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HTDM Performance indicators
Terms in this set (65)
Discuss the nature of law and sources of law in the United States
Law: enforceable rules of society that are created at the local (city, town, County)state and federal level by the legislative branch. Elected representatives write and approve legislation and government agencies execute laws by writing regulations
Describe the nature of legally binding contracts
A contract that is legally binding is considered valid and enforceable in the court of law. A contract is a clear outline of an agreement between at least two parties. Usually contracts define each party involved and any terms used within the agreement, the duration and/or timelines of the contract, payment terms and provisions that protect each party. Legally binding contract must have consideration which means both parties must willingly enter into the agreement and are not being coerced
Explain types of business ownership
The three types are sole proprietorship partnership and corporation. Sole proprietorships are owned by one person and operated by one person. A partnership is owned and operated by two or more people jointly responsible for the outcome of the business. A corporation is operated by several people and is owned by stockholders.
Identify sources that provide relevant, valid written material
When evaluating material, determine if content is fact opinion or marketing information. The sources must be timely, have a credible authors, and evidence that offers a support to the claim. Make sure you cross check information that is provided by written material
Handle telephone calls in a business like manner
Use a formal greeting such as a good morning, or afternoon, name of the business and name of the department or person answering the call. They should be answered promptly and take messages as needed use the hold button if needed
Explain the nature of effective written communications
This is the most common form of business communication so employees must write frequently and rapidly. Written communication allows employees to receive instructions or information upon which to base a decision or take specific action. It should answer questions, be relevant, focus on the end user, be specific, include examples, be tactful and accurate
Explain the nature of positive customer relations
Customers are vital to any business therefore their interactions should be positive courteous and respectful. Positive customer relations can include showing appreciation, delivering timely advice, training employees effectively to interact with clients, and appeasing any concerns brought forward
Handle difficult customers
Types of difficult customers include those who are angry, impatient, demanding and indecisive. You must maintain control over your personal emotions and behavior by staying calm and listening closely. You must acknowledge their concerns, make eye contact and demonstrate compassion for the situation. Try to solve the problem or identify someone who can act on the customer's behalf. If possible offer choices
Discuss the nature of customer relationship management
The goal is to maximize value and effectiveness of all opportunities that businesses have to connect with customers, provide outstanding service to customers, maximize customer satisfaction, attract and retain loyal customers, cultivate and maintain positive, profitable relationships with customers and develop individualized relationships with each customer
distinguish between economic goods and services
A good is something that you can use or consume you buy this good with the idea that you will use it either once or over and over again. A service is something that someone does for you. Another way to identify the difference between goods and services is a good is tangible and service is intangible
Explain the role of business in society
Society needs business because it shapes the way society is operated. For example, the state of the economy influences the way people live. Business also innovates and delivers life changing products and services that use resources efficiently so that the value is created for the resources.
Explain the types of economic systems
The four common types of economic systems are traditional, market, command, mixed. Traditional relies on custom and ritual to make choices. Market relies on consumption choices of consumers. Command relies on the government making all choices for customers. Mixed relies on limited government involvement in a market based economy
Identify the desirable personality traits important to a business
A personality is a set of characteristics that relate to a person's emotions, motivations, and attitudes. Highly desired personality traits most often include professionalism, being high energy, confidence, the ability to work independently, and intellectual curiosity
Demonstrate ethical work habits
An employee must be punctual, flexible, creative, attentive, complete objectives on time, deliver quality products, face challenges in a positive manner, manage their time, show respect by interacting in a positive manner with coworkers, demonstrate leadership by solving problems, resolve conflicts effectively, and encourage mentorship
exhibit cultural sensitivity
One must value diversity, be willing to adapt communication and behavior to be compatible with another cultural norms and be willing to learn traditions and characteristics of other cultures
Describe the concept of insurance
By periodically paying money it promises compensation for specific potential future losses. It protects the financial standing of an individual or company in case of unexpected losses. A policyholder can be responsible for paying part of a loss known as a deductible and the insurer pays the rest
Explain the role of Finance in business
MONEY MANAGEMENT It helps capital move from investors to businesses to assist businesses with operation. This is possible through financial markets and various investment vehicles including loans, and short and long-term financing. It can also include roles in business development and corporate governance
