Business 5101 Praxis: Marketing and Management (2023/2024) Rated A

Business 5101 Praxis: Marketing and Management (2023/2024) Rated A Four Ps of Marketing Place, Price, Promotion, Product Product A physical good or an intangible service. An article or substance that is manufactured or refined for sale. Price The amount of money exchanged for a good or service. A very important decision for a product because it can impact sales and opinions on the product. Placement Where you sell your product; the stores you choose and the location in the store that you choose. Promotion any form of communication used to inform, persuade, or remind. The act of marketing a product so that people become aware of it and hopefully want to purchase it. Advertising A written or spoken media message designed to interest consumers in purchasing a product or service. Step by step Advertisement Perform research to find out how best to advertise the product and their target market. Create a budget. Create the advertisements, often using a specific theme or idea. Decide on the type of media to be used and schedule it in the best way. Finally, set the campaign in motion. Marketing Research the process of planning, collecting, and analyzing data relevant to a marketing decision. Sales Research involves looking at the sales numbers and the strategies the company was taking when sales were high as well as when they were low. Product Research The evaluation of product design, package design, product usage, and consumer acceptance of new and existing products. Advertising Research Aims to make advertising more effective. Marketing Information Systems (IMS) Helps marketers make good decision. It collects and analyzes internal and external data and then sends out that information so marketers can better the data; application software; marketing databases; and system support. Primary Research When marketers do original research. For an example: Giving out a new survey. Marketing Plans comprehensive strategic and tactical frameworks for identifying and achieving a sport organization's marketing goals and objectives. It is vital for business, it gives direction. Incorporate important research, and serves as a guide for the marketing team. Target Market one or more specific groups of potential consumers toward which an organization directs its marketing program. Marketing Mix the set of tactical marketing tools - product, price, place, and promotion - that the firm blends to produce the response it wants in the target market. Market Segmentation the process of dividing a market into meaningful, relatively similar, and identifiable segments or groups. Factors that influence decisions in marketing Business Ethics, Sociocultural Factors, Culture Difference, Product Life Cycle Introduction stage, make people aware of the product and create a market. Growth stage, the company tries to get more market share. Decline Stage, sales decline. Companies may choose to keep the product with or without changes. Product lines A group of related products a company offers. Product Mixes Comprises all the products a company offers. Branding The promotion of a product or service by identifying it with distinct characteristics (usually associated with public perception, quality or effectiveness). It is how the company distinguishes it product or products as differentiated and may include logos, names, graphic, shapes and more. Distribution Channels the path through which products or services get to customers. Direct Channel takes the product straight from the producer to the consumer. Indirect Channel Takes it through nonaffiliated retailers, wholesalers, or other parties. Horizontal Integrations Where company buys out smaller companies forming one big company. Happens when a company attains a similar company. Vertical Integration Practice where a single entity controls the entire process of a product, from the raw materials to distribution. Distribution System Involves getting a product from the production line to the customer, it contains various parts. First is ordering processing. Next is materials handling, finally, transportation must be done to get the finished goods to consumers as quickly and inexpensively as possible. Retailers businesses that sell directly to final consumers Factors that Affect Retailing Choices Store location, Product mix, Atmosphere Selling Process the steps that the salesperson follows when selling, which include prospecting and qualifying, preapproach, approach, presentation and demonstration, handling objections, closing, and follow-up. Customer Service specifically refers to human or mechanical activities firms undertake to help satisfy their customers' needs and wants. Douglas McGregor's Theory X Assumptions Focuses on three main assumptions regarding employee motivation and behavior. First, one must assume the employees, by their inborn nature, do not like to work and will try to do as little as possible. It assumes money as the sole motivating factors for employers. Assumes the person does not possess ambition and employees worry only about themselves. Douglas McGregor's Theory Y Assumptions It assumes that employees can be self motivated and enjoy work just like they might enjoy play. It is natural to them. They can control themselves, and accept and search for responsibility and work to accomplish goals on their own. They desire success at work, managers do not have to exercise strict control to force employees to work. Total Quality Management managing the entire organization so that it excels on all dimensions of products and services that are important to the customer. This method strives for better internal process and increased customer satisfaction. Management by Objectives (MBO) a management model that aims to improve performance of an organization by clearly defining objectives that are agreed to by both management and employees. Activity Based Management Managers examine activities to evaluate costs and value added. Function of Management Planning, Organizing, Leading, Controlling Top- Level Management All managers who are responsible for the entire company. The managers in charge running the