Business 101 Final

Branding?

the process of naming and identifying products

computer-aided design (CAD)

the use of computers in the design of products

self-managed teams

work team that has authority to decide how its member complete their daily tasks

Mission Statement

written explanation of an organization's business intentions and aims

Corporation

A legal organization with assets and liabilities separate from those of its owner(s). Advantages include limited liability and expanded financial capabilities. A major disadvantage is double taxation.

Deflation

A situation in which prices are declining

Team Norms

A standard of conduct that is shared by team members and guides their behavior.

8 Q:SWOT

A strengths weaknesses opportunities, threats

44Q: which of the following persons is least likely to become an entrepenure

A: a calm low energy person

43Q: at a celebratory gathering in a restaurant alan gives personal thank you notes alan and his team are in the ___ stage of development

A: adjourning

24Q:Which of the following is considered on the job training?

A: apprenticeship

37Q:which will not change supply curve

A: change in the price of substitute goods

56Q: all of the following are social and culture barriers besides

A: currency shifts

20 Q:taking responsibility for an error made by an assistant on a project and you take the blame for it, shows?

A: integrity

52 Q:sole proprietorship has all the advantages besides

A: limited liability

CAFTA-DR

Agreement among the US, Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, and Nicaragua to reduce tariffs and trade restrictions.

Business?

All profit-seeking activities and enterprises that provide goods and services necessary to an economic system.

Which of the following groups is likely to gain economically if the value of the U.S. dollar falls relative to the Euro?

American manufacturers exporting products to Europe

Vision Statement

An aspirational description of what an organization would like to achieve or accomplish in the mid-term or long-term future.

Marketing Concept

Companywide consumer orientation with the objective of achieving long-run success.

MODULE 12 VOCAB

SOOOO CLOSEEEEE

Financial Accounting Standards Board (FASB)

an organization responsible for evaluating, setting, or modifying GAAP in the United States

A production system that reduces a raw material to its component parts in order to extract one or more marketable products is a(n) ________ production system

analytic

theory y

and focus on motivating by giving employees the opportunity to meet their higher order needs in the workplace.

liability

anything owed by a person or a firm

frictional unemployment

applies to members of the workforce who are temporarily not working but are looking for jobs

consumer orientation

business philosophy that focuses first on determining unmet consumer wants and needs and then designing products to satisfy those needs

________ communication with customers should create goodwill and contribute to customer satisfaction.

every

Less costly business products that are consumed within a year are referred to as _________.

expense items

team cohesiveness

extent to which team members feel attracted to the team and motivated to remain part of it

monetary policy

government actions to increase or decrease the money supply and change banking requirements and interest rates to influence bankers' willingness to make loans

WTO (World Trade Organization)

164-member international institution that monitors GATT agreements and mediates international trade disputes

export

A good or service produced in the home country and sold in another country.

Depression

A long-term economic state characterized by unemployment and low prices and low levels of trade and investment

Which of the following best describes an entrepreneur?

A risk taker who seeks a profitable opportunity.

Tariff

A tax on imported goods

expansionary monetary policy

government actions to increase the money supply in an effort to cut the cost of borrowing, which encourages business decision makers to make new investments, in turn stimulating employment and economic growth

restrictive monetary policy

government actions to reduce the money supply to curb rising prices, over expansion, and concerns about overly rapid economic growth

fiscal policy

government spending and taxation decisions designed to control inflation, reduce unemployment, improve the general welfare of citizens, and encourage economic growth

supply curve

graph that shows the relationship between different prices and quantities that sellers will offer for sale, regardless of demand

virtual teams

group of geographically or organizationally dispersed coworkers who use a combination of telecommunications and information technologies to accomplish an organizational task

team

group of people with certain skills who are committed to a common purpose, approach, and set of performance goals

product line

group of related products marked by physical similarities or intended for a similar market

In which stage of the product life cycle do competitors enter the field with similar offerings?

growth stage

16

importing

Inflation

in the united states the consumer price index (CPI) is used to measure?

