AREC 323

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  1. Functions of Management
    • Plan
    • Organize
    • Direct/lead
    • Control
  2. Areas of functions of management
    • Marketing
    • Finance
    • Human Resources
    • Operations/Production
  3. Management
    Art and science of making decisions about the use of available resources and acting on those decisions in an uncertain world so that the short and long term goals of the owners/stakeholders are as fully satisfied as possible
  4. Manager
    A person who works within an organization, oversees the process of getting activities completed, directs/guides etc. the activities of others
  5. SMART Goalsetting
    • S: specific
    • M: measurable
    • A: action orientated
    • R: realistic
    • T: time specific
  6. Types of plans
    Long range, strategic planning (5yr), operational (1yr), business plan (3yr)
  7. Long Range Planning
    • Future unpredictable
    • sets very long range objectives
    • predict future + work backwards from there
  8. Strategic Planning
    • Views future as unpredictable
    • Planning is a continuous process
    • Emphasize strategy development, based on organization's internal and external environment
  9. Operational Planning
    • Focus on short term <1yr
    • Much more detailed
    • Specifics of what needs to be done over next year
  10. Business Plan
    • Includes strategic plans and operational plans
    • 3 yrs
    • For existing and potential investors/donors
  11. Allison Model
    • Get ready
    • Articulate mission, vision, values
    • Assess your situation
    • Agree on priorities
    • Write plan
    • Implement plan
    • Evaluate/moniter
  12. Stakeholder
    Groups that affect or are affected/have interest in your organization
  13. Cost Benefit
    • look at costs of actions
    • compare to expected benefits
  14. Core Competencies
    Focus on organization internal resources to determine what makes organization distinctive and different
  15. SWOT
    • S: strength
    • W: weakness
    • O: opportunities
    • T: threats
  16. Business Plan
    document that sets out basic idea underlying a business and related start-up considerations
  17. Lenders
    Intension: lending out small amounts money and getting return payments and interest
  18. Investors
    • Intension: maximize return, minimize risk
    • have ownership in business
  19. Funder
    Intension: maximize desired outcomes, lower cost
  20. Collateral
    Assets your business has that the bank could sell to get money back if business goes under
  21. PEST(EL)
    • P: political
    • E: economic
    • S: social
    • T: technology
    • (EL): environment/legal
  22. cognitive dissonance
    post purchase evaluation (regret)
  23. 4 P's of marketing plan
    • Product: decisions affecting your total products
    • Promotion: communication to target market
    • Place (distribution): decisions on product delivery to customers
    • Price: what value for your products
  24. Product item
    lowest common denominator (the individual item)
  25. Product line
    sum of related individual products
  26. Product mix consistency
    similarity of product lines in a product mix
  27. Market segmentation
    division of a market into several smaller groups with similar needs or buying behaviors
  28. Niche
    segment market even further, focus on one specific segment
  29. Porter's 5 forces for competitive advantage
    • 1. threat of new entrants
    • 2. threat of substitutes
    • 3. competitive rivalry within the industry
    • 4. bargaining power of customers
    • 5. bargaining power of suppliers
    • horizontal vertical
  30. Porter's strategies
    • 1. low cost -> mass production
    • 2. Differentiation 
    • 3. Niche (focus)
  31. Microeconomics
    management process directed at satisfying customer wants and needs through an exchange process
  32. Ingredients of a market
    • 1. customers (ppl or businesses)
    • 2. purchasing power (money/credit)
    • 3. unsatisfied needs
  33. Primary data
    data collected directly from your target audience
  34. secondary data
    data collected by someone else and used by you
  35. 3 marketing philosophies
    • 1. production oriented
    • 2. sales oriented
    • 3. customer oriented
  36. Segmentation variables
    labels that identify the particular dimensions that distinguish one form of market behavior from another
  37. benefit variables
    specific characteristics that distinguish market segments according to benefits sought by the customers
  38. geographic variables
    defining market by its location, size, or extent
  39. demographic variables
    specific characteristics that describe customers and their purchasing power (ex. age, marital status, gender, occupation, etc.)
  40. psychographic variables
    variables related to how people think and behave (lifestyle trends: fitness, political orientation, etc.)
  41. sales forecast
    prediction of how much of a product will be purchased w/in a market during a specified time period
  42. CRM
    Customers relationship management
  43. Evoked set
    groups of brands that a customer is both aware of and willing to consider as a solution to a purchasing problem
  44. 3 components of total cost in determining price
    • Cost of goods offered (cost of item)
    • selling cost (cost of advertising..)
    • Overhead cost (storage, taxes, salaries)
  45. Mark-up pricing
    • for quick pricing of many products
    • selling price markup
  46. Price discrimination
    ability to charge different prices on different market segments for the same product
  47. "Older theories" for motivation
    • Maslow Hierarchy of Needs
    • Macgregor - Theory X&Y
    • Herzberg's two factor theory (satisfaction, dissatisfaction)
    • McClelland's Three-Needs Theory (achievement, power, affliction)
  48. "Newer Theories" for motivation
    • Goal setting theory
    • Job Design theory (5 core dimensions)
    • Equity theory (outcomes/inputs work comparisons)
    • Expectancy theory (effort-performance link, attractiveness of reward)
  49. Leadership
    process of influencing individuals or groups towards the achievement of goals
  50. 6 basic leadership styles
    • 1. Coersive
    • 2. Authoritative
    • 3. Affiliative
    • 4. Democratic
    • 5. Pacesetting
    • 6. Coaching
Card Set
AREC 323
AREC 323
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