One Component of the External Environment That Marketing Managers Must

question 72

Essay

One component of the external environment that marketing managers must understand and react to is the economic environment.Briefly describe the four economic areas of greatest concern to Canadian marketers and the marketing implications of trends in these four areas.

Describe how base pay is set in merit pay plans.

Analyze the impact of effective performance measures on pay for performance systems.

Distinguish between different types of performance-based pay.

Evaluate the impact of lump-sum rewards versus ongoing incremental pay increases.

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Definitions:

Work Schedule

The predetermined days and hours set for employees to perform their job duties, which can vary in flexibility, duration, and structure.

Task Significance

The extent to which a job has a substantial impact on the lives or work of other people, either inside or outside the organization.

Occupational Safety and Health Administration (OSHA)

Labor Department agency responsible for inspecting employers, applying safety and health standards, and levying fines for violation.

Ergonomics

Involves the study and design of equipment and workplaces to fit the user's body and movements, aiming to increase efficiency and reduce discomfort or injury.