Ch.6
SWOT?
Strengths - Weaknesses - Opportunities - Threats
The process of introducing new employees to their jobs and to the company
What is Orientation
A group of people with complementary skills who work together to achieve a specific goal
What is a team
A set of processes for creating, communicating, and delivering value to customers and for improving customer relationships. It includes everything that organizations do to satisfy customers’ needs.
What is Marketing
Something that can be marketed to customers because it provides them with a benefit and satisfies a need
What is a Product
4 major things managers do
Planning - Organizing - Directing - Controlling
This theory proposes that we’re motivated by five unmet needs—physiological, safety, social, esteem, and self-actualization and must satisfy lower-level needs before we seek to satisfy higher-level needs
What is Maslow's Hierarchy-of-Needs Theory
What're 4 types of work teams
Manager-led team - Self-managing team - Cross-functional team - Virtual team
Four P's of marketing
Product - Price - Place - Promotion
A group of related businesses that do similar things and compete with each other
What is an Industry
Supervise employees, Coordinate activities, Involved in day-to-day operations
What is First-Line Managers
Divides work factors into motivation factors and hygiene factors
What is Herzberg's Two-Factor Theory
Refers to the attractiveness of a team to its members
What is group cohesiveness
Marketers begin by charging a low price, both to keep out competition and to grab as much market share as possible. Which approach is this?
Penetration approach
costs that don’t change when the amount of goods sold changes. For example, rent
What is fixed costs
a manager tends to make decisions without soliciting input and expects subordinates to follow instructions without undue explanation
What is Autocratic Style Leadership
*______* focuses on our perceptions of how fairly we’re treated relative to others
*______* is when you believe that acceptable performance will lead to a desired outcome or reward
Equity Theory
Expectancy Theory
The process of transferring information from a sender to a receiver
What is communication
The stages of development and decline that products go through over their lives is called
What is product life cycle
Majority of product ideas come from?
Entrepreneurs and small business owners
This function is 1-of-the-4 things managers do
Establish standards, measure performance, compare actual performance with standards and identify any deviations, determine the reason for deviations, and take corrective action if needed.
What is Controlling
When there’s a discrepancy between what workers want in terms of salary increases, benefits, working conditions, and job security and what management is willing to give, the two sides engage in a process called
What is Collective Bargaining
Every team requires a mixture of three skill sets. What are they?
Technical skills - Decision-making and problem-solving skills - Interpersonal skills
To capitalize on the common association of high price and quality, setting an artificially high price to substantiate the impression of high quality is?
What is Prestige Pricing
Consists of a series of activities that transform a product idea into a final product
What is Product Development Process