Describe the nature of budgets
It is an itemized forecast of an individual or company's income and expenses for a designated period of time. This allows the entity to evaluate how to use funds as well as provides focus to achieve financial goals and avoid debt
Discuss the nature of human resources management
It is a process of bringing people and organizations together so that the goals of each are met. This includes a focus on results rather than on rules, helping employees develop their full potential, encouraging employees to give their best, assigning people to jobs to produce good results, helping the organizations meet their goals, providing competent and well motivated employees, building and maintaining positive relations between people working at various levels in the organization
Explain the role of ethics in human resources management
Ethics are standards set by an organization that help ensure that people are treated fairly and honestly. In the human resources management, this includes making decisions that promote workplace cohesion. They establish standards and procedures that ensure in all situations that individuals are treated equally. Ethics policies in this area can include discrimination, sexual harassment, and treatment of employees
Orient new employees
Providing an orientation is a process that allows an organization to integrate a new employee and enable them to contribute to the team quickly. At this time an employee will learn about personnel policies, company safety programs, and details about their position. You can provide a mentor, eork samples, and a Frequently Asked Questions document
Evaluate quality and source of information
Information is widely accessible in today's market so evaluation tools can be used to determine the validity validity. it is important to determine who the intended audience is, if the data provided is fact or opinion, and if a credible author is attached to the document. Factual documents should be supported with evidence including primary and secondary information. It should also be timely
Discuss the nature of information management
It is the process of collecting and analyzing data that can be used in the strategic decision making process for a business. It can support a variety of business functions including developing customer databases, managing electronic purchasing decisions and monitoring competitor information
Explain marketing and its importance in the global economy
Marketing is a tool that is used to promote and sell products and services. It includes activities such as market research and advertising which is commonly done with technology. As the global economy has expanded, brands must use technology and communication to establish themselves in a variety of markets.
Explain customer/client/ business buying behavior
Buying behavior explains the purchase decisions that consumers make on a daily basis. As a business function, this means understanding what consumers buy, why a consumer has decided to make a purchase, when the purchase was made and from what distribution channel and how often the product or service is used. buying behaviourcan be influenced by a variety of internal and external factors including perception of brand, competition, society and consumer research.
discuss actions employees can take to achieve the companies desired results
Employees must work towards a company's goal in order to create a profit
Explain the nature of operations
It includes the activities involved in the daily functions of the business to generate revenue. Activities that may be apart of operations include scheduling, logistics, and faculty management.
Describe health and safety regulations in business
In 1970, OSHA was created. A business is responsible for protecting the safety, health and welfare of all employees. Therefore, a business must create procedures to manage risks that could cause injury and/or damage to employees, property and the environment
explain the nature of project management
It is using knowledge skills and techniques to execute a temporary group activity designed to develop a product, service or outcome both effectively and efficiently. There are five processes needed in project management: initiating, planning, executing, monitoring, and controlling and closing
Maintain appropriate personal appearance
Maintaining your personal appearance is necessary as employees represent the business in which they are employed. Personal appearance includes facial expressions, body language, as well as clothes and grooming
Explain the need for innovation skills
Innovation is necessary for an organization to continue to move forward in the marketplace and meet customer needs. Innovation includes the ability to think critically, be creative, an ability to solve problems, manage risk, conduct research, coordinate project management, use information technology as well as the basic tasks of reading, writing and mathematics.
Analyze employer expectations in the business environment
When employed in an organization, an employee should understand what management requires of their position in order to meet or exceed those standards. Be cooperative and willing to follow directions and show a strong work ethic.
Explain the concept of management
It is the coordination of activities a business uses to achieve results. According to management expert Peter Drucker this includes both marketing and innovation
Explain the nature and scope of channel management
It is understanding how products and up in consumers hands. This can include identifying methods of transportation a business can use, deciding to use a warehouse for inventory control, and understanding each member in the distribution channel for your business and or products
Explain the nature of channels of distribution
A channel of distribution is the path a product takes from the producer to the end user or consumer. A product can take a variety of different paths depending on how the channel members are involved. The channel of distribution can include manufacturers, wholesalers, retailers, agents, and users which are consumer and industrial.
