BUS 100 Final Exam 2/2

consumer sales promotion techniques

- coupons - demonstrations - cents-off promotions - lotteries

current assets

A balance sheet account combining assets that are expected to be converted to cash within a year.

apprentice program

A program where an employee learns a trade, art, or craft from skilled workers.

double entry

An accounting technique that records financial information as both a debit and a credit.

When McDonald's considered adding pizza to their menu, the company made pizza available in some of their more established markets to determine customer reactions. That process is called Multiple Choice promotion. test marketing. outsourcing. concept coordination.

test marketing.

Marketing intermediaries, such as FedEx, add value to the distribution of goods and services. This added value is known as Multiple Choice utility. marketing. distribution. logistics. competition.

utility

what are the provisions of the major legislation affecting labor unions

wagner act taft harley act fair labor standards act

what are the four types of distributiion systems

1. corporate systems (all orgs in the channel are owned by one firm) 2. contactual systems( memebers are bound to cooperate through contracts) 3. administered systems (all marketing functions at the retail lvl are managed by manufactures) 4. supply chains (the various firms in the supply chain are linked electronically to provide the most efficient mvement of info and goods possible)

what are the three parts of the marketing concept?

1. customer orientation 2. service orientation 3. profit orientation (marketing g&s that will earn a profit and enable the firm to survive and expand)

what are the steps in conducting marketing research

1. define the problem or opportunity and determine the present situation 2. collect data 3. analyze the data 4. choose the best solution

what are three distribution strategies marketers use

1. intensive (putting products in as many places as possible) 2. selective (choosing only a few stores in a chsoen market) 3. exclusive (using only one store in each market area)

what are the four key categories of ratios

1. liquidity ratios, 2.leverage (debt) ratios, 3. profitability (performance) ratios 4. activity ratios.

what are the 3 major steps in a good public relations program

1. listen to the public 2. develop policies and procedures in public interest 3. tell people you're being responsive to their needs

what topics typically appear in labor management agreeements

1. mgmt rights 2. union recog 3. union security clause 4. strikes and lockouts 5. union activities and responsibilities 6. wages 7. hrs of wokr and time off policies 8. job rights and seniorithy principles 9. discharge and discipline 10. grievance procedures 11. employee benefits, health,and welfare

what are the six steps in the employee selection process

1. obtaining complete application forms 2. conducting initial and folow up interviedws 3. giving employment tests 4. conducting background investigations 5. obtaing results from phsyical exams 6. establishing a trial period of employment

what are the 5 standards for a useful form of money

1. portability 2. divisibility 3. stability 4, durability 5. uniqueness

the 5 steps in HR planning

1. preparing a human resource inventory of the orgs employees 2. preparing a job analysis 3. assessing future demand 4. asessing future supply 5. establishing a plan for recruiting, hiring, educating ,appraising, compensating, and scheduling employees

Last five steps of the marketing process:

1. product testing 2. name, package, price 3. distribution 4. promotional program 5. relationships

what are the seven steps of the B2B selling process

1. prospect and qualify 2. preapproach 3. approach 4. make presentation 5. answer objections 6. close sale 7. follow up

liabilities

A company's debts or obligations that come about during the course of business operations.

stock split

A corporate decision to divide a company's existing shares into multiple shares.

debenture bond

A debt instrument not secured by collateral.

bonds

A debt investment in which an investor loans money to a corporation or government entity for a specific period of time at a fixed interest rate.

income statement

A financial statement that summarizes a firm's performance and indicates the profitability (or loss) over a period of time.

prospectus

A formal written document filed with the Securities and Exchange Commission (SEC) to sell securities that describes the plan for a business.

what is a market order

A market order tells a broker to buy or sell a security immediately at the best price available.

cash flow

A measure of a company's financial health found by calculating the difference between cash receipts and cash payments.

flextime plans

A plan in which employees are allowed to choose their work hours within a specified range.

cafeteria-style fringe benefits

A plan that allows employees to choose between different benefits.

core time

A prescribed time period when every employee must be present in his or her office or work station.

mutual fund

A professionally managed, diversified investment vehicle funded by many investors for the purpose of investing in stocks, bonds and other assets.

Accounting Cycle

A sequence of procedures repeated in the same order from the point of the transaction to its appearance in the financial statements.

what's included in a total product offer

A total product offer consists of everything consumers evaluate when deciding whether to buy something. - It includes: 1. price, 2.brand name, 3. satisfaction in use.

compressed workweek

A work schedule condensing the standard full-time work week into fewer than five full days.

job description

A written statement of the duties, responsibilities, and the preferred outcomes of a job.

How does the Federal Reserve control the money supply?

Reserve Requirement: - makes financial institutions keep funds in the federal reserve system Open market operations; - buys and sells government securities Discount Rate: - lends money to banks

common stock

Securities that represent equity ownership in a corporation.

stock

Securities that represent ownership in a corporation with owners having a claim on the corporation's assets and earnings.

notes payable

Short- or long-term obligations to banks or other creditors based on formal written agreements

Which agency is charged with enforcing affirmative action programs? The EEOC The Department of Labor The Department of Homeland Security The U.S. Department of Commerce

The EEOC

capital gains

The amount by which the selling price of an asset exceeds the purchase price.

managerial accouting

The branch of accounting that measures, analyzes, and communicates information about a company's operations to internal managers to aid their decision making.

what was the first union

The cordwainers (shoemakers) - organized a craft union of skilled specialists in 1792. The Knights of Labor, formed in 1869, - the first national labor organization.

cost of goods

The costs of obtaining raw materials and all parts involved in producing the finished goods sold to consumers.

maturity date

The date on which an obligation, such as a bond, must be repaid in full.

gross proofit

The difference between revenue from the sale of goods and the costs related to producing those goods.

revenue

The income a company receives from its main business activities during a specific period of time.

IPO

The initial sale of a stock to the public by a private company.

Job Analysis

- Describing and recording aspects of a job - specifying the skills and requirements to perform the job.

how do marketing intermediaries add value

- Intermediaries perform certain marketing tasksfaster and more cheaply than most manufacturers could. - Channels of distribution ensure communication flows and the flow of money and title to goods. - They also help ensure that the right quantity and assortment of goods will be available when and where needed.

What are journals and ledgers?

- Journals are the first place bookkeepers record transactions. - Bookkeepers then summarize journal entries by posting them to ledgers. - Ledgers are specialized accounting books that arrange the transactions by homogeneous groups (accounts).