Management is the process of achieving ________ through people and other resources.

organizational objectives

balance of payments

overall flow of money into or out of a country

A key premise of Maslow's Hierarchy of Needs Theory is that

people's needs are based on an order of importance

Entrepreneur

person who seeks a profitable opportunity and takes the necessary risks to set up and operate a business

Consumerism

public demand that a business consider the wants and needs of its customers in making decisions

Which of the following factors will not result in a shift in the supply curve?

Change in the price of substitute goods

During the Storming Stage of team development, conflict and disagreement may commonly occur. _________________ is the type of disagreement the focuses on problem- and issue-related differences.

Cognitive conflict

Promotional Mix

Combination of personal and nonpersonal selling components designed to meet the needs of their firm's target customers and effectively and efficiently communicate its message to them.

Changes in the workforce

Companies face several trends that challenge their skills for managing and developing human resources. These challenges include an aging population, a shrinking labor pool, growing diversity of the workforce, changing nature of work, the need for flexibility and mobility, and the use of collaboration to innovate.

_________________________ and ___________________ form the basis for most trade between nations.

Comparative advantage; opportunity costs

conflict of interest

situation in which an employee must choose between a business'es welfare and personal gain

Economics

social science that analyzes the choices people and governments make in allocating scarce resources

Which is not a stage of team development as discussed in Class as part of the Five Stages of Team Development?

solution stage

International Financial Reporting Standards (IFRS)

standards and interpretations adopted by the IASB

problem-solving team

temporary or permanent combination of workers who gather to solve a specific problem

MODULE 5 VOCAB

UGH

Outsourcing?

Using outside vendors to produce goods or fulfill services and functions that were previously handled in-house

MODULE 9 VOCAB

WEEE WOOOOOOO

Module 2 Vocab:

YEERRRRRRRR

Accural Accounting

accounting method that records revenues and expenses when they occur, not necessarily when cash actually changes hands

Consumer Behavior

actions of ultimate consumers directly involved in obtaining, consuming, and disposing of products and the decision processes that precede and follow these actions

Business Intelligence

activities and technologies for gathering, storing, and analyzing data to make better competitive decisions

brand equity

added value that a respected and successful name gives to a product

integrity

adhering to deeply felt ethical principles in business situations

NAFTA (North American Free Trade Agreement)

agreement among the United States, Canada and Mexico designed to remove tariff barriers between the three countries

acquisition

agreement in which one firm purchases another

merger

agreement in which two or more firms combine to form one company

Q: feedback is generally helpful in nature, he

ambiguous

compensation

amount employees are paid in money and benefits

Ramona needs to raise money to launch her own business. She is considering trying ________ which leverages websites to attract interested individuals that contribute small sums of money in exchange for "rewards".

crowd funding

12 Q:refers to claims within one year

current liabilites

On the balance sheet, you can find ____________ which refers to claims of creditors or payment obligations that are to be repaid within 1 year.

current liabilities

data warehouse

customer database that allows managers to combine data from several different organizational functions

stakeholders

customers, investors, employees, and public affected by or with an interest in a company

Recession

cyclical economic contraction that lasts for six months or longer

10 Q:bill is listening to speech leader is adopting her idea - lsener

cynical

Bill is listening to one of his fellow team members speak at a meeting. He believes she is just trying to get the team leader to adopt her idea. Bill is being a(n) ________ listener.

cynical

Tanisha is a diabetes educator at a local clinic. Recently, she was offered a lavish trip by a sales representative who has been pushing the clinic to use his company's diabetes supplies. Tanisha declined the gift. Which ethical challenge did she face?

Conflict of interest

demand

Consumer willingness and ability to buy products

The Financial Statement that represents a company's financial performance in terms of revenue, expenses, and profits over a period of time?

Income Statement

Gross Profits can be found on the ________ and calculated by __________.

Income Statement; Total Revenue minus Cost of Goods Sold

Natural Resources?

Inputs that are useful in their natural states, including land, forests, and mineral deposits.

