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basic steps to new product development |
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Idea generation, product screening, product analysis, development, testing |
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most ideas come from inside the company |
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reduces the ideas to those with the highest potential |
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cost, sales and other factors are analyzed for profitability |
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creating a complete product with several variations |
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if profitability looks good the product will be tested by other markets |
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promoting and maintaining interests in the product among distributors and consumers |
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total product offering / value package |
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entices customers through service, surroundings, past experience, delivery and brand |
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different variations of the same product different flavors of the same spice or tea |
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combination of product lines such as different toys bratz and barbie all made by matel |
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tries to make close substitutes look differnet |
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a name, symbol, design, etc. that identifies products or services of a seller |
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part of a brand that can be spoken; including letters words and numbers |
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brand with legal exclusivity for both its name and logo |
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pricing, product, placement, promotion |
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used to entice the customer to buy a certain product |
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introduction > growth > maturity > decline |
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new imaging, niche focus, price changes and distribution adjustments |
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return on investment, building traffic, image support, increased market share, social impact |
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cost based, demand based, competition based |
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fundamental basis for price is the cost of the product |
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prices based on what consumers are willing to pay |
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competition based pricing |
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pricing is made in close comparison to the competitions prices |
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lets you know what the price has to be to make back all of the money it took to create the product |
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you can sell things in store, online, telemarketing, vending, kiosks, |
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giving out information about your product to the target market to persuade them to buy it |
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Integrated Marketing Communication (IMC) |
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combines all promotional tools into a comprehensive strategy, this should lead to the creation of a positive product image and the meeting of goals |
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paid, non personal, promotion of goods, services, companies and ideas by an identified sponsor |
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newspaper, direct mail, yellow pages, radio, television |
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product placement, infomercials/ product sales networks, |
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having your products on screen and being used by the actors |
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marketing efforts to create immediate |
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Promoting people to tell positive things about the product to others |
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viral marketing encourages people to pass along a message to others |
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the goal of pr is to develop activites or events that help promote a favorable relationship between a company and its customers and prospects - influencing public opinion through the presentation of a clients image, message, or product |
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publicity attempts to influence the press and other media to print stories that promote a favorable image of a company and its products or services |
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Human Resource Management (HR) |
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fighting to attract and retain qualified personnel. - determines staffing needs, recruitment, and management employee relationship management - employee development, motivation, compensation, rewards, scheduling |
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recruitment and selection, training/development, performance assessment, compensation/rewards/benefits, correction/termination, motivation, employee/management relations |
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overseas labor, skilled labor shortages, decreased loyalty, underemployment, aging workforce, regulations |
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training and development takes place where |
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orientation, online, on the job, apprenticeship, vestibule/simulation |
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teaches communications, human relations and technical management skills |
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based on previously developed and communicated standards specific to each job |
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extrinsic employee rewards |
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monetary compensation (salaries, commissions, bonuses) and indirect/fringe benefits ( vacations, insurance, retirement plans) |
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recognition, accomplishment, status, loyalty |
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Frederick Taylor:: Scientific Management |
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study of the most efficient way to perform any task |
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Elton Mayo: Hawthorne Studies (hawthorne effect) |
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workers felt more motivated when they were being studied because they felt more SPECIAL |
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Maslow's hierarchy of needs |
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one a need is met it is no longer a motivator B-T: physical, safety, relational, esteem, self actualization |
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Herzbergs Motivating Factors |
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hygiene factors - can cause dissatisfaction but no motivation motivator factors - can create productivity job rotation increases happiness |
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Modern motivation theories |
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employees do not really want to work and that it is their job to structure work and energize the employee |
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given the right conditions most people want to do well at work; the workforce is a pool of unused creativity |
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flexible and holistic, blend american and Japanese management styles |
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Goal setting theory - peter drucker |
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motivating with ambitious but achievable goals - also management by objectives (MBO) |
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Expectancy Theory - victor vroom |
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people will assess any given goal/task and determine its possible outcomes to the associated rewards |
