MG354 Exam III SG(2).txt
Card Set Information
MG354 Exam III SG(2).txt
Customer relationship management
A company wide business strategy designed to optimize profitability, revenue, and customer satisfaction by focusing on highly defined and precise customer groups.
A collection of information about a customer, including demographic data, attitudes, preferences, and other behavioral characteristics, as defined by CRM goals.
A group of brands that a consumer is both aware of and willing to consider as a solution to a purchase problem.
The anxiety that occurs when a customer has second thoughts immediately following a purchase.
Groups that an individual allows to influence his or her behavior.
Sustainable competitive advantage, A value creating position that is likely to endure over time.
Product life cycle
A detailed picture of what happens to a specific product's sales and profits over time.
Warranty (expressed and implied)
A promise that a product will perform at a certain level or meet certain criteria.
The collection of a firm's total product lines.
Supply chain management
A system of management that integrates and coordinates the means by which a firm creates or develops a product or service, delivers it to customers, and is paid for it.
The sum of cost of goods sold, selling expenses, and overhead costs.
Costs that vary with the quantity produced or sold.
Costs that remain constant as quantity produced or sold varies.
Elasticity of demand
The degree to which a change in price affects the quantity demanded.
Sales volume at which total sales revenue equals total costs and expenses.
Setting lower than normal prices to hasten market acceptance of a product or service or to increase market share.
Skimming price strategy
Setting very high prices for a limited period before reducing them to more competitive levels.
Setting a high price to convey an image of quality or uniqueness.
A categorization of accounts receivable based on the length of time they have been outstanding.
A blend of nonpersonal, personal, and special forms of communication aimed at a target market.
A sales presentation delivered in a one on one manner
The presentation of a business idea designed to make potential customers aware of a specific product or service and create a desire for it.
The presentation of information about a particular firm, designed to enhance the firm's image.
Economies of scale
Efficiencies that result from expansion of production.
Selling goods produced in another country to buyers in the home country
Purchasing products or services that are outside the firm's area of specialization.
Selling products produced in the home country to customers in another country
Giving employees authority to make decision or take actions on their own.
Span of control (management)
The number of subordinates supervised by one manager.
Delegation of authority
Granting to subordinates the right to act or make decisions.