Why has recruitment become more difficult?

- Legal restrictions complicate hiring and firing practices. - Finding suitable employees can be more difficult if companies are considered unattractive workplaces.

Is factoring a form of secured loan?

- No, - Factoring means selling accounts receivable at a discounted rate to a factor (an intermediary that pays cash for those accounts and keeps the funds it collects on them).

What is publicity?

- Publicity is the talking part of sales promotion; - it is information distributed by the media that's not paid for, or controlled by, the seller. - Publicity's greatest advantage is its believability.

what institutions make up the banking system

- Savings and loans, - commercial banks, - credit unions

How are equal pay and pay equity different?

- The Equal Pay Act of 1963 provides that workers receive equal pay for equal work (with exceptions for seniority, merit, or performance). - Pay equity is the demand for equivalent pay for jobs requiring similar levels of education, training, and skills.

What is accounting?

- The Recording, classifying, summarizing and interpreting of financial events and transactions that effect an organization - the method used to record and summarize accounting data into reports are called an accounting system

How are securities exchanges regulated?

- The Securities and Exchange Commission (SEC) regulates securities exchanges and requires companies that intend to sell bonds or stocks to provide a prospectus to potential investors.

What's commercial paper?

- a corporation's unsecured promissory note maturing in 270 days or less.

What is the over-the-counter market? (OTC)

- a system for exchanging stocks not listed on the national exchanges

What information belongs on a balance sheet

- accounts recievable - land - patents - long term liabilities - owners equity

What will unions have to do to cope with declining membership?

- adapt to increasingly white collar, female, and culturally diverse workplaces - many have taken on the role of assisting management in training workers, redesigning jobs, and assimilating the changing workforce

How did the AFL-CIO evolve?

- afl fromed in 1886 - cio broke off from afl in 1935 - saw the benefits of joining together and became the afl-cio in 1955

How can mutual funds help individuals diversify their investments?

- an org that buys stock and bonds and then sell shares in those securities enabling investor to invest in more comps than they could otherwise afford

Define assets, liabilities and owners' equity.

- assets :economic resources owned by the firm sa buildings and machinery - liabilities; amounts the firm owes to creditors, bodholders, and others - owner's equity: the value of everything the firm owns (its assets) minus any liabilites * owners equity= assets-laibilites

What agencies insure the money you put into a bank, S&L, or credit union?

- banks: FDIC ( federal deposit insurance corporation) - S&L's: SAIF (savings association insurance fund) - credit unions: NCUA (National credit union administartion)

what is the difference between bookkeeping and accounting

- bookkeeping is part of accounting and incldes the systematic recording of data - accting includes classifying,summarizing, interpreting, and recording data to management

What's leverage, and how do firms use it?

- borrowing funds to invest in expansion, major asset purchases, or research and development. - Firms measure the risk of borrowing against the potential for higher profits.

How can employees move within a company?

- can be moved up (promotion), - over (reassignment), - out (termination or retirement) of a company. - They can also choose to leave a company to pursue opportunities elsewhere.

examlpes of investment for short term needs

- certificate of deposit - money market shares - short term bond - savings account - short term junk bonds

what are the current challenges and opportunities in the human resource area

- changing demographics - more women -more minioriites - older workers - shortage of trained workers - abundance of unskilled workers - changing empl work attuitudes - retraining of workers - complex laws and regulations

What are (ETF)'s? ... Exchange-traded funds

- collections of stocks that are traded on securities exchanges but they are traded more like individ stocks - similar to mutual funds

What makes the business-to-business market different from the consumer market?

- consumers in the B2B market are relatively few and large - B2B markets tend to be geographically concentrated - industrial buyers are more rationals - bsb sales tend to be direct - more emphasis on personal selling than in consumer markets

what are the diff types of bonds

- debenture (unsecured/ not supported by collateral) - secured bonds

Laws Affecting Human Resources Management in the order in which they were passed:

1 civil rights act 1964 2. age discrimination in employment act (ADEA) 3. Equal Employment Opportunity Act (EEOA) 4. Vocational Rehabilitation Act 5. Americans with Disabilities Act 6.Civil Rights Act of 1991 7. Americans with Disabilities Amendments Act

what are the four traditional promo tools that make up the promotion mix

1. advertising 2. personal selling 3. public relations 4. sales promotion - the product itself can also be a promo tool

what are the 6 steps of the accounting cycle

1. analyzing documents 2. recording info into journals 3. posting that info into ledgers 4. developing a trial balance 5. preppin financial statemnets - balance sheet - income statement - statement of cash flows 6. analyzing financial statements

what are the steps in the B2C selling process

1. approach (includes asking questions) 2. presentation( includes answering questions) 3. the close 4. the follow up

Four steps of the marketing research process:

1. asess the situation 2. collect data 3. analyze data 4. choose a solution

Priceline and Expedia are two online travel companies. Both are known to utilize ___________ of services such as airline flights and hotel stays to entice customers to purchase both at the same time, for a more reasonable price than what they would pay separately for each of these services. Multiple Choice trade marking branding bundling last-minute fanning

bundling

what are the 3 budgets in a financial plan?

capital budget - spending plan for expensive assets sa property,plant, equipmetn cash budget - projected cash balance at the end of a given period operating (mastter) budget -summarizes the info in the 2 othe budgets - projects dollar allocations of various costs and expenses given various revenues

Small businesses that are just getting off the ground often have problems with the difference between cash coming into the business and cash going out of the business. For example, if the company allows far too lenient credit sales terms, customers do not pay on time, which could cause cash to come in too slowly. That's why all businesses must keep a careful watch on their Multiple Choice recording processes. asset summarization. advance payments accounts. cash flow.

cash flow

If you were working as a bookkeeper, the first action you would take is to Multiple Choice record transactions into a ledger. develop a trial balance. prepare an income statement. divide transactions into meaningful categories.

divide transactions into meaningful categories.

Netflix sells its movie delivery service to consumers over the Internet. Netflix would be classified as a(n) Multiple Choice telemarketer. drop shipper. rack jobber. electronic retailer. multi-level marketer.

electronic retailer

At the beginning of the video, we learn that Rosalie's sales numbers have declined. The Marketing Director, Product Development lead, and Sales Manager proceed to engage in a broad discussion of the different factors that may have led this decline. They are engaging in a process known as Multiple Choice environmental scanning marketing research. strategic marketing. profit orientation. competitive pricing.

environmental scanning

The issue of pay equity deals with Multiple Choice paying equal wages to men and women who do the same job. equal pay for jobs that require similar levels of training and education or skills. assuring that men and women have equal employment opportunity in the job market. ensuring that executive pay is not more than 20 times the pay of the lowest-paid worker.

equal pay for jobs that require similar levels of training and education or skills.

