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Marketing management exam 1 study guide

by: Cole Campeas

Marketing management exam 1 study guide BADM 3401-Alexander Krasnikov

Marketplace > George Washington University > Marketing > BADM 3401-Alexander Krasnikov > Marketing management exam 1 study guide
Cole Campeas
GPA 2.76
Marketing Management
Professor Alexander Krasnikov

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Marketing Management
Professor Alexander Krasnikov
Study Guide
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This 10 page Study Guide was uploaded by Cole Campeas on Sunday February 8, 2015. The Study Guide belongs to BADM 3401-Alexander Krasnikov at George Washington University taught by Professor Alexander Krasnikov in Fall. Since its upload, it has received 158 views. For similar materials see Marketing Management in Marketing at George Washington University.

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Date Created: 02/08/15
Human Resource Management Organized Labor 1 Describe the structure purpose and important characteristics of unions in the United StatesAt the top is the American Federation of Labor and Congress of Industrial Organizations then there s a national union a local union and then shop stewards Organized by job or industry adversarial relationship between union and management focus on collective bargaining business unionism bread and butter issues labor contractsspecify terms of employment and work rules Passive role of government regulates the process but not the outcomes The Wagner ActDesigned to protect employees right to form and join unions and to engage in activities such as strikes picketing and collective bargaining Identified management unfair labor practices created National Labor Relations Board NLRB charged with labor relations oversight certifies elections investigates unfair labor practice charges can issue cease and desist order if unfair labor practices happen The TaftHartley Act1947protects management and workers from union coercion prohibits discrimination against nonunion employees illegal to refuse to bargain in good faith established Federal Mediation and Conciliation Service to monitor and mediate labor disputes The LandrumGriffin Act1959protects union members from union leaders unions must have bill of rights and constitution union elections regulated by government Describe the key activities related to the three steps in the labor relations process 41 Union organizingemployees exercise their right to form unions union solicitationcertification election to form the union or decertification to dissolve an existing union campaign is initiated to organize union authorization cards are distributed requires support from 30 of eligible employees Secret ballots majority vote required and union becomes official bargaining rep 42 Collective bargainingLabor contractformal agreement between union and management that outlines terms and conditions of employment Bargaining topicsmandatory wages and benefits hours employment conditions Good faith bargainingmeet at reasonable time and place realistic proposals realistic 10 proposals realistic counter proposals parties sign agreement once completed agreement is binding 43 Contract administrationapplication and enforcement of labor contract grievance procedures for labormanagement disputes union members represented by a shop steward escalation to national union if needed allows for arbitration Distributive Negotiationdividing a fixed pie winlose perceived incompatible goals focus on powerrights negotiations mistrust suspicion defensiveness perceived weakness Integrative Negotiationseeking mutual benefit winwin long term goals greatest good for both sides in framework of compatible goals focus on underlying interests trust openness perceived strength compatible issues issues where both parties see eyetoeye flexibility Union Avoidanceunion substitution or union suppression union substitutionan avoidance strategy that involves removing incentives to join a union by ensuring the needs of employees are met union suppressionlegal or illegal attempts to prevent unions from organizing by threatening job loss company shut down or attempting to get rid of an existing union Union Acceptancea labor strategy based on management s view that the union is the legitimate representative of the company s employees Describe advantages and disadvantages of union membership for employees higher wages more job security increased productivity allows unions and management to work together to achieve a middle ground but when labor management relations are poor each side tries to take a bigger share of the same size pie can cause conflict raises operation costs and costs more for members Compare HRM practices in a union vs nonunion work environmentWith unions work design becomes less flexible in work assignmentsjob design with hiring it s based upon seniority more stable workforce performance appraisals are more developmentally focused compensation has higher base pay incentives based on organization performance more generous benefits trainingdevelopment are given greater focus Training 11 Define training and its purpose in organizationsteaching employees how to do their job effectively in addition to other jobs to make work more interesting quite often Companies view employee skilllevel a a top priority and training as critical to organizational performance organizations with exceptional training opportunities are better able to retain employees motivation signal that employee is valued 12 Describe the three components of a needs assessment in the training process and the important questions related to training that each component addresses 121 Needs assessmentdetermining if training is needed for the specific employee then defining the location presentation and type of training to design the appropriate type of training to meet objectives First is the needs assessment then development and conduct of training then evaluation to assess effectiveness of training 1211 Organizational analysiswhat business challenges does the training help to address What strategic organizational goals and or organizational values does the training support 1212 Task analysisWhat KSAs will the training help to improve What are the specific behavioral training objectives What will the employees who attend the training do differently after attending 1213 Person analysisWho needs training ls training the appropriateonly solution Can you rule out other causes of poor performance Are employees motivated to learn 122 Kirkpatrick s training evaluation framework Leve 1reactions participant reactions to the training at the time of the training Level 2learning acquisition of knowledge skills attitudes behavior at the end of training while still in the training situation Level 3behaviorimprovement of behavior on