The coordination of all promotional activities such as media advertising, direct mail, sales promotions, personal selling, etc., to produce a unified promotional strategy is referred to as ___________.

Integrated Marketing Communications (IMC)

_____________ is when established companies try to retain entrepreneurial spirit by encouraging the process of promoting innovation within their organizational structures.

Intrepreneurship

everyday low pricing (EDLP)

Is a strategy devoted to maintaining continuous low prices rather than relying on short-term price-cutting tactics such as cents-off coupons, rebates, and special sales.

Name one of the three companies mentioned in the lecture that failed due to ethical wrong doing.

JP morgan and chase

digital marketing

Marketing of products or services using digital technologies, mainly on the Internet, but also including mobile phones, display advertising, and any other digital medium

Liquidity Ratios

Measure a firm's ability to meet its short-term obligations. Two commonly used liquidity ratios are the current ratio and the acid-test ratio.

Activity Ratios

Measure the effectiveness of management's use of the firm's resources. How fast inventory is moving or how much sales are generated from each dollar invested in assets can be measured using activity ratios

What do leverage ratios measure?

Measure the extent to which a firm relies on debt financing.

leverage ratio

Measure the extent to which a firm relies on debt financing.

Profitability Ratios

Measures the organization's overall financial performance by evaluating its ability to generate revenues in excess of operating costs and other expenses

A type of marketing that involves 1 to 1 (person to person) promotional presentations to potential buyers is referred to as

Personal Selling

Name one of the three factors of the Location Decision in production and operations management.

Physical Factors

A pricing strategy that establishes relatively high prices to develop and maintain an image of quality and exclusiveness.

Prestige pricing

The colonial period

Prior to 1776, our economy was rural and agricultural, and relied on England for manufactured items and for the financing needed to develop.

The primary incentive for people to start companies, expand them, and provide consistently high-quality competitive goods and services.

Profit

communism

Property owned and shared by the community under a strong central government.oAdopted in early 20th century by many nations, but government-owned monopolies often suffered from inefficiency.

Creativity?

The capacity to develop novel solutions to organizational challenges.

supply chain

The complete sequence of suppliers that contribute to creating a good or service and delivering it to business users and final consumers.

The production era?

Through the 1920s, focus was on the internal process of producing more goods faster, such as the assembly line. Little attention was paid to consumer wants.

production and operations management

oversee the production process by managing people and machinery in converting materials and resources into finished goods and services

Stockholders

owners of a corporation due to their purchase of stock in the corporation

joint venture

partnership between companies formed for a specific undertaking

cyclical unemployment

people who are out of work because of a cyclical contraction in the economy

structural unemployment

people who remain unemployed for long periods of time, often with little hope of finding new jobs like their old ones

classic entrepreneur

person who identifies a business opportunity and allocates available resources to tap that market

social entrepreneur

person who recognizes societal problems and uses business principles to develop innovative solutions

serial entrepreneur

person who starts one business, runs it, and then starts and runs additional businesses in succession

affective conflict

personal issue conflict

pushing strategy

personal selling to market an item to wholesalers and retailers in a company's distribution channels

creative selling

persuasive type of promotional presentation

Name one of the three factors of the Location Decision in production and operations management.

phs

Q: juan is a production manager what is the first thing he is supposed to decide?

planning the production process

2 Q: focus on own interests ethical development - post?pre?

pre conventional

Individuals who focus only on their own interests when making decisions are at this stage of ethical development

pre-conventional

4 Q:fed policy managed by

president and congress

equilibrium price

prevailing market price at which you can buy an item

breakeven analysis

pricing-related technique used to determine the minimum sales volume a product must generate at a certain price level to cover all costs

Small Business Administration (SBA)

principal government agency concerned with helping small U.S. firms

Generally Accepted Accounting Principles (GAAP)

principles that encompass the conventions, rules, and procedures for determining acceptable accounting and financial reporting practices at a particular time

double-entry bookkeeping

process by which accounting transactions are recorded; each transaction must have an offsetting transaction

Management

process of achieving organizational objectives through people and other resources