Coordinate channel management with other marketing activities
Channel members work together to achieve a common goal of satisfying the customer. Channel members can assist by making sure it is easy to place an order and deliver product quickly. As a distribution plan is developed for a product, other marketing activities are included. Promotion of a product is launched so that consumers are aware of the product and know where to find it and retailers set prices for what is available.
Identify company's unique selling proposition
It is important to understand the benefits of a good or service and how these benefits differentiate the product from the competition. Once understood this criteria is essential to developing effective promotions and/or advertising campaign.
Explain characteristics of effective data collection instruments
Two main characteristics of effective data collection are validity and reliability. Validity means that the research questions measure the intended subject area. Reliability means that the respondents to the question should interpret the questions in the same way. Data collection instruments should be clear and easy to understand and properly administered to develop valid and reliable data
Explain the concept of market and market identification
A market is a group of people who share the same wants and who have the ability to purchase a specific product or service. Market identification is the process of a marketer in identifying the most profitable areas to offer a new product or service. To determine these groups, a marketer uses three forms of data: demographic, geographic, physiographic. Demographic defines a population in quantitative terms like age, gender, education, or occupation. Geographic identifies where potential consumers live. Psychographic identifies common interests attitudes and lifestyles of potential consumers.
Explain the role of marketing plans
Its role is to provide an overall view of a company's marketing actions for a period of time. This includes understanding the goals of the company, research of the product or service, how a product will be advertised and sold, responsibilities of the product team, budget, and timeliness so that performance can be managed over time.
explain the role of situation analysis in the marketing planning process
Situation analysis identifies internal and external factors affecting marketing strategy. Often through the use of SWOT or PEST analysis. Situation analysis can be completed on an entire business, business unit, product line and or individual product. Simply stated this research shows where an entity was is and will be going
Explain the nature of sales forecasts
It is the projection of future sales and is included in a marketing plan. Includes total estimate of market, analysis of competitor, company sales, and individual share of the business.
Describe the role of business ethics in Pricing
One of the primary rules of business ethics is to avoid price gouging. This happens when a price is set higher than normal from a sudden increase in demand.
Explain the legal considerations for pricing
Federal laws can affect pricing decisions. The Sherman Antitrust Act establishes legislation against price fixing which involves competitors agreeing on a price range for a product. The Clayton anti-trust Act legislate against price discrimination that leads to unfair competition and monopolies. The robinson-patman act states that a retailer can't sell a product to a consumer for one price in charge another consumer a different price in the same situation. The consumer goods pricing act oversees manufacturers resale price policies.
Explain factors affecting pricing decisions
These include the company's goals, cost of materials, labor to produce a product, expenses, estimated demand, competition, and consumers perception
Identify the impact of product life cycle on marketing decisions
The stage a product is in the product life cycle will often affect the marketing resources dedicated to its promotion. In the introduction stage, a significant budget is allocated to educate consumers about the product and develop its branding. In the growth stage, resources continue to be spent on branding then addressing price competition that will occur. In the maturity stage, marketing strategy will shift to emphasizing competitive advantages and in the decline stage, marketing decisions are formed around what will ultimately happen with the products. these include deleting the product from the marketplace, licensing, updating, discounting, and regionalizing.
identify consumer protection provisions of appropriate agencies
The Consumer Product Safety Commission sets standards for products and has the authority to issue recalls for products that are proven to be unsafe. The Food and Drug Administration has the authority to approve new products, oversee labeling and safety regulations and can issue consumer alerts for products
describe the nature of product bundling
it is a technique of offering two or more complementary goods or services together as a package deal. Bundled items are sold at a price attractively lower then the total of their individual selling prices
Explain the nature of product/service branding
product/service branding is using a name, term, design, symbol or combination of these elements to distinguish a product or service from A competing product. branding should assist a customer in answering the questions of why they should buy a product. if a branding campaign is successful, it will build product recognition and customer loyalty
explain the types of promotion
they are advertising, personal selling, sales promotion and public relations. Some marketing professionals will also include direct marketing as a type while others still consider this a form of advertising. advertising is paid, non personal promotion in which a company promotes an idea, good, or service through a variety of media. Personal selling is any form of direct contact between a salesperson and customer to fulfill a customer's wants and needs. Sales promotion includes all marketing activities other than advertising, public relations, and personal selling that are directed at a customer in an effort to increase sales. Public relations are promotional promotional activities that are designed to create a good image with the public.
