gateway

appliance industry

factoring is used

capital expenditures

funds invested in long-lived assets, such as land, buildings, machinery, and equipment, are called

mass customization

goods are produced using mass production techniques up to a point. Then production is custom tailored to the needs or desires of individual customers

distribution channel

is a series of marketing entities through which goods and services pass on their way fro producers to end-users

target market

is a specific group of consumers toward which a firm directs its marketing efforts

introduction

is a stage of the product life cycle, competition is light, production and marketing costs are high, and profits are either small or negative

Statement of Cash Flows

is a summary of the money flowing into and out of a firm. It is used to assess the sources and uses of cash during a certain period of time

Just-in-time

is a system in which production inputs arrive just when they are needed for production rather than being stored on site

public relations

is any communication or activity designed to win goodwill or prestige for a company or person

marketing mix

is based on the five p's

customer satisfaction

refers to the customers feeling that a product has met or exceeded expectations

prospecting

the sales process begins with the salesperson location companies or people who are most likely to buy the sellers offerings

assest

things of value owned by a firm

generally accepted accounting principles

to ensure accuracy and consistency in the way financial information is reported, accountants follow rules know as

two types of distribution channels

industrial and consumer

depreciation

is the process of distributing the original cost of a long-term asset over the years of its useful life

marketing

is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational objectives

three types of facility layouts

process, product, fixed position

elements of the promotional mix

- advertising - personal selling - sales promotion - Public relations

manufacturers representatives usually

- do not take title to goods - receive commissions on sales - act as independent agents - represent noncompeting manufacturers

CMA

Certified Management Accountant

a middle manager of the company

Managerial accounting provides information that would probably be most beneficial to:

continuous

a ____ process uses long production runs that may last days, weeks or months without equipment shutdown

differential sustainable competitive advantage

a firm with this advantage has its ability to provide a unique product or service that offers something of value to buyers besides simply a lower price

which of the following Is NOT a popular form of sales promotion

advertising

what are the elements of promotional mix

advertising, personal selling, sales promotion and public relations.

make or buy decision

after product specifications are set, a company must decide whether to purchase or manufacture the parts that it needs

current liabilities

are bills and claims that will have to be [aid within the next twelve months

marketable securities

are temporary investments of excess cash in bonds and stocks that can readily be converted into cash

formal expression of the accounting equation

assets = liabilities + owners equity

total quality management focuses on

continuous improvement

common

stock is a security that represents an ownership interest in a corporation and has voting rights

exchange

takes place when the consumer trades Monet for desired goods and services

Market Segmentation

the division of markets into different groups

examples of advertising medium

- newspapers - television - magizines - direct mail

accounting provides a framework for looking at

- past performance - current financial health - possible future performance - financial performances of different firms

geographic segmentation

a marketer that took the city and the climate into consideration as marketing variables would be concerned about this - example, selling more rainwear in Seattle vs LA due to the annual rainfall

collateral

a secured loan requires that the borrower pledge specific assets to secure the loan. these assets are called

continuos process

a system that utilizes long production runs resulting in high volume, standardized products

capital budgeting

is the process of selecting the capital expenditures that offer the best returns and meet the goal of maximizing the firm's value

Production

is the combination of natural resources, Human Resources and capital to produce goods and services

factors that are important in the selection of a site for a production facility

labor costs proximity to raw materials nearness to customers access to transportation

management

making sure that enough cash in on hand to pay bills as they come due and to meet unexpected expenses is called

Operations Management

management of the production conversion process for both goods and services

broker

person who acts as a go-between for buyers and sellers of stocks and bonds - brings buyers and sellers together

intermittent process

processes that use irregular production schedules to create several different products using one production line

retained earnings

the funds that are reinvested in the firm out of profits snd after dividends are paid are called