Logistics

process of coordinating the flow of goods, services, and information among members of the supply chain

Benchmarking

process of determining how well other companies perform business functions or tasks

Accounting

process of measuring, interpreting, and communicating financial information to enable people inside and outside the firm to make informed decisions

collective bargaining

process of negotiation between management and union representatives

Intraprenuership

process of promoting innovation within the structure of an existing organization

Two types of advertising

product and institutional

Coppertone manufactures sunscreens with various SPF factors, which constitutes the company's ________.

product line

11Q:use of ppl and machinery to convert

production

__________ is the use of people and machinery to convert materials into finished goods.

production

fair competition

prohibits monopolies or unfair practices

pulling strategy

promoting a product by generating consumer demand for it, primarily through advertising and sales promotion appeals

specialty advertising

promotional items that prominently display a firm's name, logo, or business slogan

the hypothetical is - tariff on car industry

protective tariff

In the Sales Process, an important early step in the process is ____________ the prospect to determine if they have financial authority and authority to buy your product or service.

qualifying

ISO 9000 is most associated with __________.

quality process standards

Statement of Owner's Equity

record of the change in owners' equity from the end of one fiscal period to the end of the next

work team

relatively permanent group of employees with complementary skills who perform the day-to-day work of organizations

recycling

reprocessing of used materials for reuse

If the number of suppliers increase, the supply curve will shift to the ________ and the price will ________.

right; fall

Q: which of the following is not a new trend in hiring in the workforce

rigid job structures

prestige pricing

strategies that establish relatively high prices to develop and maintain an image of quality and exclusiveness

penetration pricing

strategy that sets a low price as a major marketing weapon

skimming pricing

strategy that sets an intentionally high price relative to the prices of competing products

SWOT Analyses categorize an organization by

strengths, weaknesses, opportunities and threats

Macroeconomics

study of a nation's overall economic issues, such as how an economy maintains and allocates resources and how a government's policies affect the standards of living of its citizens

Microeconomics

study of small economic units, such as individual consumers, families, and businesses

Gross Domestic Product (GDP)

sum of all goods and services produced within a country's boundaries during a specific time period, such as a year.

Expectancy Theory

the process people use to evaluate the likelihood that their efforts will yield the results they want, along with the degree to which they want those results

Productivity

the quantity of goods and services produced from each unit of labor input

product liability

the responsibility of manufacturers for injuries and damages caused by their products

data mining

the task of using computer-based technology to evaluate data in a database and identify useful trends

computer-aided manufacturing (CAM)

the use of computers in the manufacturing of products

supply

the willingness and ability of producers to offer a good or service for sale

Maslow's Hierarchy of Needs

theory of motivation based on unmet human needs from basic physiological needs to safety, social, and esteem needs to self-actualization needs

Equal Employment Opportunity Commission

this commission was created to increase job opportunities for women and minorities and to help end discrimination based on race, color, religion, disability, gender, or national origin in any personnel action

When a bank expands its hours of operation to include Saturdays, it creates a __________ which makes their products and services available at more convenient times for customers.

time utility

Q: which manager develops the vision statement

top

Embargo

total ban on importing specific products or total halt with trading with another country

Q: which of the following is not a benefit of marketing intermediaries

transporting merchandise

most economists define a recession as

two or more consecutive quarters of declining GDP

competitive differentiation

unique combination of organizational abilities, products, and approaches that sets a company apart from competitors in the minds of customers

sexual harassment

unwelcome sexual speech or behavior that creates a hostile work environment

Production

use of resources, such as workers and machinery, to convert materials into finished goods and services

Outsourcing

using outside vendors to produce goods or fulfill services and functions that were previously handled in-house or in-country

A: 32defectiveproduct-butdoesnttellcustuntiltheyaskabo

utit-integrity can be questioned

Angel Investors

wealthy individuals who invest money directly in new ventures in exchange for equity

trade surplus

when a country exports more than it imports

MODULE 14 VOCAB

you made it, and you got this now

A ___________ merger joins firms in the same industry and producing similar products or services, usually with the goal of diversification, increasing customer bases, cutting costs, or expanding product lines.

