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Provides internal financial info and analysis to help managers make informed decisions
Managerial Accounting
Efficiently managing the acquisition of raw materials
Distribution
Person or business that sells goods to the public in small quantities (consumption rather than resale)
Retailers
particular group of consumers at which a product or service is aimed.
Target Market
business tailors products or services to individual customer needs
customization
blending elements of capitalism and socialism
Mixed Economy
type of inflation that has an increase in the overall price level of goods and services
cost-push
Company uses to persuade customers and achieve its promotional objectives
Promotion Mix
Systematic process to monitor surroundings that could impact or change future strategies and success
Environmental Scanning
efficiency and low costs, flexibility to create personalized products for individual customer needs
Mass customization
Detailed plan to drive sales for a product
Promotion Strategy
Hold down costs and maintain accurate levels of inventory
Inventory Management Goals
Assignment or task to different people in order to improve efficiency
Division of Labor
Building long term and loyal customer connections
Relationship Market
Production of large quantities of a standard article
Mass Production
Dominated by a small number of large firms, actions heavily influence others
Oligopoly
Process of a manager or leader assigning responsibility to a team member
Delegation
Total net profit a business expects to earn from a single customer throughout their entire relationship
Customer Lifetime Value (CLV)
System aiming for a classless society
Communism
Following our obligations and duties
Deontology
people, business process, and information technology
Information Systems: The MIS Triangle
The Marketing Mix: The Five P's
1. Product
2. Price
3. Place
4. Promotion
5. People
Seeking the best for the majority
utilitarianism
Interpersonal skills used with people (soft skills)
Human Relations Skill
Approach by company to coordinate all promotional efforts and deliver consistent and unified messages
Integrated Marketing Communications