Team Final

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Author:
hayleyjo2
ID:
154529
Filename:
Team Final
Updated:
2012-05-18 00:48:17
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FIT
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FIT
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  1. Factors to consider when selection target customer
    • Age
    • Lifestyle
    • Size
    • Income
    • Gender
    • End use
  2. Generalized groups of customers (men & women 18+)
    • Traditional
    • Updated
    • Advanced
    • Regressive
  3. Target customer: SIZE
    • Petite
    • Tall
    • Plus
  4. Tweens
    • Age 8-14
    • 30 million
  5. Generation Y
    • Age 15-31
    • 60 million
  6. Generation X
    • Age 32-46
    • 40 million
  7. Baby boomers
    • Age 47 +
    • 190 million
  8. Target customer: END USE
    • Career
    • Casual
    • Action
    • Social occasion
  9. Traditional customer
    • 52% of population
    • 48% of spending on fashion
    • Not fashion-aware, do not read magazines
    • Don't know how to put themselves together
    • Most brand loyal group - trust the brand more than they trust themselves when it comes to fashion
  10. Updated customer
    • 33% of population
    • 40% of spending
    • Fashion-aware, read magazines, enjoy fashion
    • Followers (not courageous enough to be first)
  11. Advanced customer
    • 3% of the population
    • 6% of spending
    • Fashion-aware, read magazines, enjoy fashion
    • Fashion leaders
    • Willing to take risks
  12. Regressive customer
    • 12% of population
    • 6% of spending
    • Absolutely no interest in fashion
    • Only buy when they MUST (replace something that wears out)
  13. Social responsibility
    • Improving society
    • Improving the environment
    • Charity
    • ...or is it just a profit motive?
  14. Importance of ethics
    • Enron and WorldCom
    • Social responsibility
    • Financial transparency (P&L and balance sheet)
    • Managerial ethics
    • Laws
    • Must be for GREATER GOOD
  15. Walmart's politics/ethics
    • They are competitive, try to be ethical & do the right thing
    • "Zero tolerance" - manufacturer can never give buyers ANYTHING as a bribe
  16. Robinson-Patman Act
    • 1936
    • Improvement on Sherman Antitrust Act
    • No monopolies
    • No price fixing (conspiracy betwen two competitors to fix a price)
    • No restraint of trade (buyer tries to pressure a manufacturer not to sell to a competitor)
  17. Starbucks CSR
    • Stores must donate to local charities
    • Part-time employees get health benefits
    • Protect rainforests
    • Recycled paper cups
    • Assistance to farmers in Mexico & Guatemala after hurricane
    • Incentive pay to farmers who are humane to workers
  18. Basic societal institutions in developed countries
    • Economic
    • Social
    • Rule of law
    • Political
    • *we must respect foreign institutions unless they conflict with American legal, moral, or ethical values
  19. NAFTA
    Free trade between U.S., Mexico, Canada
  20. WTO
    • World Trade Organization
    • Deals with global rules of trade between nations
    • Settles disputes
  21. ASEAN
    • Association of Southeast Asian Nations
    • (the Asian block of NAFTA)
  22. How has technology improved management?
    • E-business
    • E-commerce
    • M-commerce
    • Quick response systems
    • Database systems
  23. E-business
    Electronic links with employees, suppliers, and partners
  24. E-commerce
    • The sales and marketing of e-business
    • Ex: Amazon, eBay, Google, Overstock, Walmart.com, Sears.com, Bestbuy.com...
  25. M-commerce
    Mobile technology
  26. QR systems
    • Retailers' computers send info directly to manufacturers
    • Can maintain inventory levels
  27. Database systems
    • More and more intrusive
    • They know everything about you
  28. What comes first for the marketing team?
    • CONSUMERS
    • Consumer-based, never production- or sales-based
  29. Societal marketing
    Charity, social causes, respect
  30. The marketing team deals with...
    • Societal marketing
    • Market value (price, quality, fashion, prestige, convenience)
    • Developing marketing tactics
  31. The product development team deals with...
    • Sourcing
    • Customs regulations
    • Supply chain management
    • Buying office (forecasting, AMC)
    • Timing and action
    • Quality control
    • Understanding foreign cultures
    • Partnerships
  32. Technology's role in product development
    • Pattern making
    • Web conferencing
    • GPS
  33. Five important concerns for a team
    • 1) Determining the team's direction
    • 2) Determining who should do which tasks and with whom
    • 3) Understanding the mechanisms that will be needed to facilitate the team's work
    • 4) Identifying the kinds of interpersonal relationships that will foster high work accomplishment
    • 5) Developing the kinds of relationships that will be needed for working with other teams
  34. Responsibilities and authorities
    What is the role of the leader and each team member?
  35. Team formation
    • Vision
    • Mission
    • Strategies
    • Tactics
    • False starts
    • Responsibilities and authorities
  36. Decision
    A choice between two or more alternatives
  37. Major decision-making steps
    • 1) Planning
    • 2) Identify problem
    • 3) Set priorities
    • 4) Develop alternatives (tactics)
    • 5) Implement alternatives (tactics)
    • 6) Follow-up and evaluate results
  38. Planning
    • A course of action
    • Can be long- or short-term
    • Used to implement the company's goals
  39. Important 21st century choices
    • Private label vs. branding
    • Reordering hot items vs. sticking to the budget
    • Marking down slow sellers vs. sticking to the budget
  40. Comparative advantage
    One country is more competitive than others in certain products
  41. #1 US export
    • Entertainment
    • Intellectual property
  42. #2 US export
    Food: wheat, corn
  43. Strategies & tactices
    • A strategy is a plan of action
    • A tactic is a specific tool used in that plan of action
  44. Effective management skills for team success
    • Conceptual
    • Communication
    • Interpersonal
    • Listening
  45. Conceptual skills
    • Use information to solve problems
    • Identify new innovative opportunities
    • Identify problems and implement solutions
    • Understand organization's business model
  46. Communication skills
    • Ability to express ideas and implement action
    • Presentation skills (written, spoken, graphic)
    • Contribute to mission/vision
    • Implement strategies and tactics
    • Negotiating skills
    • Set performance standards
    • Time management, priorities
  47. Interpersonal skills
    • Coaching and teaching
    • Diversity skills (working with diverse people)
    • Teamwork (cooperation and commitment)
    • Networking inside and outside the organization
  48. Listening skills
    • Pay attention
    • Suspend judgment until viewpoints are fully heard
    • Show interest
    • Encourage others to express themselves
    • Be accessible
    • Invite others to contribute
    • Develop empathy and understanding
  49. Objectives vs. goals
    • Objectives = short-term (ex, reaching sales)
    • Goals = long-term, set by management
  50. Mission
    • What is our purpose?
    • How do we differentiate ourselves?
  51. Transactional analysis: 5 styles of communicating
    • 1) Parental (negative)
    • 2) Adult (neutral, professional)
    • 3) Child (blaming somebody else)
    • 4) OK Parent (yell & scream, but just kidding)
    • 5) OK Child (imitate child, but just kidding)
  52. President Obama's Hand vs. Fist
    • Hand = "let's talk, let's work this out"...more gentile, negotiation, diplomacy
    • Fist = threats, domination, power
  53. Three creative episodes in the world that demonstrate great creative skill
    • 1) David & Goliath
    • 2) Lawrence of Arabia's 600 miles across the desert
    • 3) Rick Patino's full court press
  54. Managing conflict
    • Hand vs. fist
    • Consensus
    • Find common ground
    • Use humor to reduce stress
    • Be creative - invent or reinvent

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