Business Intelligence & Data-Driven Decisions
Each of the elements of a SMART Goal
Specific, Measurable, Attainable, Relevant, Time-Based
Term referring to management of the conversion process of inputs to outputs
Operations management
An attempt by marketers to inform, persuade, or remind consumers and B2B users to influence their opinion or elicit a response
Promotion (or promotional strategy)
Payments to stockholders from a corporation’s profits
Dividends
A particular group of people or organizations on which an organization’s marketing efforts are focused
Target market
Type of information system commonly used by workers in the retail or food/bev industry (e.g., POS)
Transaction Processing System (TPS)
Operations can be categorized into three major types of activities: Design, Management, and _____
Improvement
The combination of multiple channels such as content, email, display advertising and social media in order to promote a consistent message to a specific audience.
Integrated Marketing Campaign (or promotional mix)
Simple formula for deciding whether to use earnings to pay off debt or to invest.
If i > r, then pay down debt
If r > i, then invest
The willingness and ability of buyers to purchase a good or service
Demand
Methods and equipment that provide information about all aspects of a firm’s operations (examples including Transaction Processing Systems, Decision Support Systems, etc.)
Management Information Systems
The sequence of tasks for a project representing the fastest time possible for project completion
Critical Path
Channel members that buy finished products from manufacturers and sell them to retailers. Retailers in turn sell the products to consumers
Wholesalers
This type of investment is considered the safest form of investing
CDs and/or U.S. Treasury Bills
If you have $100,000 in assets and $40,000 in owners equity, what are your liabilities?
$60,000
(Assets = Liabilities + Equity)
Another term for the mental shortcuts we take when making decisions
Cognitive Biases
Production type in which goods are produced using mass-production techniques up to a point. At that point, the product or service is custom-tailored to the needs or desires of individual customers.
Mass Customization
Any paid form of nonpersonal promotion by an identified sponsor that is delivered through standard media channels.
Traditional advertising
If a company goes bankrupt and sells its assets these holders get their money back first
Preferred stockholders
Cost, product differentiation, service differentiation, and niche are all types of what
Competitive advantage
Measures of business success that are (or should be) directly linked to the business’ goals
Key Performance Indicators (KPIs)
A quality control method that streamlines production by eliminating steps in the production process that do not add benefits customers want
Lean Manufacturing
4 major goals of promotion
1.Creating awareness
2.Getting consumers to try products
3.Providing information
4.Keeping loyal customers
5.Increasing the amount and frequency of use
6.Identifying target customers
7.Teaching the customer
Franchising is an example of this type of intensive growth strategy
Market Development
Illegal practice of using confidential information about a firm to profit from the purchase of sale or stocks
Insider Trading