Communication and Leadership Concepts Quiz

Marketing & Management

• Management 1: Organizations are geared towards specific purposes, and their members' personal purposes don't necessarily need to align. Organizations consist of people whose tasks are divided and linked in a rational pattern. Organizations have boundaries separating their inner and outer worlds.
• Stakeholders: All actors interested in or affected by an organization's goals, decisions, and actions. Stakeholders can influence, and be influenced by, the decisions and actions of firms. These can include external stakeholders (e.g., local communities, customers, society, governments, suppliers, distributors, competitors) and internal stakeholders (e.g., employees, shareholders, banks/investors, consultants, NGOs, trade associations, labor unions, media).
• Management 2: Decision making starts with defining the problem, comparing current reality to past or other standards based on criteria and weighting factors by their relative importance.
• Decision-making errors and biases: Overconfidence, immediate gratification, anchoring effect (fixating on initial information), selective perception (only seeing what you want), confirmation bias (confirming assumptions), framing bias (highlighting certain aspects), availability bias (recalling recent events), randomness bias (searching for meaning in random events), sunk cost error (continuing a losing venture), self-serving bias (taking credit for successes and blaming failures on others), and hindsight bias (believing you could have predicted the outcome).
• Rational model: Acts rationally in a perfect world, making logical and consistent choices to maximize value.
• Bounded rationality: Rational decisions but limited by the ability to process information; satisfactory choices are acceptable, saving resources.
• Intuition: Making decisions based on feelings and experience.

Management 3

• Structured problems: Simple problems with clear goals, well-defined solutions, and known information/procedures (routine).
• Unstructured problems: Complex problems with unfamiliar information, unclear goals, and no readily available solutions (unique).
• Programmed decisions: Repetitive, routine decisions that can be handled by following a procedure.
• Non-programmed decisions: Unique, non-recurring decisions that require custom solutions.
• Procedures: A series of interrelated steps to achieve a clear goal.
• Rules: Explicit statements specifying what can and cannot be done (ensuring consistency).
• Policies: Guidlines for making decisions that are less specific than rules (allowing for interpretation).

Management 4

• SWOT: Strengths, Weaknesses, Opportunities, Threats. A strategic analysis tool to evaluate internal and external factors affecting an organization.
• SWOT: Strengths (activities the organisation does well, unique resources it has, what to offer), Opportunities (What to expect, positive external trends), Weaknesses (activities not well, needs but doesn't possess ), Threats (negative external trends).
• Vision: What the company wants to become, aspirations and aims.
• Mission: Purpose for the organization's existence.
• Goals: What must be achieved to be successful.
• Values: Ethical principles guiding the organization.
• Objectives: Specific outcomes measured by values.
• Targets: Desired performance levels.

Management 5

• Work Specialization (Division of Labor): Dividing work activities into separate job tasks.
• Diseconomies of Scale: Economic disadvantage related to an increase in organizational size.
• Vertical Division of Labor (Delegation): Transferring authority from higher to lower organizational levels.
• Functional Structure: Grouping employees based on specialization (e.g., accounting, marketing, production).
• Divisional Structure: Grouping functions into divisions based on product lines, services, markets, locations.

Management 6

• Organizational Culture: Shared values, beliefs, and assumptions within an organization that define how it operates.
• Social Loafing: A decrease in motivation and performance reduction from employees in a team environment, which often happens because people don't want to be accountable for their lack of contribution.
• Global Teams Drawbacks: Communication difficulties and mistrust, stereotyping.

Management 7

• The Fiedler Contingency Model: Effective group performance depends on matching the leader's style with the situation's control and influence.
• Relationship-oriented Leader Style: Primarily interested in good relationships with co-workers.
• Task-Oriented Leader Style: Primarily interested in productivity.
• Leader-member relations: Degree of trust, confidence, and respect between a leader and subordinates, a crucial component for team success.

Management 8

• Marketing Communications Mix: Includes advertising, public relations, personal selling, social media, word-of-mouth, events, and experiences.
• Hierarchy of Effects: A theory outlining the stages customers move through from awareness to purchase decisions.

Management 9

• Micromodels of Consumer Responses: Different models describing the various steps consumers take in their decision-making process (e.g., AIDA, hierarchy of effects).
• Steps in developing effective communication: Defining the target audience, setting objectives, designing the communication, selecting the channel, setting the budget, deciding communication mix, measuring results, and managing integrated marketing communications.
• Marketing Communication budget methods: Affordable method, Percentage of sales method, and Competitive parity method.

Management 10 & Beyond

• Pricing Methods: Determining the price points for a product based on methods including markup, target return, perceived value, and going-rate pricing.
• New product success factors: Factors that contribute to the successful launch of a new product, from its distinctive characteristics to the market's reaction.
• Maximum market skimming pricing: Involves charging the highest possible price initially for a product, then gradually lowering it to reach different customer segments
• Maximum market share pricing: Aiming to achieve the highest possible profit margin by accurately estimating all costs, demand, and competition.
• Survival pricing: A method where revenue slightly covers the variable costs required for operation.
• Value chain management: Managing inputs, designing, producing, marketing, delivering and supporting a product to help customer needs.
• Distribution channels: A set of independent and dependent organizations, that act together to make a product or service available for use or consumption. This includes physical flow, title flow, payment flow, information flow, and promotion flow, and determining the best channels for a company's needs.
• Marketing Segmentation: Breaking down a broad consumer base into smaller, more manageable parts for marketing and promotion purposes. Different forms of market segmentation include geographical, demographic, psychographic, usage occasions, behavioral, and buyer-readiness considerations to improve targeting decisions.