Marketing of Management

Marketing of Management

Review

World Health Organization (WHO)

• Can be a change agent.

• Change Agent: people who assume responsibility to make a change

• Outside

• Outside organizations like The Who can be a change agent in a positive or negative way

Three Market Economy

• Free Market: individuals and businesses make their own economic decisions

• Command Economies: state's government makes all of the staten's economic decisions

• Mixed Economy: a combo of Free market and command economies.

Multiple Choice

The government of Canada makes all economic decisions for the country. This is an example of

• Free Market Economy

• Command Economy

• Mixed Economy

NAFTA

• North America Free Trade Alliance

• Treaty between U.S., Mexico and Canada established in 1994

• eliminate all tariff and non-tariff barriers of trade and investment

Multiple Choice

What is the purpose of NAFTA?

• To increase trade between all countries

• To help Canada become a more independent nation

• To eliminate the environmental issues between the nations involved

European Union

• European Union is a political and economic union of 27 member states that are located primarily in Europe. 

• Purpose: to promote peace, establish a unified economic and monetary system, promote inclusion and combat discrimination, break down barriers to trade and borders, encourage technological and scientific development

Pacific Asian Union (PAU)

• would have a common charter, institutions and currency

• Australian and Pacific Islands

Market Economy

• not organized by any central authority 

• determined by the supply and demand of goods and services

5 Features of a Market Economy

• Private Property

• Economic Freedom: when property or a service is acquired without the use of force, fraud, or theft is protected from physical invasions by others and they are free to use, exchange, or give their property as long as their actions do not violate the identical rights of others.

• Consumer Sovereignty: The situation in an economy where the desires and needs of consumers control the output of producers.

• Competition: strive to gain or win something by defeating or establishing superiority over others who are trying to do the same.

• Profit

Multiple Choice

Supply and demand is an example of

• Competition

• Profit

• Economic Freedom

• Consumer Sovereignty

Multiple Choice

You get a haircut for $25 and you give the person you cut your hair the money without there being any force or fraud. This is an example of

• Economic Freedom

• Profit

• Competition

Multiple Choice

Producers battling over who can make the most profit demonstrates what characteristic in a market economy?

• Market

• Consumer

• Competition

• Opportunity Cost

Market Systems

• the network of buyers, sellers and other actors that come together to trade in a given product or service.

• a cluster of countries that deal with a high level of trade with each other.

• Also determined by supply and demand.

GATT

• General agreement on trades and tariffs

• purpose is to promote international trade by eliminating barriers like tariffs

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WTL

• World Trade Organization

• regulates and facilitates international trade between nations.

• Protects country's infrastructure

• Protects quotas

Multiple Choice

A cluster of countries that deal with a high level of trade with each other is a

• Market Economy

• Three Market Economy

• Market System

Social Orientation

• Person's belief or manager's belief about the individual vs. the group

Power Orientation

• power of business vs society

Goal Orientation

• motivates people to achieve goals

Time Orientation

• short term and long term outlooks on work vs. life

Multiple Choice

What is short term and long term outlooks on work vs. life?

• Power Orientation

• Goal Orientaiton

• Social Orientation

• Time Orientation

Multiple Choice

this type of orientation has to do with the power of business vs. society

• Goal

• Power

• Social

• Time

Cultural Diversity in the Work Place

• values, beliefs and behaviors of people of different cultures

Reasons for cultural diversity in the work place

• Changing Demographics

• Legislation

• awareness of diversity

Uncertainty Orientation

• emotional response to change

Multiple Choice

Which is an example of how the workplace is continually becoming more diverse

• average age is decreasing

• less women in management

• average age is increasing

Customer Service

• dissatisfied customer will tell up to 15 people about their experience

• 86% of people will stop doing business with a company due to a bad experience

• 70% of buying experiences are based on customer service.

