MG354 Exam III SG(2).txt

  1. 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.
  2. Customer profile
    A collection of information about a customer, including demographic data, attitudes, preferences, and other behavioral characteristics, as defined by CRM goals.
  3. Evoked set
    A group of brands that a consumer is both aware of and willing to consider as a solution to a purchase problem.
  4. Cognitive dissonance
    The anxiety that occurs when a customer has second thoughts immediately following a purchase.
  5. Reference groups
    Groups that an individual allows to influence his or her behavior.
  6. SCA
    Sustainable competitive advantage, A value creating position that is likely to endure over time.
  7. Product life cycle
    A detailed picture of what happens to a specific product's sales and profits over time.
  8. Warranty (expressed and implied)
    A promise that a product will perform at a certain level or meet certain criteria.
  9. Product mix
    The collection of a firm's total product lines.
  10. 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.
  11. Total costs
    The sum of cost of goods sold, selling expenses, and overhead costs.
  12. Variable costs
    Costs that vary with the quantity produced or sold.
  13. Fixed costs
    Costs that remain constant as quantity produced or sold varies.
  14. Elasticity of demand
    The degree to which a change in price affects the quantity demanded.
  15. Break-even point
    Sales volume at which total sales revenue equals total costs and expenses.
  16. Penetration pricing
    Setting lower than normal prices to hasten market acceptance of a product or service or to increase market share.
  17. Skimming price strategy
    Setting very high prices for a limited period before reducing them to more competitive levels.
  18. Prestige pricing
    Setting a high price to convey an image of quality or uniqueness.
  19. Aging A/R
    A categorization of accounts receivable based on the length of time they have been outstanding.
  20. Promotional mix
    A blend of nonpersonal, personal, and special forms of communication aimed at a target market.
  21. Personal selling
    A sales presentation delivered in a one on one manner
  22. Product advertising
    The presentation of a business idea designed to make potential customers aware of a specific product or service and create a desire for it.
  23. Institutional advertising
    The presentation of information about a particular firm, designed to enhance the firm's image.
  24. Economies of scale
    Efficiencies that result from expansion of production.
  25. Importing
    Selling goods produced in another country to buyers in the home country
  26. Outsourcing
    Purchasing products or services that are outside the firm's area of specialization.
  27. Exporting
    Selling products produced in the home country to customers in another country
  28. Empowerment
    Giving employees authority to make decision or take actions on their own.
  29. Span of control (management)
    The number of subordinates supervised by one manager.
  30. Delegation of authority
    Granting to subordinates the right to act or make decisions.
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MG354 Exam III SG(2).txt
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