horizontal

14

hr managment

The function of attracting, developing, and retaining enough qualified employees to perform the activities necessary to accomplish organizational objectives is part of

human resource management

small business

independent business with fewer than 500 employees, not dominant in its market

missionary selling

indirect form of selling in which the representative promotes goodwill for a company or provides technical or operational assistance to the customer

core inflation rate

inflation rate of an economy after energy and food prices are removed

All of the following are examples of non-verbal communication EXCEPT, tone of voice, eye contact, informal speech, clothing choices

informal speech

Big Data

information collected in massive amounts and at unprecedented speed from both traditional and digital sources that is used in business decision making

seed capital

initial funding used to launch a company

guerilla marketing

innovative, low-cost marketing efforts designed to get consumers' attention in unusual ways

grapevine

internal information channel that transmits information from unofficial sources

Subcontracting

international agreement that involves hiring local companies to produce, distribute, or sell goods or services in a specific country or geographical region

GATT (General Agreement on Tariffs and Trade)

international trade accord that substantially reduced worldwide tariffs and other trade barriers

test marketing

introduction of a new product supported by a complete marketing campaign to a selected city or TV coverage area

SWOT analysis

is an acronym describing an organization's appraisal of its internal Strengths and Weaknesses and its external Opportunities and Threats.

A type of production system that seeks to eliminate waste and non-value-add activities by providing the right part at the right place, right before it is needed in production?

just-in-time system

Factors or production

land, labor, capital, entrepreneurship

69

legalized collective bargaining

Quota

limit set on the amounts of particular products that countries can import during specified time periods

5 Q:prime advg of incorp

limited financial liability

union workers at auto part go out on strike

lockout

Delegation

managerial process of assigning work to employees

volume objectives

objects based on pricing decisions on market share, the percentage of a market controlled by a certain company or product

Basic Forms of Communication

oral, written, formal, informal, nonverbal, external

International Monetary Fund (IMF)

organization created to promote trade, eliminate barriers, and make short-term loans to member nations that are unable to meet their budgets

World Bank

organization established by industrialized nations to lend money to less developed countries

International Accounting Standards Board (IASB)

organization established in 1973 to promote worldwide consistency in financial reporting practices

not-for-profit organizations

organization whose goals do not include pursuing a profit

corporate culture

organization's system of principles, beliefs, and values

Nearshoring

outsourcing production or services to locations near a firm's home base

MODULE 3 VOCAB

LESS GOOOOO

MODULE 10 VOCAB

ZOO WEE MAMA

6 Q: lisa example

franchise business

The maximum number of shareholders is limited to __________ for a firm to qualify as a subchapter S corporation.

100

An employee performance appraisal process that obtains input and feedback from a variety of people that interact with the employee, including managers, co-workers, subordinates, customers, and vendors.

360-degree Review

Bill buys a machine that strings tennis racquets for $300. For every tennis racquet Bill strings, his cost is $15 in materials per tennis racquet that he strings. He decides to price his tennis stringing services at $20 per racquet. What is his Break Even Point in terms of number of racquets he must string to become profitable?

60 racquets

which of the following would be purchased on a long term agreement

: raw materials

Materials Requirement Planning (MRP)

A computer-based operations management system that uses sales forecasts to make sure that needed parts and materials are available at the right time and place.

36Q:many businesses failbecause of poorplanning?i nearly years

A: Management shortcomings, inadequate financing, government regulation

38Q:askedtohiderecodsfrmauditors

A: loyalty vs truth

47product life cycle where revenue starts to begin

A: maturity stage

: 9 Q:key pr emise fmaslows

A: people's needs are based on an order of importance

51 Q: surplus will occur when

A: prices above equilibrium point

39Q:balance of payments deficit occurs when?

A: the country imports more goods, services, and capital than they export

33Qmost entrepreneursbelieve?

A::they will not achieve their great success by working for someone else.

