and services that are sold, rented, or supplied to others.

Service profit chain:

the chain that links service from profits with employee and customer satisfaction.

Product quality:

the characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs. Examples: total quality management, return on quality, quality level, performance quality, conformance quality.

Aging:

the combination of biological, psychological, and social processes that affect people as they grow older. Median age in the United States is 37.8 years, By 2030 20% of the population will be over 65.

Technology:

the combination of skills and equipment that managers using designing, producing, and distributing goods and services.

Business buying process:

the decision process by which business buyers determine which products and services their organizations need to purchase and then find, evaluate, and choose among alternative suppliers and brands.

Uncertainty avoidance

the degree to which societies are willing to tolerate uncertainty and risk.

Strategic formulation:

the development of a set of corporate, business, and functional strategies that allow an organization to accomplish its mission and achieve its goals.

Problem recognition:

the first stage of the business buying process in which someone in the company recognizes a problem or need that can be met by acquiring a good or a service.

Financial capital:

the flow of money capital Crossworlds markets through overseas investment, credit, lending, and aid.

Resource capital:

the flow of natural resources, parts, and components between companies in countries, such as metals, minerals, lumber, energy, food products, micro processors, and auto parts.

Human capital:

the flow of people around the world through immigration, migration, and immigration.

Political capital:

the flow of power and influence around the world using diplomacy, persuasion, aggression, and force of arms to protect the right or access of a country, world region, or political bloc to the other forms of capital.

Value proposition:

the full positioning of a brand - the full mix of the benefits on which it is positioned.

Scenario planning, contingency planning:

the generation of multiple forecasts of future conditions followed by an analysis of how to respond effectively to each of those conditions.

Free trade doctrine:

the idea that if each country specializes in the production of the goods and services that it can produce most efficiently, this will make the best use of global resources and will result in lower prices.

Co branding:

the practice of using the established brand names of two different companies on the same product.

Global outsourcing:

the purchase or production of inputs or final products from overseas suppliers to lower cost and improve product quality or design.

Service variability:

the quality of services may vary greatly depending on who provides them and when, where, and how they are provided.

Folkways

the routine social conventions of everyday life.

Product mix or product portfolio:

the set of all product lines and items that a particular seller offers for sale. Ex. Width, length, depth, consistency.

Task environment:

the set of forces of conditions that originates with suppliers, distributors, customers, and competitors and effects in organizations ability to obtain inputs and dispose of its output, influence managers daily.

Globalization:

the set of specific and general forces that work together to integrate and connect economic, political, and social systems across countries, cultures, or geographical regions so that nations become increasingly interdependent and similar.

National culture:

the set of values that a society considers important in the norms of behavior that are approved or sanctioned in that society.

Management chapter 5: managing diverse employees in a multicultural environment: Diversity:

the similarities or differences among people due to age, gender, race, ethnicity, religion, sexual orientation, socioeconomic background, education, experience, physical appearance, capability/disabilities, and any other characteristic that is used to distinguish among people.

Supplier search:

the stage of the business buying process in which the buyer tries to find the best vendors.

Order root specifications:

the stage of the business buying process in which the buyer writes the final order with the chosen suppliers listing the technical specifications, quantity needed, expected time of delivery, return policies, and warranties.

Product specifications:

the stage of the business buying process in which the buying organization decides on and specifies the best technical product characteristics for a needed item.

Social structure:

the traditional system of relationships established between people and groups in a society.

General environment:

the wide raging global, economic, technological, sociocultural, demographics, political, and legal forces that affect an organization and its task environment.

Corporate level plan:

top management decisions pertaining to the organization's mission, overall strategy, and structure.

Interactive marketing:

training service employees in the fine art of interacting with customers to satisfy their needs. Includes Service differentiation, service quality, service productivity.