the job use of new knowledge and skills on the job Level 4Return on investment company s return on the training investment business resultsgoals attained International Human Resource Management 13 14 15 16 Define Hofstede s cultural dimensions and how they influence human resource management practicesreflected in a society s norms values attitudes role expectations taboos symbols heroes beliefs morals customs and rituals Run deep and are not readily altered Hofstede s dimensionsPower Distance Individualism vs Collectivism Masculinity vs Feminity Uncertainty Avoidancethe degree to which a person is uncomfortable with a sense of uncertainty and ambiguity and long term vs short term orientation Define two additional cultural dimensions and their impact on employee behavior high vs low context monochronic vs polychronic timeEdward Hall states low v high contexthigh contextpeople rely heavily on nonverbal and situational cues family oonnections official position status body language for meaning when communicating with others High value placed on personal relations and goodwill Space is communal less personal space Low contextrely primarily on the written and spoken word for meaning in communications High value placed on one s expertise and ability to perform the job tend to prefer a greater amount of interpersonal space Tend to prefer a greater amount of interpersonal space Impact of low context prefer to be more frank and direct in speaking and be less concerned about how something is said openly confront issues and differences focus on facts say things clearly not leaving much open to interpretation Impact of high context prefer to focus as much on how something is said as what said avoid difficult or contentious issues saving face is important provide info beyond facts count on the listener to interpret meaning Polychronic high contextpeople perceive time as flexible schedules are loose and overlapping people like to do multiple things at one time Monochronic Iow contextpeople perceive time is structured time is money everyone is one the same clock and it is important to be on time people like to do one thing at a time Distinguish between segmentation and integration approaches to global HRM Segmentation is tailormade HR practices for different cultural contexts while integration is global consistency in HR practices Define cultural intelligence and how it applies to effective crosscultural interactionsthe ability to function effectively in culturally diverse settings linked to 17 18 more effective performance and adjustment in multicultural work groups study abroad programs and expatriate assignments 4 independent dimensions These dimensions include motivation knowledge strategy and behavior Motivation develop a curiosity for understanding other cultures Knowledge in being aware of your own cultural frame of reference and become familiar with cultural differences Strategy in making sense of culturally diverse experiences adjusting one s own cultural knowledge when interacting with those from a different culture Assume differences until similarity is proven suspend judgment focus on description rather than evaluation empathize with the person from the other culture treat your interpretations as guesses until you can confirm them Behaviorcapability to act appropriately in crosscultural interactions and flexibility to adjust behavior to each interaction take action to adapt Describe how EEO laws apply US to US citizens working outside the US and nonUS citizens working for US companies inside and outside the US EEO laws prevent businesses from basing employment decisions on race sex or age This prohibition applies to international assignments with the single exception that companies are not required to violate a host nation law If a nation prohibits women from working in a specific business context a US company doing business context a US company doing business in that nation is free to offer the particular international assignment covered by this host country law only to men Foreign employees of US companies working in other countries or in another foreign country are not covered by US laws and people who are not citizens of the US but have legal work status cannot be discriminated against Explain why expatriate assignments often fail and describe steps companies can take to avoid failurefailure is often caused by career blockage or the feeling that while an employee is abroad they are staying in the same place on the corporate hierarchy while their coworkers are moving up culture shock lack of pre departure crosscultural training overemphasis on technical qualifications wanting to get rid of troublesome employees often causes managers to send them on expatriate assignments and family problems can often cause problems as well 19 Describe common issues encountered during repatriation of employees after they complete an international assignmentmany managers leave the company after returning from their assignments 6070 of expatriates do not know what their position will be when they return 46 end up with jobs that give them reduced autonomy and authority 80 of returning expatriates experiences reverse culture shockwhile individual has been away company has changed individual has changed and culture has changed Employee Rights and Discipline 20 Employee and Management Rights 201 Describe the employment at will doctrine and limitations to this doctrineestablished for contractual work relationships in which an employer can terminate an employee at any time without just cause The limitations are that of statutory limitations employment contracts implied contracts lack of good faith and fair dealing and public policy exceptions Statutory rights are rights protected by specific laws contractual are those based on contracts other rights include limited right to privacy and limited right to free speech 202 Explain guidelines related to employee rights to privacy and free speech in the workplacelimited rights to privacy and free speech 21 Employee Discipline 211 Compare progressive and positive discipline proceduresprogressive discipline is done by verbal warnings written warnings suspension then discharge Positive disciplinefirst counseling session then second counseling session to develop a new plan employee develops a plan and then discharge 212 Describe how minor and serious violations are treated differently in the discipline processverbal warnings written warnings suspension and discharge 213 Describe the standards of discipline required to demonstrate discharge for just cause standard of discipline notification reasonable rule investigation before the discipline fair investigation proof of guilt absence of discrimination and reasonable penalty Includes right to appeal as well 214 Describe how the human resource management process can be used to avoid discipline problems Compensation 22 