45Q: john quit and he has a meeting with HR to explain why he quit this is a blank:

A:exit interview

40 Q: greenlawn co vs

A:invisible hand of competition(answer)

48Q:equilibrium price?

A:quantity demanded, is equal to the amount producers want to sell, quantity supplied.

22Q : making chocolates on site that are handmade what kind of product is this?

A:specialty products (answer)

55Q; alan and eric assembled a group

A; focus group

Name one of the three approaches discussed in class that businesses can pursue when marketing their product internationally.

Adaptation

trade deficit

An excess of imports over exports

18Q: major consideration in selecting a business idea?

Answers: Something you love and are good at

23Q: ricardo is the loan officer at the bank reviews the company's financial statements to make a ___

Answers: evaluate credit risk

27Q:semi permanent Team that performs day today functions?

Answers; Self managed (I chose)

Human Rsources

Anyone who works, including physical labor and intellectual input.

asset

Anything of value that is owned

Which of the following represents the basic accounting equation?

Assets = Liabilities + Owners' Equity

self-financing

At the beginning of a new venture, an entrepreneur should use his or her own money to advance ideas and business processes. Doing so validates the project and demonstrates commitment to outside investors.

Vending machines are an example of which type of retailing?

Automatic Merchandising

Industrial Revolution

Beginning around 1750, the industrial revolution saw mass production by semiskilled workers, aided by machines.

The marketing era?

Beginning with the Great Depression of the early 1930s, firms could no longer easily sell goods produced. Focus shifted to the wants and needs of the market. After World War II, demand for all kinds of consumer goods exploded, as did competition between firms.

Stockholders of a corporation elect a _________________ to act as the corporation's governing body

Board of Directors

product

Bundle of physical, service, and symbolic attributes designed to satisfy a customer's wants and needs

The relationship era?

Businesses in the 21st century have been using information technology to build long-term relationships with customers and nurture customer loyalty. The results are higher revenues and lower costs.

Not-for-profit organization?

Businesslike establishments that have primary objectives other than returning profits to their owners. Includes all government agencies as well as private-sector nonprofits like trade organizations, charitable and religious organizations, and private educational institutions.

Capitalism

Capitalism is another name for the Private Enterprise System. Capitalism minimizes government interference in economic activity and rewards businesses for their ability to perceive and serve the needs of customers.

Sexism

Discriminating against people because of their gender

Ethical Education

Employees also need to be educated in order to develop ethical reasoning abilities, including the skill to evaluate options and spot ethical issues in day-to-day decisions.

Ethical awareness

Ethical awareness can be heightened through the development of a code of conduct, which is a formal statement that defines how an organization expects its employees to resolve ethical questions.

Restrictive Monetary policy is managed by the ________and is used to slow down the economy by decreasing money supply and _________ interest rates.

Federal Reserve Bank; increasing

The guidelines on the conventions, rules, and procedures for determining acceptable accounting and financial reporting practices in the United States.

Generally Accepted Accounting Practices (GAAP)

Name one of the forms of departmentalization discussed in the presentation.

Geographical

The sum of all goods and services produced within a nation's boundaries is known as ___________.

Gross Domestic Product (GDP)

labor union

Group of workers who band together to seek better working conditions

MODULE 6 VOCAB

HERE WE GO

Module 1:

Here we go

What is a primary advantage of Incorporating a business over a sole proprietorship or partnership business?

Limited financial liability.

Your supervisor asks you to conceal information from outside auditors examining the company's financial records. What is your ethical challenge?

Loyalty vs truth

An employee motivation method that focuses on aligning attainable individual goals with organizational goals

Management by Objective

Social Responsibility

Management philosophy that includes contributing resources to the community, preserving the natural environment, and developing or participating in nonprofit programs designed to promote the well-being of the general public.

Why small businesses fail

Management shortcomings, inadequate financing, government regulation

__________ is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.

Marketing

MODULE 4 VOCAB

OH BOY

MODULE 11 VOCAB

OH MY

Which federal agency is responsible for setting workplace health and safety standards?