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employees are motivated by positive and negative reinforcement of behaviors |
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people mentally calculate the differences between themselves and other workers |
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so that laborers could increase their powers of negotiations with management |
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focused on basic issues such as pay, hours, and work conditions |
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Knights of Labor and the American Federation of Labor (AFL) |
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the common place management abuses during the industrial revolution led to their creation - industrial unions that focused on manufacturing labor |
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Congress of Industrial Organizations (CIO) |
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created when unskilled labor was shunned from the other unions |
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merge of the AFL-CIO to create an international union of labor organizations |
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national labor relations act Wagner Act 1935 |
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mandated employees rights to organize and bargain collectively with their employers - created national labor relations board (NLRB), meant that they all now had to bargain through a labor contract |
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contains provisions on conditions of employment and the procedures to be used in setting disputes during the term of the contract |
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work with both sides to facilitate discussion, reach an agreement and suggest alternitives |
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workers refuse to go to work and usually picket their employer |
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asking consumers to not buy the products of the company |
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shutting down the business to keep employees out of work |
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management seeks injunctions |
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cal limit or halt a labor strike |
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strikebreakers to replace all workers who go on strke |
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acquiring and managing funds , analyzes and plans a firms credit, cash flow, investments, and expenditures, then determines future paths |
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recording, classifying, summarizing and interpreting financial events and transactions " the language of business" |
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management, financial, auditing, and taxation |
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two main goals of accounting |
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provide info to management and report financial information to outside entities like stockholders, creditors and the government |
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the recording of business transactions |
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recording transactions into journals and ledgers |
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analyze source documents, record items in journal, post to general ledger, perform a trial balance, prepare financial statements, analyze financial statements |
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record book where accounting data is first entered |
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specialized book where data is categorized and made available |
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a summary of all ledger data to determine if it is correct and balance |
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fundamental accounting equation (balance sheet equation ) |
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basic equation of accounting that reflects the relationship of assets, liabilities and owners equity |
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everything a corporation owns or that is due to it including current assets |
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debts, salaries, dividends, accounts payable, taxes payable and fixed liabilities like mortgage bonds and bank lowns |
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difference between a company's assets and liabilities - the value that accrues to the owners ending value |
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fundamental accounting equation must always be balanced |
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assets= liabilities + owners equity |
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balance sheet, income statement, |
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fundamental accounting equation is the core. provides a quantitative summary of a compnay's financial condition at any specific point in time part 1 - assets and liabilities part 2 - equity |
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shows a firs profit after costs, expenses and taxes. contains a summary of a business financial operations for a specific period of time. details net profit |
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line items on income statement |
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revenues, cost of goods sold, gross profit, operating expenses, net income |
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the earnings of a firm before subtracting costs |
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the costs of materials and resources to make product |
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amount made on sales after cost of goods |
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costs involved in operating the business |
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amount remaining after all expenses have been deducted |
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laws, patents and other things are in place to protect intellectual properties and afford protections in many cases |
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when competitors raise and lower their prices the same which limits price competition |
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demographic, region and zone price change |
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ex) the poorer sometimes pay more because they have less demand |
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largest privately held software company in the world, employees treated like gold, save money because of low employee turnover |
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1.5 best company to work for, highest wages in the industry, esteem needs met through notes and recognition, turnover is 15-20% not 90% |
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Workers needed to be programmed like computers |
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hire for attitude and train for skill, most married couples |
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people want employee benefits and job security |
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environmental sustainability is important - you should be knowledgeable about the products that you make - make employees take paid internships |
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- joe proesca, u.s. based company |
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six step accountant cycle |
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analyze source documents, record transactions in journals, post journal entries to ledger, take a trial balance, prepare financial statements, analyze financial statements |
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security exchange commission |
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financial manipulations to meet goals or make their situation seem stronger than it is - can manipulate shareholder value |
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if its inclusion would influence or change the judgement of a reasonable person - allows you to leave things out of the statement |
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up coding and un bundling in order to make things more expensive |
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