Issuing stock as a source of funding is referred to as Multiple Choice equity financing. bond trading. venture capital. short-term financing.

equity financing

When Clorox designed the packaging for its Green Works products, it was aware that packaging must perform all of the following functions except Multiple Choice attract buyers' attention. explain value and uses. explain product's benefits. be easy to open and use. explain in multiple languages.

explani in multiple languages

Suppose you believe that energy companies will be making huge profits in the future, and you'd like to share in those profits. You're not sure which companies will be the most successful, or successful at all for that matter, so you decide you want to invest a little in a lot of companies to spread the risk. The best way for you to do that is by investing in Multiple Choice money market funds. Treasury bonds. an energy mutual fund. certificates of deposit. preferred stocks.

an energy mutual fund

What is viral marketing?

any strategy that enocurages ppl to pass on a marketing message to other creating exponential growth in the messages influence

what is money

anything that is generally accepted as payment for goods and services

The fundamental accounting equation is Multiple Choice assets = liabilities + owner's earnings liabilities = owners' equity + revenues assets = liabilities + owner's equity owners' earnings = assets + revenues

assets = liabilities + owner's equity

Clorox chose the name Green Works because the name instantly brings nature and environmentalism to mind. The linking of a brand to other favorable images is called brand Multiple Choice specification. dissonance. complements. attraction. association.

association

The concept of comparing assets to liabilities and owners' equity is found in which financial statement? Multiple Choice Statement of cash flows Statement of owners' equity Income statement Asset statement Balance sheet

balance sheet

what is brand equity and how do managers create brand associations

brand equity: the value of a brand name and associated symbols brand association: linking of a brand to other favorable images

When Dunkin Donuts offers free samples of its new products to potential customers, such sampling is a form of Multiple Choice sales promotion. personal selling. mobile media. product placement.

sales promotion

The process of actually deciding which person(s) would best fit the job opening(s) is the process of Multiple Choice termination. employment resources. recruitment. training. selection.

selection

cash-and-carry wholesalers

serve mostly smaller retailers with a limited assortment of products

Products that the consumer buys only after comparing value, quality, price, and style from a variety of sellers are known as ____________ goods and services. Multiple Choice shopping convenience specialty unsought

shopping

what strategies can marketers use to determine a product's price

skimming strategy - prices the producthigh to make big proits where there little comp penetration strategy - uses low price to attract more customers and discourage comp demand oriented pricing - starts wit consumer demand rather than cost compeition oriented pricing - based on all comp's prices price leadership - occurs when all comp follows the pricng practice of one or more dominant companies

If a company were to use Facebook as a way to advertise, then this is referred to as Multiple Choice the promotional mix. social media. product placement. efficient. e-marketing.

social media

Newer, nontraditional forms of promotion include Multiple Choice personal selling and advertising. social networking, blogging, and podcasting. sales promotion and public relations. public relations and advertising.

social networking, blogging, and podcasting.

Progressive companies who want to attract and keep good employees are now offering their employees __________ benefits, such as on-site dry-cleaning services, shoe repair, onsite medical care, and even free breakfasts. Multiple Choice soft implicit explicit taxation

soft

Drop Shippers (Wholesalers)

solicit orders from retailers and otehr wholesalers and have the merchandise shipped directly from a producer to a buyer

Netflix's linked activities involving movie studios, DVD reproduction, Netflix distribution centers, the postal service, and ultimate consumers are all part of Netflix's Multiple Choice supply chain. reverse logistics. quality circle. critical path. selective distribution.

supply chain

The effect of downsizing and the resulting flatter corporate structures is Multiple Choice fewer layers of management make it more difficult for employees to be promoted to higher levels of management. companies are scrambling to rehire those workers who were laid off. a decrease in the need for a human resources department has developed. there is less need to adhere to equal employment law.

fewer layers of management make it more difficult for employees to be promoted to higher levels of management.

Marketing is as much about helping sellers sell products and services, as it is about Multiple Choice costing those products and services. examining the returns on investment. organizing the business for productivity. helping buyers buy.

helping buyers buy.

Financial controls are designed to help managers to Multiple Choice identify variances from the financial plan and take corrective actions. predict cash inflows in future periods past one year. manage the day-to-day cash needs of a business. develop the appropriate budgets for all functional departments.

identify variances from the financial plan and take corrective actions.

If someone wanted to find out how much money a company made during a particular year, the best financial statement to use would be the Multiple Choice financial statement. profit statement. statement of owners' equity. income statement.

income statement

merchant wholesalers

independently owned firms that take title to the merchandise they handle

A court-ordered __________ was imposed on Fairlawn City employees who worked on the city's streets and bridges. Although these employees were unionized and voted to strike for higher wages and benefits, the city insisted they had a no-strike clause in their agreement and therefore asked the courts to order them back to work, to keep the streets free of ice and snow during the winter months. Multiple Choice picket secondary boycott primary boycott injunction

injunction

When using various forms of promotion to carry the promotion message, it is important that the recipients of the message interpret it in the same way. Creating a unified promotional message, where potential customers perceive the same message, whether it is in a TV commercial, or on a billboard, or in a blog, is called Multiple Choice personalized selling. integrated marketing communication. delivery cue analysis. branding assimilation.

integrated marketing communication.

As an alternative to selling shares of stock, a company can raise money by issuing corporate bonds. All of the following are advantages of issuing bonds, except that bonds Multiple Choice are temporary funding. interest paid is tax deductible. interest must be paid. can be called.

interest must be paid

Internal audits are important because Multiple Choice the firm needs to keep a constant lookout for employees and suppliers who may be committing fraud. internal audits help to make accounting statements more reliable. they aid in the development of the firm's financial statements. the firm uses the audits to determine desired profits for the following year.

internal audits help to make accounting statements more reliable.

How are sales promotion activities used both within and outside the organization?

internal sales promotion efforts - directed at salespeople to keep them enthusisatic about the comapny - sales training - sales aids - trade shows - audio visual displays exxternal sales promotions - samples - coupons - displays - store demonstartors - cents off deals

The main reason that the primary stakeholder of Goodwill is the general public is because it Multiple Choice is a nonprofit organization. is required by law. shows good will. is a hospital.

is a nonprofit organization.