organization as a whole and making the major decisions for the company. Middle Level Management tactical managers - translate goals and plans developed into specific objectives and activities.Brings organizational plans to fruition. Low- Level Management These managers work to ensure that individual employees are meeting their performance goals in a way that aligns with the organizational goals, such as completing a set number of projects by a specific deadline or selling a set number of products within a certain period of time. ie. leads account manager. They spends their time leading, directing and supervising employees. Leadership Styles ways in which people express their leadership Authoritarian (Autocratic) Leadership makes all the decisions, passes directives to subordinates, questioning is discouraged, and there is assumption that the leader knows everything. The rules and regulations are strict and the manager keeps firm control. Democratic (Participative) Leadership Style Very popular style,the manager does not make all the decisions, but instead shares them with the group. Paternalistic Leadership Style Leaders who treat their employees as family members. They are consultative and act in the best interests of their employees. The manager act almost as a parent and the employees as children, who trust and are loyal to their leader. Laissez-faire (Delagative) Style Style of leadership is one in which the workers make all the decisions without any managerial control. This can be problematic if the workers cease to become productive because no one is holding them responsible. SWOT analysis a planning tool used to analyze an organization's strengths, weaknesses, opportunities, and threats. Commercial Paper a written promise from one company to another to pay a specific amount of money. Sales Budget an estimate of expected sales revenue for the budget period. A budget that shows the expected sales for a period of time. Production Budget Shows the amount of products that should be made. Sales forecast the total sales of a product that a firm expects to sell during a specified time period under specified environmental conditions and its own marketing efforts. Receipts income received from the sale of goods and/or services; also, slips of paper documenting a purchase. Financing To buy an item with credit; paying over time Disbursements money paid out Cash Surplus When estimated income is greater than estimated expenses. Cash Deficit an excess amount of expenses over income, resulting in insufficient funds as well as in decreased net worth. Capital Expenditure Budget A plan for purchasing major capital items, such as equipment or a physical plant, with a useful life greater than 1 year and exceeding a minimum cost set by the organization. Covers investments in long-term projects and capital assets. Master Budget a presentation of an organization's operational and financial budgets that represents the firm's overall plan of action for a specified time period. Encompasses all of the budgets of a company to give an entire view of the business as a whole. Cost- benefit Analysis a decision-making process in which you compare what you will sacrifice and gain by a specific action. A process to complete when making decisions in business. Continuous Processes Production System A method of production in which products are continually produced. Batch Operations Production Method Similar items are made together in batches. They proceed together through each stage of production and then all move to the next stage. Inventory Systems Traditional, Just in time Traditional Inventory System Involves ordering materials and storing them until they are needed. Just in Time (JIT) Inventory System A system in which parts or supplies arrive at an organization when they are needed, not before. Functional Structures Organizes the employees, tasks, and supervision in the company by function. Team Structure an organizational structure in which the entire organization is made up of work teams. Adaptive Structure Has multifunctional teams instead of rigid hierarchy. Networks Structure Business functions that can be accomplished with less const and/ or better quality by others are outsourced. Matrix Structure An organizational structure that simultaneously groups people and resources by function and by product. Employees are grouped by function and product for maximum efficiency. Teams are often employed. For instance, if a company sells both cars and boats, they might have a car sales department and a boat sales department. Product Based Structure The company's global activities are organized along its various product divisions. Centralized Structure One individual makes decisions for the company. Decentralized Structure A design structure that relies on all employees to collect and communicate information, in order to make decisions and recommend changes. A team and the decisions are made at different levels. Formal Structure the official structure of the organization. The exact chain of leadership and the formal hierarchy. Informal Structure unspoken but understood channels of communication, reflecting patterns that develop spontaneously. Cross Training team training in which team members understand and practice each other's skills so that they are prepared to step in and take another member's place. Maslow's Hierarchy of Needs A five tiered approach to needs and motivation. Pyramid- Shaped Hierarchy Places basic needs at the bottom, which must be attained before higher levels are reached. Bottom level of pyramid Encompass psychological needs. These are what a human needs to survive such as food, water, air, and sleep. Collective Bargaining Negotiations between representatives of labor unions and management to determine pay and acceptable working conditions. Retirement Plans May be contributory plans or noncontributory plans. Pension, Employee Stock Plan, 401K plan Workers' Compensation A form of insurance paid by the employer providing cash benefits to workers injured or disabled in the course of employment. Unemployment Insurance a government program that partially protects workers' incomes when they become unemployed.