Final Stretch
Dividing a total market into groups whose members share similar characteristics.
What is market segmentation?
A strategy focused on keeping individual customers over time by offering products that closely meet their needs.
What is relationship marketing?
Workplace training in which an employee learns by doing or by observing and imitating others.
What is on-the-job training?
Costs that change as the level of production changes.
What are variable costs?
Adding value by providing fast, friendly help during and after the sale and teaching customers how to use the product.
What is service utility?
Gathering information about applicants and determining who should be hired while following legal guidelines.
What is selection?
Legal protection for both a brand name and its design
What is a trademark?
Apple customers believe the Apple name itself adds value to a laptop even when competitors offer similar features. This concept describes the value attached to that name.
What is brand equity?
A group of products that are physically similar or aimed at a similar market.
What is a product line?
Brand names owned by manufacturers and distributed nationally.
What are manufacturers' or national brands?
Dividing consumers according to values, attitudes, and interests.
What is psychographic segmentation?
Dividing a market by factors such as age, income, and education level.
What is demographic segmentation?
Individuals and organizations that buy goods and services to produce, resell, rent, or supply other goods and services.
What is the business-to-business (B2B) market?
Studying what employees with different job titles actually do.
What is job analysis?
Workers refuse to work in order to further their objectives after collective bargaining reaches an impasse.
What is a strike?
A company determines how many employees it needs, recruits applicants, trains workers, evaluates performance, and manages compensation. What overall business function is this?
What is human resource management (HRM)?
Combining two or more products and pricing them together as one unit.
What is bundling?
The process through which union and management representatives negotiate a labor-management agreement.
What is collective bargaining?
Taking a product idea to consumers to see how they react before fully developing it.
What is concept testing?
Directing marketing toward the market segments an organization believes it can serve profitably.
What is target marketing?
Workers hired to perform the jobs of striking employees until a labor dispute is resolved.
Who are strikebreakers?
A third party encourages the two sides in a dispute to continue negotiating and may suggest solutions, but does not impose a binding decision.
What is mediation?
Testing a product among potential users before a broader launch.
What is test marketing?
Two nearly identical water bottles sell for very different prices because consumers perceive one as higher quality and more desirable. The company has successfully created this.
What is product differentiation?
Employee training completed over the Internet.
What is online training?
Workers may be hired without joining the union, but must join within a specified period.
What is a union shop agreement?
Moving goods within a warehouse, from a warehouse to the factory floor, or between workstations.
What is materials handling?
Two part-time employees split the responsibilities of one full-time position.
What is job sharing?
Wholesalers serving mainly small retailers with a limited assortment of merchandise.
Who are cash-and-carry wholesalers?
A producer allows only one retail outlet in a particular geographic area to sell the product.
What is exclusive distribution?
The formal process through which the NLRB recognizes a union as the bargaining agent for employees.
What is certification?
Union representatives and company managers sit down to negotiate wages, benefits, scheduling, and working conditions.
What is collective bargaining?
The process used to reduce the number of new-product ideas being considered.
What is product screening?
This organization of industrial unions broke away from the AFL in 1935 and later rejoined it.
What is the Congress of Industrial Organizations (CIO)?
The formal process through which workers remove a union's right to represent them.
What is decertification?
Designing a product so it satisfies customers while still meeting the firm's desired profit margin.
What is target costing?
Using multiple forms of transportation to complete one long-distance movement of freight.
What is intermodal shipping?
An agreement that establishes the terms under which labor and management will operate for a period of time.
What is a negotiated labor-management agreement or labor contract?
The range between each side's initial and final acceptable offers before negotiations reach an impasse.
What is the bargaining zone?
A company coordinates suppliers, raw materials, inventory, finished products, information, returns, and recycling across multiple organizations.
What is supply-chain management?