According to the text, an advantage of hiring from within is Multiple Choice it is quick. it requires less training and development. it helps maintain employee morale. it keeps the firm from having an oversupply of workers trained in certain areas.

it helps maintain employee morale.

What is the primary reason that many new businesses fail early on? Multiple Choice Poor franchising Lack of financial statements Publicity Lack of financial resources

lack of financial resources

how does financial accounting differ from managerial accounting

managerial accting - provides info and analyses to managers w/in the firm to assist them in decision making financial accting - provides info & analyses to external users of data sa creditors and lenders

what is the difference between mass marketing and relationship marketing

mass marketing - devveloping products and promotions to please lrg groups of ppl relationship marketing - tends to lead away from mass production and toward custom made goods and services - goal is to keep individ customers over time

The series of steps Netflix uses to deliver boxes of DVDs to associates to open and check, to move to the feeder to run through the bar code scan, and then move them to a machine for insertion into envelopes, etc. is called Multiple Choice lateral transferring. cross-channel feeding. materials handling. inverted production. benchmarking.

materials handling

As the video explains, corporate bonds are IOUs from a company. The bonds have a principal or face value, pay a regular rate of interest, and are legally bound to be repaid in full by the Multiple Choice prospectus date. maturity date. end of the year. initial offering date.

maturity date

Volvo is a well-known quality manufacturer of cars, trucks, and SUVs. Volvo dealers also provide financing to their customers. These products and services are part of Volvo's product Multiple Choice mix. depth. width. line.

mix

what types of compensation are appropriate for teams

most common: - gain sharing - skill based compensation programs - mngrs can also reward outstanding individ performance w/in teams

Is word of mouth a major promotional tool?

no, because it was not considered to be manageable,

what are some of the other financial institutions that make loans and perform banklike operations

non banks include - life insurance companies - pension funds - brokerage firms - commerical finance companies

The roles and responsibilities of human resource management have evolved primarily because of changes in the law that rewrote many traditional practices and organizations' recognition of employees as their ultimate resource. financial constraints on firms to produce more with less employees. the shift from having dedicated HRM managers recruit and train employees to using professional search firms. organizations' recognition that managers are ill-equipped to handle the recruitment and selection of employees.

organizations' recognition of employees as their ultimate resource.

As flat screen TVs enter the maturity stage, what could happen to profits for individual firms? Multiple Choice Mature Increase Peak and then decline Move sideways Stay flat

peak and then decline

Morningstar serves three key constituents: individual investors, financial advisors, and institutional investors. Institutional investors include Multiple Choice securities exchanges. pension plans. government agencies. foreign agencies. financial planners.

pension plans

Decisions about promotions, compensation, additional training, or firing should all be based on Multiple Choice going through the appropriate training program. having the right selection process in place. performance appraisals. legal considerations.

performance appraisals.

Netflix adds value to movies by getting them to consumers where they want them, whether it is on their TVs or computers. This value is called ___________ utility. Multiple Choice form time information possession place

place

what's the difference between a prouct line and a prodcut mix

product line - a group of physically similar products w/similar competitiors product mix - a compay's combination of product lines

If "Slice-Of-Life Pizza" can get its restaurant to be used in an upcoming movie, then this would be a great form of Multiple Choice negative advertising. promotional placement. product placement. fraud. a promotional mix.

product placement

When Coca-Cola paid to have Coke cups sit on the table in front of the American Idol judges, it paid for Multiple Choice brand inclusion. an infomercial. brand coordination. product customization. product placement.

product placement

While doing an online search for a music venue, Darcy ran across a performance of Lady Gaga that featured her hair neatly wrapped in Coca-Cola cans. The venue did not visibly identify the sponsor in any other way. Marketers would categorize this form of advertising as Multiple Choice an infomercial. blogging. interactive promotion. product placement.

product placement.

What are the 4 Ps of marketing? Multiple Choice product, price, place, and promotion product, price, propaganda, and place product, price, purchase, and promotion product, perks, place, and promotion product, perks, purchase, and promotion

product, price, place, and promotion

Title VII of the Civil Rights Act Multiple Choice requires that foreign applicants who have applied to stay in the U.S. be given the same consideration for employment as U.S. citizens. prevents businesses from discrimination against people under age 21 on the basis of their lack of work experience. prohibits discrimination in hiring, firing, and other areas on the basis of race, religion, creed, sex, or national origin. gives the victims of discrimination the right to a jury trial and punitive damages.

prohibits discrimination in hiring, firing, and other areas on the basis of race, religion, creed, sex, or national origin.

The element of the marketing mix that consists of all the techniques sellers use to inform people about and motivate them to buy their product or services is Multiple Choice product. price. publicity. promotion.

promotion

Advertising is part of the Multiple Choice 4 Ps. advertising mix. marketing mix. promotional mix.

promotional mix

Market segmentation is about dividing the total market for a product or service into groups with similar characteristics and needs. Marketers often divide the total market for their products and services demographically, either by age, education, or income level. If they wanted to know if all 18-year-olds in their market had similar TV show and movie interests, their inquiry would also focus on __________ segmentation. Multiple Choice volume benefit psychographic geographic

psychographic

what is the difference between a private accountant and a public accountant

public acctant - provides services for a fee to a variety of companies - only public accountants supply independent audits private acctant - does the same thing but for a single company - perform internal audits

A human resource inventory of an organization's employees would include all of the following EXCEPT Multiple Choice specialized skills of employees. names and ages of employees. education and training of employees. salary levels of employees.

salary levels of employees.

what are common types of compensation systems

salary systems, hourly wages, piecework, commission plans, bonus plans, profit-sharing plans, and stock options.

If a customer sees a deal on Groupon and then texts his/her friend to tell them about the deal, then this relay of information is known as Multiple Choice word of mouth. inappropriate marketing. gorilla marketing. advertising.

word of mouth

Netflix depends upon the U.S. Postal Service to get DVDs to and from consumers in the shortest period of time. The company decided to use its own trucks to pick up and deliver the DVDs to the post office, rather than to wait for the post office to deliver the DVDs to their warehouses. Such distribution decisions are part of Multiple Choice corporate distribution systems. freight forwarding. intermodal shipping. selective distribution. supply-chain management.

supply chain management

What are pricing objectives?