Reward Theories of Motivation 221 Describe the following theories of motivation and their application to compensation and rewards in organizations 2211 Equity theorythe reward received for work is directly proportional to the effort expended for the job along with your effort to reward ratio is equal with that of someone with a similar job or works in the same company 2212 Expectancy theorya theory that assumes that motivational strength is determined by perceived probabilities of success as perceived by the target individual Efforttoperformance probabilitywhat are my chances 0 getting the job done if I put forth the necessary effort Perceived performanceto reward probabilitywhat are my chances of being rewarded if I do a good job Then perceived value of rewards what rewards do I value 2213 Procedural justice theoryconcerned with perceived fairness of the process used to determine the outcomes 23 Designing a Compensation System 231 Identify the three components of total compensationbase compensation pay incentives and indirect compensationbenefits 232 Describe the following criteria for designing a compensation system For each one explain the types of situations in which they would be most effective 2321 Fixed vs Variable PayVariablefluctuates according to some pre established criterion Fixed paya predictable monthly paycheck 2322 Internal vs External Equity also Individual Equityinternal equity distributive justice model establishes fairness of the pay structure within a firm External equity labor market modelfairness of pay relative to what other employers are paying for the same type of labor wage rate determined by supply and demand paying the going rate Individual equity is based on the value to the institution of a specific person 2323 Belowmarket vs Abovemarket Compensationhow employees are compensated relative to other companies in the same labor market benchmark data used as input to pay policy 2324 Job vs Individual Skillbased Pay jobbasedpay based on the value fo a job to the organization independent of the individual holding that job Individualpay based on knowledge skills and abilities that an employee brings to the job emphasizes the individual rather than the job 2325 Egalitarianism vs Elitismelitistdifferent compensation plans by organizational level andor employee group Egalitarian pay systemplaced most employees under the same compensation plan 2326 Open vs Secret PayOpen payemployees have access to information about other workers compensation Secret payemployees do not have access to other worker s compensation information 2327 Centralization vs Decentralization of Pay DecisionsCentralizedpay decisions are tightly controlled in a central location normally in the HR department at corporate headquarters Decentralizeddelegates pay decisions throughout the form normally to unit managers 2328 Monetary vs Nonmonetary AwardsCash or payments that can be converted into cash at some future point like stock or pension plans vs intangibles such as interesting work challenging assignments public recognition and benefits that provide workfamily balance 24 Fair Labor Standards Act 241 Describe the main provisions of the Fair Labor Standards Actbusiness with gt1 employee and over 500000 in annual gross sales minimum wage requirement overtime requirements does not apply to exempt employees 25 Payforperformance Systems 251 Describe important factors to consider when designing payfor performance systemsusing pay for performance as part of a broader HRM system building employee trust promoting the belief that performance makes a difference using multiple layers of rewards increasing employee involvement stressing the importance of acting ethically using motivation and nonfinancial incen ves 252 Describe the different types of payforperformance systems at the individual group business unit and organization level Describe when each type is most appropriateindividualbased plansmerit pay is often involved increases in base pay normally given once a year usually decided through supervisor rates also bonus programs or lumpsum payments are used given on onetime basis does not increase longterm base pay In addition to rewards such as vacations free dinners or other material objects like TVs etc Commonly piecerate systemscompensation in which employees are paid per unit constructed Good for sales reps and other commission or individually based or contractual jobs 25 3 Teambased planstypically utilize bonuse one time monetary payments that do not raise permanent base pay and awards usually given in the form of tangible rewards Good for group members in companies with a few levels in the hierarchy and teams of individuals at the same level are expected to complete most of their work with little dependence on supervisors or upperlevel management technology allows for the separation of work into relatively self contained or independent groups employees are committed to their work and intrinsically motivated the organization needs to insist on group goals team based incentives can help blend employees of diverse backgrounds to focus their efforts on a mutual goal important to the organization also works well when the objective is to foster entrepreneurship in selfmanaged work groups 25 4 Plantbased performance plans reward all workers in a plant or business unit based on the performance of the entire plant or unit This is done via awards bonuses and gainsharing plansplantwide plan in which a portion of the company s cost savings is returned to workers usually in the form of a lumpsum bonus This works best in small to midzie plants where employees can see connection between their work and performance of the unit when technology limits improvements in efficient gainsharing will not work well doesn t work well in firms with multiple plants since it is often based off of history doesn t work well in corporate cultures with a traditional hierarchy works well in a firm that is making the transition from a more autocratic hierarchy to a more participative management style Also most appropriate when the product market is relatively stable 25 5 Organizationwide plans are based on the entire organization s performance done via profit sharing plans that use a formula to allocate a portion of declared profits to employees often via a retirement plan then stock plans that reward employees with company stocks as an outright grant or at a favorable price that may be below market value the employee can then sell the stock at market value to make a profit Can be used with firms of any size but large firms are ideal for this also efficient for firms with interdepending parts of the business suits businesses with highly cynical ups and downs in the market helps firm cut costs and often work well when used in conjunction with other individual incentives


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