Explain the nature of direct marketing channels
direct marketing is usually an advertisement sent through the mail to a home or business. Telemarketing is another channel used via phone call to ask for direct purchase. E-marketing is a channel considered for any promotion conducted via the Internet including search engine marketing, website optimization, email, applications, and social media. Direct mail is effective because it generate sales and provides consumers with an incentive to respond.
explain the importance of coordinating elements in advertisements
in order for an advertisement to be effective, the primary message must be clear. To achieve this goals, each element (headline, copy, illustration, and signature) Must work together to cut through the clutter. The advertisement should be clean and use white space effectively. The copy should be easy to read in the signature should be distinctive.
identify the types of public relations activities
Public relations activities can be proactive and reactive. Proactive public relations and initiate image building while reactive public relations is responding to negative or damaging information in the media. Public relations activities can include writing press releases to announce product / service information, holding press conferences, using social media, and generating publicity. They can also come in the form of charitable events and/or community involvement.
Explain how businesses can use trade shows / exposition participation to communicate with targeted audiences
Trade shows host participants from a specific industry. At the trade show, exhibitors have access to a target market and a captive audience. Marketers use a range of promotional activities at a trade show including visual merchandising and sales promotions to introduce new products, and encourage increased sales, and meet customers and or distribution partners.
Identify internal and external service standards
A business is responsible for identifying its requirements for providing customer service. Internal service standards are the expectations set by the business for how employees will be treated in the workplace which extends to how they are compensated and engaged in corporate decision making. External service standards refers to how the end user is treated to ensure customer satisfaction.
explain the nature and scope of the marketing information management function
It is the process and methods that generate, store, analyze and distribute information to promote good decision making for a business. This information is essential for creating an effective marketing plan. the business has a responsibility to protect the data collected.
Describe the regulation of marketing information management
Businesses have a responsibility to manage information that they have collected regarding their customers, trends, and competition. Recent legislation provide legal ramifications if the consumers privacy is not maintained as specified by federal law. To accomplish these goals from a business perspective, an EIS or enterprise information system can be used to provide the central database
Describe options businesses use to obtain marketing research data
To gather market research data, a business has a variety of options including primary and secondary data. Primary research gathers data for the first time for a specific product, service and/or business. Secondary research gathers data that has been previously collected for non marketing activity and is available for a business is used. Additionally, a company can use data gathered from customer loyalty plan, cookies in an online environment and data mining software
Explain the concept of marketing strategies
They identify a target market and marketing mix choices that a business will use. To do this, a business must understand the wants and needs of the consumer and objectives of the overall marketing plan for the product or service. The position that the business and/or product hold in the marketplace will determine the marketing strategy and focus on the advantages that the business and or product has over the competition.
explain the nature and scope of the pricing function
Pricing places a value on a good or service to produce a profit. The pricing function looks at cost, competition and how much customers are willing to pay for a product or service based on its usefulness.
Coordinate activities in the promotional mix
business must make choices that will be cost effective in reach the designated target market using advertising, personal selling, sales promotion, direct marketing, and publicity
explain considerations used to evaluate wheter to participate in trade shows/expositions
one of the most important advantages of a trade show is the access to a specific target market, prior to participating, a business needs to research the event and ensure that the target market will be atending. other considerations: how long the trade show lasts, timing, and geography. trade show will have strong attendance so you can predict a good return on promotional investment
explain the nature and scope of the selling function
it provides consumers with goods and services they want and or need. Selling occurs at multiple levels in marketing including the retail store to a consumer and business- business. selling is interacting with a customer or client with a planned and personalized form of communication that influences purchasing decisions
explain key factors in building a clientele
to build a clientele, a slaesperson should concentrate on customer service and after-sale activities including order processing, departure, order fulfillment, and follow up. Order processing should be quick and efficient as a customer departs, a salesperson should reassure and educate the consumer as needed. Lastly, a salesperson should make sure the customer is satisfied during follow up
explain business ethics in selling
to maintain appropriate business ethics in the sales process, employees should avoid bribes, kickbacks, and favors. employers want to avoid creating a high pressure sales environment that would lead employees to these mistakes as well as ensure that employees are knowledgeable about cultural differences.
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