(1) Achieving a target profit (2) Building traffic (3) Increasing market share (4) Creating an image (5) Meeting social goals

How do managers evaluate performance?

(1) establish performance standards, (2) communicate those standards; (3) compare performance to standards; (4) discuss results; (5) take corrective action when needed; (6) use the results for decisions about promotions, compensation, additional training or firing.

What are firms' major financial needs? (4)

(1) managing day-by-day operations, (2) controlling credit operations, (3) acquiring needed inventory, and (4) making capital expenditures.

what does buying on margin mean

- An investor buying on margin borrows part (the percentage allowed to be borrowed is set by the Federal Reserve) of the cost of a stock from the broker to get shares of stock without immediately paying the full price.

what does it mean when a stock splits

- When a stock splits, stockholders receive two (or more) shares of stock for each share they own. - Each is worth half (or less) of the original share, - so while the number of the shares increases, the total value of stockholders' holdings stays the same. - Stockholders hope the lower per-share price that results may increase demand for the stock.

what is intermodal shipping?

- uses multiple modes of transportation—highway, air, water, rail—to complete a single long-distance movement of freight.

what are the seven functions of packaging

1. Attract buyer's attention 2. Protect goods inside 3. Easy to open/use 4. Describe contents 5. Explain benefits of goods inside 6. Provide information about warranties, warnings, etc. 7. Indicate price, value, uses Bundling means grouping two or more products into a unit, through packaging, and charging one price for them.

what are the four stages in the product life cycle

1. Introduction 2. Growth 3. Maturity 4. Decline

the five steps of the human resource planning process

1. Prepare a human resource inventory. 2. Prepare a job analysis. 3. Assess the future human resource demand. 4.Assess the future labor supply. 5. Establish a strategic plan.

what are the 6 steps of the product development process

1. generation of new product ideas 2. product screening 3. product analysis 4. development 5. testing 6. commercialization

How has marketing changed over time?

1. production era (goal is to produce as many goods as possible) 2. sales era (emphasis on selling and advertising) 3. marketing concept era ( (recog ogf need to be responsive to customers needs) 4. customer relationship era (focus on custo satisifaction and customer loyalty) 5. today: mobile/on demand marketing ( focus on trying to engage customers)

investment banker

A banker who deals primarily in underwriting new securities.

sinking fund

A fund in which a company sets aside money to enable it to repay bonds on the bond's maturity date.

What is a limit order?

A limit order tells the broker to buy or sell if the stock reaches a specific price.

stock exchange

A market in which securities are bought and sold.

OTC market

A market maintained by securities dealers for the purpose of selling securities not listed on a stock exchange.

job specification

A written statement of the knowledge, skills, and abilities an employee needs to perform the duties and tasks of a job.

Bakery Barn eventually started to gross sales over $1 million. If the company were to seek out a loan, what would be its major source of information to determine if Bakery Barn were actually profitable? Multiple Choice Perich's ability to bake cookies Reviewing the Sarbanes-Oxley Act The financial strength of Perich's family and friends who first loaned him money Bakery Barn's financial statements Comparing Bakery Barn's ratios to those of local health clubs

Bakery Barn's financial statements

Fringe Benefits

Benefits such as a pension, insurance, or paid holidays that have monetary value but do not affect employee wages or salaries.

can you define brand, brand name, and trademark

Brand: Name, symbol, or design that identifies goods or services and distinguishes from competitors, includes all means of identifying a product Brand Name: Word, letter, or group of words or letters that differentiates one seller's goods or services from competitors Trademark: Brand that has exclusive legal protection for both its brand name and design

Which law led to the direct government involvement in human resource practices? Multiple Choice Community Reinvestment Act The Taft-Hartley Act of 1947 Civil Rights Act of 1964 Social Security Act TARP

Civil Rights Act of 1964

Networking

Creating a group of acquaintances and associates and keeping it active through regular communication for mutual benefit.

what are the major sources of long-term financing

Debt financing: - sale of bonds long-term loans . Equity financing : - sale of company stock, - firm's retained earnings, - venture capital firms.

retained earnings

Earnings reinvested in the business or used to pay off debt.

operating expenses

Expenses incurred as a result of normal business activities in an organization, but not directly associated with production.

Balance Sheet

Financial statement that shows the financial position of a company on a specific date.

What are fringe benefits?

Fringe benefits include: -sick leave, -vacation pay, -company cars, -pension plans, - health plans that provide additional compensation to employees beyond base wages. Cafeteria-style fringe benefits plans let employees choose the benefits they want, up to a certain dollar amount.

what methods do HR managers use to recruit new employees

Internal or external Internal - ppl hired from within ( transfers, promotions, reassignments) - employee hire recommendations external - advertisements -public and private employment agencies - college placement bureaus - management consultants - online sites - reffereals - online and walk in applications

What is the result of the efficiencies created from FedEx's use of third party logistics (3PL)? Multiple Choice It has allowed customers to increase its revenues. It has decreased the overall competition in the shipping industry. It has resulted in increased expenses for the customer. It has reduced the overall profits of FedEx. It has complicated the logistics operations of FedEx.

It has allowed customers to increase its revenues.

Advantages and Disadvantages of Different types of Ad's

Newspaper A: Local D: Distractions Radio A: Felxible D: Single Sense Outdoor A:Highly Visible D: Limited Messafe Yellow Pages A: Widely Used D: Compeition Mobile A: Youth Audience D: Ignore

Which of the following describes an activity associated with accounting? Multiple Choice Establishing a channel of distribution and supply chain. Forecasting demand for a new product. Developing strategies for entering new markets. Summarizing and interpreting company financial information.

Summarizing and interpreting company financial information.

fixed assets

Tangible property that a firm owns and does not convert quickly into cash.

What roles do the World Bank and the IMF play?

The World Bank : - aka the International Bank for Reconstruction and Development - primarily responsible for financing economic development. The International Monetary Fund (IMF): - established to assist the smooth flow of money among nations. - requires members to: * allow their own money to be exchanged for foreign money freely, * to keep the IMF informed about changes in monetary policy, * to modify those policies on the advice of the IMF to accommodate the needs of the entire membership.

liquidity

The ability of an asset to be converted into cash quickly without any impact on the price of the asset.

ledger

The accounting book in which transactions are listed in separate accounts.

dividends

The distribution of a portion of a company's profits to common and preferred shareholders.

performance appraisal

The evaluation of an employee's job performance against preset standards or expectations.

recruitment

The process of attracting, screening, and selecting qualified people for a job.

reverse discrimination

The unfair treatment of members of majority groups resulting from preferential policies toward women and minorities.

vestibule training

Training in a setting that approximates the actual working environment.

on the job training

Training that takes place at the work site and is supervised by a manager or an experienced coworker.