How to Provide Good Customer Service

• Be a good listener

• be knowledgeable about sales

• Ask question

• be respectful

• Be empathetic

• Be proactive

• Smile

6 Employee behaviors that concern managers

• Productivity: measures efficiency and effectiveness

• Absenteeism: failure to show up for work

• Turnover: voluntarily or nonvoluntarily leaving a job

• Organizational citizenship behavior: going above and beyond job

• Job satisfaction: employee attitude toward job

• Workplace misbehaver: employee behavior that is harmful

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Severence package

• pay and benefits that employees may be entitled to receive when they leave employment at a company unwillfully.

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Multiple Choice

A person goes above and beyond what is expected of them in their position. What is this called?

• productivity

• Satisfaction

• Misbehavior

• Organizational Citizenship behavior

Multiple Choice

This is the voluntary or involuntary leaving of a company

• Turnover

• absenteeism

• Misbehavior

Multiple Choice

An employee is caught texting on his phone rather than helping customers. What would this be considered by an employer?

• being lazy

• citizenship behavior

• misbehavior

• productivity

Multiple Choice

Which of the reasons below is NOT a reason for the work place becoming more diverse?

• Changing demographics

• Legislation

• Awareness of diversity

• higher salaries

Lost productivity

• lost revenue

• Occurs from lack of staff productivity or when businesses don't meet goals.

Over Time

• decreases productivity

• number of hours increased increases amount produced but hurts budget in the end.

Hiring Temps

• Pros: Save $ and time, provides flexibility,

• Cons: constant training, Morale low, safety, legal issues

Multiple Choice

Nissan sold 20% less cars last quarter than their goal. What is this considered

• lost productivity

• a turnover

• low morale

Multiple Choice

Which one of these statements is NOT a reason for hiring temps?

• allows for flexibility

• increases morale

• saves money

CSO-Pyramid for corporate responsibility

• Economic

• Ethical

• Legal

• Philantropic: gives back to society

Goal Setting: Planning Process

• First Level: Strategic Level/ long term (general idea on how to reach the goal)

• 2nd Level: Tactical: medium term (executes the strategic plan)

• 3rd Level: Operation: short term (maps out budgets and plans)

Multiple Choice

Assume for a moment your company sells insurance products in a large metropolitan area. Your insurance company must outline, step by step, each marketing component needed to meet the goals and vision of your company. What type of planning is this?

• Strategic

• Tactical

• Operational

Multiple Choice

Your company has set a goal to sell 100 reptiles in the next year. What type of planning is this?

• strategic

• tactical

• operational

Multiple Choice

T/F: Setting goals unifies the direction of a company

• True

• False

4 Stages of Planning

• Idea Stage

• Implementation: put idea in action

• Managing

• Evaluation

Multiple Choice

You decided that you want to start a snake breeding business. You start to research what snakes you want to breed. You then plan out the process in which you will do this. What process of planning are you in?

• Idea

• Implementation

• Managing

• Evaluation

Multiple Choice

Your snakes have hatched. You now need to sell them. You start posting on social media and going to trade shows. What planning stage are you in?

• Idea

• implementation

• Managing

• Evaluation

Contingency Planning

• defining action steps to be taken if an identified risk event should occur

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Team Leadership

• universal leadership which is disseminated between various departments

Cross Training

• Creates a bond with everyone and each person knows how to do more than one job

Factors that Reduce Team Production

• lack of productivity

• lack of confidence

• dysfunctional climate

• expertise (or lack of)

Multiple Choice

It certain departments in the NJDOT, employees are required to spend every other week learning how to do jobs of others in their department. What is this called?

• cross-training

• team leadership

• team management

• organization

Factors that impact employee performance

• Organizational Politics

• Interpersonal conflict

• Organizational structure

Multiple Choice

You have sold your snakes before they hatched and not all of them survive. You need another plan. What is this plan called

• Strategic

• Implementation

• contingency

• Plan B

Organizational Chart

• diagram that shows the structure of an organization and the relationships and relative ranks of its parts and positions/jobs,

• you know who to go to when you have a problem

Multiple Choice

Look at the picture. Who does the purchasing person report to?

• Customer service

• CEO

• Public relations

• Merchandising