final exam review for intro to business
identifies, records, communicates
Accounting is an information and measurement system that _________, _________, and _________ an organization's business activities.
customer
American Express is organized into four divisions that cater to businesses, consumers, travelers, and investors. American Express uses _____ departmentalization.
geography
Coca-Cola Enterprises (CCE) is the largest bottler and distributor of Coke products in the world. It is organized around its North America division and its European division. This departmentalization by _____ allows CCE to respond to the demands of different markets.
30
Companies get hiring right approximately ____% of the time.
networking
What is the best way for a company to recruit?
group decision making results in a higher-quality decision than individual decision making
Which of the following statements describes one the strengths of group decision making?
organizing
____ involves coordinating and allocating a firm's resources so that the firm can carry out its plans and achieve its goals
selection
__________ is foundational to the talent management process?
demand
______is the quantity of a good or service that people are willing to buy at various prices
motivation
_____is something that prompts an individual to release his or her energy in a certain direction
management
_____is the process of guiding the development, maintenance, and allocation of resources needed to attain organizational goals
strategic
_____planning is the creation of long-range, comprehensive objectives and the development of long-term courses of action.
organizing
_____provides the structure of people, positions, departments, and activities within which the company objectives can be accomplished
a want; a need
____is the gap between what is and what is desired, and ____ is the gap between what is and what is required.
culture
a country's ____is the set of beliefs, values, and social norms shared by members of a society that determines what is socially acceptable
executive summary or company overview, a marketing plan, a vision and mission statement, a management plan
a well-written business plan should contain
hobbies, interests, business experience, books, magazines
according to professor touchstone, as an entrepreneur, ideas can arise from six sources.
workers respond to being paid attention to
according to the Hawthorne effect:
mission
an organization's ____ is its general purpose or reason for existence.
problems, issues, needs and trends
beginning to think like an entrepreneur involves paying close attention to:
product
choosing the brand name, package size, features, accessories, and the length of warranty are components of the ____ strategy
people's vital statistics
demography is the study of:
odd-even pricing
pricing a product at $399.99 instead of $400 to make the customer view the price as in the $300 range instead of the $400 range is an example of:
problem recognition, information search, alternatives evaluation, purchase decision and post-purchase evaluation
what are the five stages of the buyer behavior process
opportunity, pressure, rationalization
what are the three sides of the Fraud Triangle starting from the left side and then bottom and then right side
Generally Accepted Accounting Principles
what does GAAP stand for?
fixtures, sound, smells, lighting
what is an example of retail atmospherics(also referred to as physical evidence)
baby boomers
which of the following demographic groups is having the greatest impact on the growth of the franchising industry?
influential
which of the following is NOT one of the five key types of power?
freedom from government regulation
which of the following is an advantage of sole proprietor ownership
lawson and tyler law offices, jack and jill, a specialty clothing store for young children, wal-mart, ford motor company
which of the following is an example of a business?
Maslow claimed an upper level of need was not activated until a lower level of need was satisfied
which of the following statements about Maslow's hierarchy of needs is true?
an open economy that spurs innovation
what are the benefits associated with free trade and globalization
matrix
A _____ is also called the project management approach and is sometimes used in conjunction with the traditional line-and-staff structure in an organization.
federal budget deficit
A(n) occurs if a country's total expenditures are higher than the revenues received from the taxes it gathers
information search
if a customer is spending time browsing google and asking friends for recommendations, what state of the buyer behavior process are they in
a large number of sellers producing nearly identical products
in perfect competition, there is:
capitalism
individual ownership of property is a key element in:
purposeful, bold, credible, creative, serving
list the five values of the college of business
world bank, imf
list the two international financial organizations that are instrumental in fostering global trade
demographic, psychographic
market segmentation that uses such variables as age, education, and income is called ____ segmentation, and market segmentation based on activities, interests, values and lifestyles is called _____ segmentation
franchise product standards, facilities design, operating rules, a specific, defined territory
restricted operating freedom in franchising means that the franchisee must conform to
the total value of all final goods and services produced in poland during 2006
the GDP of Poland in 2006 was approximately $512 billion. this $512 billion represents:
target market
the ___ is a specific group of customers toward which a firm directs its marketing efforts
Uruguay Round
the ___ is an agreement that dramatically lowered trade barriers worldwide and created the new World Trade Organization(WTO)
distribution channel
the ____ is a series of marketing entities through which goods and services pass on their way from producers to end-users
interpersonal
the ____ role of a manager consists of relationships with other people as figurehead, leader, and liason.
exchange rate
the _____ is the value of one currency in terms of another.
mass
the ability to manufacture many goods at once is called ____ production
establish performance standards
the first step in controlling is to:
hold down costs and maintain accurate levels of inventory
the goal of inventory management is to:
expectancy
the idea that employees are motivated by their expectations or estimates of chance for reward, is called the ____ theory
sole proprietorship
the most common form of business organization is the:
relationship management
today companies are focusing on____, which involves building, maintaining, and enhancing interactions with customers and other parties so as to develop long-term satisfaction through mutually beneficial partnerships
product, price, place, promotion, people, process, physical evidence
what are the 7 p's of marketing we discussed in class? these are also known as the marketing mix
technical skills tends to be used most by managers at lower levels of an organization; conceptual skills tend to be used most by top-level managers; human relation skills, while used throughout the organization, are most needed by first-level managers; managers use global management skills to operate in a culturally diverse environment
which of the following statements about managerial skills is true