Off-the-job training

Training that takes place away from the workplace using methods that develop the skills employees need to do their jobs.

what are the tactics used by unions and management in conflicts

Unions - srikes - boycotts Management - strikebreakers -injunctions - lockouts

contingent workers

Workers who work for an organization on a non-permanent basis.

When a company offers additional compensation based on the contingency of certain goals being met by individual employees, this is referred to as Multiple Choice profit sharing. a bonus. a stock option. a fringe benefit. a piecework system. a salary.

a bonus

what is meant by a line of credit

an agreement by a bank to lend a specified amount of money to the business at any time if the money is availble

Taxes represent Multiple Choice accounts receivable liability. cash inflow. cash outflow. equity liability.

cash outflow

After Clorox developed Green Works, it needed to promote the product to distributors and retailers to get wide distribution and to develop strong advertising and sales campaigns in order to generate and maintain interest in the product among distributors and consumers. These promotion efforts are known as Multiple Choice globalization. unification. internalization. commercialization.

commercialization

what are some of the key ways marketers segment the consumer market

geographic segmentation: - dividing the market into different regions demographic segmentation: - segmentation by age, income, and eduaction lvl pyschographic segmentation - a group's values, additudes, ad interests benefit segmentation -determing waht benefits customers prefer and using them to promote a product volume segmentation - separating the market by usage

In order to be highly successful, a company must have Multiple Choice lots of capital. market segmentation. at least two of the four Ps. good marketing efforts. a new innovation.

good marketing efforts.

The primary purpose of accounting is to Multiple Choice allow for government tracking of business activities. make sure a business is paying its taxes. help stakeholders evaluate the financial condition of the firm. provide a method of spending money wisely.

help stakeholders evaluate the financial condition of the firm.

The area of accountancy that is focused on arranging company financial information to give to managers to make decisions is Multiple Choice tax accounting. managerial accounting. nonprofit accounting. financial accounting.

managerial accounting

When Leo Burnett combines advertising, personal selling, public relations, and sales promotion into one comprehensive, unified promotional strategy, it is using integrated Multiple Choice brand positioning. functional marketing. cause promotions. marketing communication. product screening.

marketing communication

The channel of distribution consists of ___________, who assist in moving goods and services from producers to businesses and from businesses to consumers. Multiple Choice refurbishers promotional companies brand managers marketing intermediaries

marketing intermediaries

Although Netflix doesn't produce movies itself, it plays a major role in getting movies from producers to final consumers. Netflix is performing the role of a Multiple Choice freight forwarder. marketing intermediary. package applicator. logistics analyst. supply chain specialist.

marketing intermediary

Reaching customers on cell phones and other media devices is one way that Groupon uses _____________ to promote its product. Multiple Choice viral marketing pull strategies word of mouth mobile media

mobile media

Accounts Payable

money owed by a company to its suppliers and/or vendors for products or services purchased on credit.

What is marketing?

the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

As a result of employee terminations, many companies are hesitant to hire or rehire workers full time because Multiple Choice employee morale declines when former workers are rehired. it makes promotion and placement decisions more difficult. the cost of terminating employees is high in terms of training costs and various legal costs and considerations. most workers today are not interested in full-time employment since they put higher value on their personal life.

the cost of terminating employees is high in terms of training costs and various legal costs and considerations.

What is logistics?

the planning, implementing, and controlling of the physica flow of materials , final goods, and related info from point of orgin to points of consumption to meet customer requirements at a profit

what is environmental scanning

the process of identifying the factors that can affect marketing success

what is the difference between logistics and distribution?

- distribution gen means transporatation; logistics is more complex - inbound logistics: brings raw materials, packaging, other goods and servies and information from suppliers to producers materials handling: moving of goods from warehouse to the factory loor and to various workstations outbound logistics: mangers the flow of finished products and info to business buyers and ultimate consumers reverse logistics: brings goods back to the manufacturer because of defects or recycling materials

what are some training activites

- empl orientation - on and off the job training - apprentice programs - online training - vestibule training - job simulation

Rack jobbers (a merchant wholesaler)

- furnishes racks or shelves full or merchandise to retailers, display products, and sell consignment

what type of information do stock quotations give you

- highest and lowest price in the last 52 weeks - dividend yield - price/earnings rtio -total shares traded that day - closing price - net change in price from the prev day

what are the differences between common and preferred stock?

- holders of common stock have voting rights in the comp - pref stockholders recieve a fixed dividend that must be paid in full before common stockholders - pref stockholders are paid back their investment b4 common stockholders if the comp is forced oout of biz

what are industrial goods and how are they marketed differently from consumer goods

- industrial goods are sold in the B2B market - used in the production of other products - sold largely though salespeople and rely less on advertising

What scheduling plans can adjust work to employees' need for flexibility?

- job sharing - flextime - compressed work weeks - home based work

what are some of the factors that influence the consumer decision making process

- learning - reference group - culture - subculture - cognitive dissonance

what are the principles behind the use of such intermediaries

- marketing intermediaries can be eliminated but they're activities can't - intermediaries add cost but these costs are usually more than offest by the values they create

what do we mean by global markets

- mean that banks do not necessarily keep their money in their own countries. - They make investments where they get the maximum return.

What is a credit union?

- member owned co-operative financial institution

What information belongs on a Statement of cash flow

- net change in cash - cash balance

what are some of the forms of nonstore retailing

- online -telemarketing - vending machines -kiosks - pop ups - direct sellnig - multi lvl marketing - direct marketing ( telemarketing and online marketing are also forms of direct marketing)

what is advertising

- paid and nonpersonal communication through various media

what are contingent workers

- pt workeres (anyone who works less than 34 hrs a week) - temporary workers (workers paid by temp empoyment agencies) - seasonal workers - indepent contractors - interns -co-op students -freelancers

Transportation modes to the appropriate corresponding cost and speed.

- railroads: Medium cost and slow speed - trucks: High cost and fast speed - pipeline: Low cost and medium speed - ships: Lowest cost and slowest speed - airplane: Highest cost and fastest speed

What is an income statement?

