Marketing Mix 1
Good or service produced to satisfy customers want or need
What is a product?
A strategy where a low price is set at the introduction stage of a product in order to build customer loyalty. After customer loyalty is established, prices incease
What is penetration strategy?
Filling in a vacant position with an employee already in the business.
What is internal recruitment?
New job training, intoduction to colleagues, their role and responsibilities, health and safety procedures, facilities available
What is induction training?
Layers of management which instructions pass down through
What are organizational charts?
Passing authority to make decision down through heirarchy to subordinate
What is delegating tasks?
Stages or pattern of sales of a product from introduction to its withdrawal (decline) from the market.
What is the product life cycle?
The price is set at a level similar to competitors
What is competitive pricing?
A written document that provides details about what the job involves.
What is a job description?
Training for workers to update their skills under the supervision of existing employees who are more experienced
What is on the job training?
The number of subordinates working directly under a manager
What is span of control?
Leadership style where all objectives and decisions are made by the manager with no emplyee involvement
What is autocratic leadership?
Marketing activities to extend the maturity stage of a product
What are extension strategies?
When a business changes the price of the product depending on the level of the demand
What is dynamic pricing?
A list of qualifications, skills, experience, and personal qualities looked for in a successful applicant
What is a person specification?
Training given off site by highly specialized experts to develop high level skills
What is off the job training?
Where a manager is responsible for few subordinates
What is a narrow span of control?
Leadership style where decision making is delegated to employees and they are given no supervision
What is laissez-faire leadership?
Strategy when a high price is set for a product in the introduction stage and then later lowered
What is price skimming?
The way how a product gets from the producer to the final customer
What is a distribution channel?
Filling a vacant position with someone not already employed in the business.
What is external recruitment?
The number if levels in an organizations structure
What is heirarchy?
Where a manager is responsible for many subordinates
What is a wide span of control?
Leadership style where objectives and decisions are made by the manager after consulting with employees, feedback is encouraged.
What is the democratic style of leadership?
Strategy where a set percentage is added to the cost of making a product
What is cost plus pricing?
A business that buys products in bulk from producers and then sells them to retailers.
What is wholesale?
Name, address and personal details of the employee, including their employment history, education and qualifications
What is a CV (curriculum vitae)?
A diagram that shows the internal organizational structure of a business within it fit together
What is an organizational chart?
An organizational structure with a short chain of command and a wide span of control
What is a flat organization?
A situation of terminating employment where a worker loses a job since the position is not needed anymore
What is redundancy?