Develop Cultural Sensitivity
Train personnel in cultural sensitivity, know the global marketplace, and study trends of ethnic groups showing demand for our products.
Demonstrate a Customer-Service Mindset.
Follow-Up, thank the customer, foster positive relationships with customers while customer is in the store and after. Aim to have customers spread satisfaction through word-of-mouth communication.
Explain role of leadership in a business.
Leadership provides motivation and helps create productivity. They should be fair, honest, and be able to inspire. A leader should be passionate and have a positive attitude towards work.
Explain Concept of Competition
Competition is the struggle between business to obtain the customer’s scarce dollars. Competition drives innovation.
Explain Concept of Productivity
Ouput of work. Training can enable employees to be more productive.
Describe Nature of Managerial Control
Controlling is Measuring what is being accomplished with what was planned to be accomplished. Actual performance should conform to expected standards and goals. Ensures that necessary corrective action is taken.
Explain Concept of Management
Management involves planning, organizing and coordinating, controlling, and monitoring. Management coordinates activities and plans for the future.
Orient new employees.
Can be oriented on computer and through one-on-one staff training. Orientation period is 3-6 weeks.Learn what their position requires and company expectations. Get acquainted with environment.
Explain Concept of Staff Motivation
Get people excited about work. Give employees a sense of pride. Reward employees who perform well. Find out what is important to those who need motivation.
Develop a Positive Working Environment
Includes physical conditions and attitudes of personnel. Management should be positive and employ an “Open Door” policy.
“Open Door” Policy
Employees are able to voice opinions and make suggestions.
Describe Nature of Risk-Management
Necessary to provide protection from economic, natural, and human risk. Can be prevented through training competent employees, maintaining a safe and secure work environment, and purchasing insurance.
Referenced at end of year for taxes. Referenced by management on a regular basis to control productivity and predict trends.
Examples Of Business Records.
Balance Sheets, Income Statements, Cashflow Statement, Daily Sales, and Inventory Data.
Ways That Technology Impacts Business Activities
Able to record information as it occurs regarding customers, data, and inventory. Inventory can be automated now.
Types of Marketing Research
Finding out more about prospects. Surveys, Observations, and Experiments.
Group of consumers with a need or want.
Importance of Marketing Identification
Optimizes promotional efforts, sales, and profit. Products can be advertised to those who want or need them.
Role of Promotion
Create awareness, persuade, or remind consumers about a product.
Elements of Promotional Mix
Advertising, personal selling, publicity, sales promotion.
Creates public awareness of store or product.
Compliments and reinforces advertising efforts and stimulates sales.
Builds an image in the public’s mind about product or company.
Has goal of finalizing sale.
Explain Nature of a Promotional Plan
Designed to coordinate all forms of a company’s promotion. Provides direction and goal’s for a business.
Describe the use of Business Ethics in promotion.
“Truth in advertising” is policed by Federal Trade Commission. Advertisement must be truthful and non-deceptive.
Considerations in using databases in advertising.
Maintain a database for each customer group. Enables better promotion to individuals based on product need and wants.
Explain marketing and its importance in a global economy.
Many companies have products with global appeal and will benefit by expanding internationally.
Describe Marketing Functions and Related Activities
Distribution, Product/Service Management, Selling, Promotion, Marketing-Information Management,
Overall Mission of Company
To serve customers while maximizing profits.
Any activity that relates to the satisfaction of customers and profitability of the company.
Explain Nature and Scope of the Pricing Function
Involves value of money based on a product or service.
An agreement between competitors to fix a price and eliminate competition.
Unfair price differences between similar customers.
Explain Factors Affecting Pricing
Profitability, Supply and Demand, Business Cycle, Product Life Cycle.
Nature of Personnel Regulations
Range from payroll, taxes, benefits, insurance, and non-discrimination issues.
Explain Nature of Workplace Regulation
Assure safety and health of employees. Provide funds to eliminate workplace dangers and reward safety practices.
Explain the nature and scope of product service/management function
Feasibility Study, Product Planning, Implementation, Evaluation, and Support/Maintenance.
Identify Product Opportunities
Complaints from customers, requests for additional products, and suggestions.
Used in advertising messages.
Actual document outlining the companies promise to the customer.
Made up of goods and services.
Scope of different lines of merchandise.
Variety within each line of merchandise.
Routinely inventory supplies. Buying in bulk saves money. Use comparison shopping.
Employees Role in Expense Control
Goal of controlling expenses is a responsibility to be undertaken by everyone.
Plan effective store layouts, post safety procedures, have meetings relating to precautions.
Include both variable and fixed expenses.
Can fluctuate monthly.
Effective Written Communication
Sends clear message. Little chance for confusion.
Two-way communication is a characteristic of an effective company. Employees often have ideas that may enhance operations.
Personal drive and motivation, negotiation and communication skills, knowledge of trends in industry.
Chamber of commerce, clubs, online communities.
Purpose and Importance of Credit
Gives consumers purchasing power. Possession utility.
Provides a company peace of mind from the devastation of unforeseen occurrences.
Protect Against Identity Theft
Shred/Burn papers with credit card,bank account numbers, social security. Don’t carry numerous credit cards.
Explain the Selling Process
Present features and benefits of products, handle objections, close and finalize transaction.
Key Factors In Building Clientele
Easier to keep a satisfied customer than to obtain a new customer. Loyalty programs.
Business Ethics in Selling
Honesty, finding best selection for needs.
Explain the nature of sales management
Someone who is mature and experienced in sales. Motivate individuals to perform to highest abilities. Monitor and control sales activities.
Ethical Considerations of Distribution
Following transportation guidelines, fair wages, keeping proper inventory records for taxes.
Nature and Scope of Distribution
Physical transportation of merchandise, storage, and handling. Inventory costs minimized by transporting in accordance with promotions.
Importance of Maintaining Inventory Levels
Extra money is spent on storing. Anticipate demand in order to maintain optimal amount.
Types of Unit Inventory Control Systems
Perpetual inventory and physical inventory.
When merchandise is received, it is recorded on receiving log.
Creating, communicating, and delivering superior customer value.
Moving people closer to a decision to purchase. Facilitating sales.
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