- reports revenues, costs, and expenses for a specific period of time - the formulas used in the income statement are: revenue-cost of goods sold= gross margin gross margin-operating expenses= net income before taxes net income before taxes - taxes= net income(or net loss) - net income or loss is aka the bottom line

What is a balance sheet?

- reports the financial position of a firm on a particular day - acct equation for balance sheet: assets=liabilities+owner's equity

What information belongs on a income statement

- revenus - costs of goods sold - advertising expense - insurance expense -income tax

what is the job of an auditor

- review and evaluate the standards used to prepare a company's financial statements. -An independent audit is conducted by a public accountant and is an evaluation and unbiased opinion about the accuracy of a company's financial statements.

why should businesses use trade credit

- s the least expensive and most convenient form of short-term financing. - Businesses can buy goods today and pay for them sometime in the future.

what are the 2 major foms of debt financing

- sale of bonds - borrowing from individs or financial institutions

what are the diff kinds of warehouses

- storage warehouse - distribution warehouse

What is the statement of cash flows?

- the difference between cash receipts (money coming in) and cash disbursements (money going out).

what is the nations largest union atm

- the national education association - the service employees intentional union is the second largest

What is break-even analysis?

- the process used to determine profitability at various levels of sales. - The break-even point is the point where revenues from sales equal all costs.

what role do investment bankers play in securities markets

- they are specialist who assist in the issue and sale of new securities

How do investors normally make purchases in securities markets?

- through market intermediaries called stockbrokers - online investing

Business to business sales promotions

- trade shows - portfolios - conventions - deals

examles of investment for long term needs

- tresury note - stock - DOW ETF -mutual fund - long term bond

How would you characterize the popularity and power of today's unions? Multiple Choice Unions are more powerful than ever with record numbers of membership. The UAW (United Auto Workers) continues to grow due to new assembly plants and the desire for foreign automakers to unionize their employees. Membership is up in every sector except the public sector because teachers and state employees are not interested in their neighbors' tax money paying their wages. Across the board, unions' membership is significantly reduced, which decreases their future bargaining power.

Across the board, unions' membership is significantly reduced, which decreases their future bargaining power.

Advantages and disadvantages of issuing stock (from the standpoint o the issuing company)

Advantages - repaid - dividends - future buy back Disadvantages - one vote per share - shareholders - net profit after taxes

anual report

An audited document required by the SEC containing financial information and provided to shareholders at the end of the year.

affirmative action

An effort, policy, or program designed to improve employment opportunities for minority groups and women.

independent audit

An examination of a firm's financial statements done by a certified public accountant (CPA) who is not an employee of the firm.

mentor

An experienced peer or colleague who assists employees with professional development.

trial balance

An informal accounting schedule that lists general ledger account balances at a point in time.

orientation

An introductory stage in the process of new employee assimilation and a part of continuous socialization.

diversification

An investment technique that mixes a variety of stocks, bonds, and other securities to minimize risk.

what are the criteria for selecting investments

Investors should determine their overall financial objectives and evaluate investments according to (1) risk, (2) yield, (3) duration, (4) liquidity, (5) tax consequences.

Bonds Payable

Long-term debt owed by a company to investors who have purchased bonds.

What methods help develop managerial skills?

Management development methods include ; - on-the-job coaching, - understudy positions, - Job rotation, - and off-the-job courses and training.

HRM

Managing an organization's employees, including recruitment, selection, and compensation.

Depreciation

Noncash expense that reduces the value of an asset over a prescribed period of time due to wear and tear, age, or obsolescence.

intangible assests

Nonmonetary assets that cannot be seen, touched, or physically measured.

what are the major promotional strategies

Push strategy: the producer uses advertising, personal selling, sales promotion, and all other promotional tools to convince wholesalers and retailers to stock and sell merchandise. Pull strategy: heavy advertising and sales promotion efforts are directed toward consumers so they'll request the products from retailers.

How do consumers benefit from advertising? Multiple Choice They pay more for the product than they would if there was no advertising. They pay less for the product because the different companies that are advertising similar products must lower prices. They receive valuable information, and advertising can even pay for the media that delivers the message. The actual fact is that very few find any benefit due to the selective perception of ads.

They receive valuable information, and advertising can even pay for the media that delivers the message.

What is a wholesaler?

a marketing intermediary that sells to other organizations and individuals but not to final consumers

Viral marketing is Multiple Choice an online form of notification of a potential computer virus or problem. a system in which consumers can access company information on their own and supply information about themselves in an ongoing dialogue. a term used to describe promotional efforts such as paying people to say positive things about your product online. a function that evaluates public attitudes and executes a program of action and information to earn public understanding.

a term used to describe promotional efforts such as paying people to say positive things about your product online.

what is the product life cycle

a theoretical model of what happens to sales and profits for a product class over time

what are the advantages and disadvantages of issuing bonds

advantages: - management retains control bc bondholders cant vote - interest paid on bonds is tax deductible - bonds are only a temp source of financing and after they're paid off the debt is eliminated - bonds can be paid back early if callable - bonds can be converted into common stock disadvantages: - b/c theyre an increase in debt they may adversely affect the markets perception of the company -must pay interest on bonds - must repay bonds face value on its maturity date

what are the advantages and disadvantages to a firm selling stock?

advantages: - stock price never has to be repaid to stockholders - no legal obligation to pay dividends - company incurs no debt disadvantages - stockholders become owners of the firm and can affect management by voting for the board of directors - is is more costly to pay dividends since they are paid in after-tax profits - managers may be tempted to make stockholders happy in the short term rather than plan for long term needs

Firms that use Groupon to communicate their products are actively engaged in Multiple Choice viral marketing. advertising. product placement. infomercials. personal selling.

advertising

Leo Burnett developed a promotional campaign for Hallmark with two purposes: (1) to raise awareness about the fight against AIDS in Africa and (2) to make cards more relevant to a younger audience. The portion of this campaign that focused on the fight against AIDS could be categorized as _________________ advertising. Multiple Choice mobile institutional advocacy comparison

advocay

A(n) _______________ brings buyers and sellers together and assists in negotiating a sale, but does not take title to goods. Multiple Choice retailer channel of distribution supply chain agent or broker

agent or broker

Samantha just purchased a new Samsung Galaxy cell phone. Soon after her purchase, she began seeing commercials for the newest iPhone and she wonders if she made the right decision. Samantha is experiencing Multiple Choice purchase pressure. cognitive dissonance. psychographic segmentation. consumer confusion.

cognitive dissonance.

Rosalie's is considering adding new options to its limited high-quality menu, but is concerned that doing so might alienate its already existing loyal customer base. What can Rosalie's do to ensure it is making the right decision? Multiple Choice collect research data define the problem and determine the present situation analyze the research data choose the best solution and implement it scale back on existing menu items

collect research data

One thing we've learned from the recent economic crisis, is that the stock market is extremely volatile and that there is no such thing as easy money or a sure thing. The best way to become financially sound is to start investing when you're young, so you can take advantage of the power of Multiple Choice initial public offerings. compounding. buying on margin. stock splits. junk bonds.

compounding

Clorox managers spent a number of years evaluating the need for green products before developing Green Works. One of the evaluation methods they used was asking people in focus groups what they wanted in such products. Taking a product idea to consumers to test their reactions is called Multiple Choice idea generation. form application. product screening. concept testing.

concept testing

The process of taking a product idea to consumers to test their reactions is known as Multiple Choice idea generation. product screening. concept testing. business analysis.

concept testing

What is a channel of distribution?

consists of: - a set of marketing intermerdiaries such as: agents, brokers, wholesalers, and retailers that join together to transport and store goods in their path/channel from producers to consumers

When considering where to locate its stores, which of the following factors does Dunkin' Donuts consider most important? Multiple Choice convenience for customers high population interstate highways high-traffic shopping centers suburban area

convenience for customers

examples of consumer goods and services

convience goods and services - milk and gas speciality goods and services - expensive wine and jewelry shopping goods and services - clothes and appliances unsought goods and services - cemetery plots and automboile battery jumpstart services

what are the four classifications of consumer goods and services and how are they marketed?

convience goods and services - req min shopping effort - best promoted by location shopping goods and services - ppl search and compare price and quality - promo by price/quality appeal specialty goods and services - consumers go out of their way to get - consumers often demand specific brands - promo by speciality magazines and website unosught goods and services - prodcuts ppl are unware of or haven't htough of buying - needed to solve an unexpected problem

Morningstar provides valuable information that can help investors make informed investment decisions. Which of the following is not one of the key criteria to consider when selecting investment options? Multiple Choice Liquidity Tax consequences Investment risk Yield Credit score

credit score

Focusing on long-term customer loyalty is integral to Multiple Choice customer linkage marketing. promotional marketing. customer relationship management. customer care processes.

customer relationship management.

Rosalie's Marketing Director notes that Rosalie's target market consists primarily of couples and families that like high-quality options. Which market segmentation tool did Rosalie's use to identify this market? Multiple Choice demographic geographic psychographic benefit volume

demographic

Often small companies have problems with shipping costs because they cannot supply a shipment large enough to use an intermediary such as a railroad. However, they can often get good rates by using a distribution specialist called a ______________ which puts many small shipments together to create a single large one that can be transported cost-effectively by truck or train. Multiple Choice supply docket specialist freight forwarder mark to marketing director web-based trade compliance specialist

freight forwarder

These "work/life" programs that are offered to employees to make their lives easier are examples of Multiple Choice selection. management development. fringe benefits. networking. flextime plans.

fringe benefits

Rosalie's Sales Manager notes that Brown's has been capitalizing on Rosalie's hard work by opening locations in areas where Rosalie's has achieved success and a loyal customer base. Which market segmentation tool does Brown's use to identify its target market? Multiple Choice demographic geographic psychographic benefit volume

geographic

Groupon is talked about in the media, discussed between friends, and featured in a textbook. These are examples of Multiple Choice word of mouth. public relations. marketing mix. publicity.

publicity

________ is an unpaid form of promotion. It can have positive and negative effects on the recipient. For example, when you log onto CNN and read that four auto assembly-line plants are closing, it is not good news for our economy. However, on the same site, if you read about a company's water recycling effort targeted toward good stream management, you are usually impressed. Multiple Choice Product placement Sales promotion Viral marketing Publicity

publicity

A promotional strategy in which the producer uses advertising, personal selling, sales promotion, and all other promotional tools to convince wholesalers and retailers to stock and sell merchandise is referred to as a ______ strategy. Multiple Choice push pull leverage saturation

push

Creating a positive work environment that is recognized inside and outside the firm is an important component of Multiple Choice selection. recruitment. pay systems. online applications. contingent workers.

recruitment

One of the best ways to reduce negative word of mouth is to Multiple Choice mount an aggressive publicity campaign to refute any bad events surrounding your product. take care of consumer complaints quickly and effectively. run continuous positive advertising campaigns. motivate your sales force and give them information to overcome bad publicity.

take care of consumer complaints quickly and effectively.

Promotion is one of the four Ps of marketing. The promotion mix is Multiple Choice the combination of promotional tools an organization uses. all the various paid media that carries the promotional message. any form of communication that uses electronic media. a sampling of all products that need to be evaluated to define their message.

the combination of promotional tools an organization uses.

Accepting bank credit cards represents one way to decrease Multiple Choice the expense of collecting accounts payable. the expense of collecting accounts receivable. capital expenditures. equity financing.

the expense of collecting accounts receivable.

what is public relations?

the function that evaluates public attitudes, changes policies and procedures in response to the publics request, and executes a program of action and ifnformation to earn public understanding and accepting

The combination of advertising, personal selling, public relations, and sales promotions that a firm uses to develop customers is known as Multiple Choice the promotional mix. the IMC. the BCG. marketing. sales.

the promotional mix

Third-party logistics refers to Multiple Choice bringing goods back to the manufacturers because of defects or to recycle. the use of outside firms to help move goods from here to there. managing the flow of unfinished products to business buyers and ultimate consumers. the movement of goods within a warehouse, from warehouses to the factory floor and from the factory floor to various workstations.

the use of outside firms to help move goods from here to there.

The value added to movies when Netflix streams the video to customers' TVs or computers precisely when they want it is called _____________ utility. Multiple Choice information form time place

time

how do intermediaries perform the 6 marketing utilies?

time utility: having goods ready when ppl want them place utility: having goods where ppl want them possession utility: makes it possible for ppl to own things inclu credity. delivery, installation information utility: inform customers of availabiit of g and s with advertising service utility: provide fast, friendly, and efficient service during and after the sale form utilit: retail grocer cutting or trimining the meat (marketers are often responsile for the 5 other utlities)