OSHA

If the receiver of a message tries to catch the sender in a mistake or contradiction, the receiver is engaged in __________ __________.

Offensive Listening

When Google opened offices in Tokyo, London, and Sydney, they were utilizing ________ by relocating business processes to lower-cost locations overseas.

Offshoring

Which is not one of the elements of a company's marketing mix strategy discussed in class?

Packaging Strategy

The type of B2C Market Segmentation that divides consumer markets into groups with similar values, lifestyles, philosophies, etc.

Psychographic segmentation

assets; liabilities

Q: if topeka enterpirses has a debt ratio of 40%

horizontal merger

Q:which type of merger results in decrease competition in the same industry

Onshoring?

Returning production to its original manufacturing location because of changes in costs or processes.

Profits?

Rewards for business people who take the risks involved in blending people, technology, and information to create and market want-satisfying goods and services.

A Gantt chart is associated with which step in production control?

Scheduling

The type of market research data that comes from previously collected/published sources such as industry statistics, market studies, etc.

Secondary data

US Government Agency focused on helping small businesses.

Small Business Administration (SBA)

Microloans

Small-business loans often used to buy equipment or operate a business

What makes a company admired?

Solid profits, stable growth, a safe and challenging work environment, high-quality products, along with business ethics and social responsibility all contribute to a company's reputation and long-term success or failure.

Which of the following is considered to be the most fundamental right of the private enterprise system?

The right to private property

A partnership formed to create a competitive advantage for all parties is a(n) __________ __________.

Strategic alliance

Taxes, surcharges, or duties on foreign products are known as:

Tariffs

Which of the following include only trade restrictions/barriers?

Tariffs, embargos, and political/legal differences

Ability to steer change?

Technology, marketplace demands, and global competition bring many changes. Managers must be aware of both internal and external causes for change, and they must be good at helping the organization and its people adapt and move towards common goals.

Capital

Technology, tools, information, facilities, machines, and equipment.

Critical thinking?

The ability to analyze and assess information to find problems or opportunities.

Vision

The ability to perceive marketplace needs and what an organization must do to satisfy them.

Entrepreneurship

The ability to see an opportunity and take the risks inherent to creating and operating a business.

Age of Industrial Entrepreneurs?

The early 1900s was an era of industrial entrepreneurship. Inventors created virtually an endless array of commercially useful products and new production methods that created new demand for manufacturing goods and raised the overall standard of living.

Management hierarchy

The management hierarchy has three levels; top, middle, and supervisory management. Top management sets the long-term direction, vision, and values of the organization. Middle managers focus on specific operations, products, or customer groups and implement strategic plans. Supervisory managers are responsible for assigning nonmanagerial employees to specific jobs and evaluating performance.

exchange rate

The measure of how much one currency is worth in relation to another.

Globalization

The rapid globalization of business has created many opportunities for entrepreneurs who market their products abroad and hire international talent. Growth of entrepreneurship is a worldwide phenomenon.

Offshoring?

The relocation of business to lower-cost locations overseas.

Business Ethics?

The standard of conduct and moral values involved in distinguishing right from wrong actions in the work environment.

Theory x

Theory X assumes that employees dislike work and try to avoid it.

_________ states that a typical person likes work and learns to accept and seek responsibilities. Managers assume creative people solve work-related problems.

Theory Y

Theory Z

Theory Z views worker involvement as the key to increased productivity.

Basic Rights in the Private Enterprise System

There are four basic rights. The first and most fundamental is the right to private property: the right to own, use, buy, sell, and bequeath most forms of tangible and intangible property. The second is the business owners' right to after-tax profit. The third is the freedom of choice in employment, purchases, and investment. The fourth basic right is the right to fair competition: allowing the public to set rules for competitive activity.

demand curve

a graph of the relationship between the price of a good and the quantity demanded

Brand?

a name, term, symbol, design, or combination thereof that identifies a seller's products and differentiates them from competitors' products

brand

a name, term, symbol, design, or combination thereof that identifies a seller's products and differentiates them from competitors' products

competition

a natural force that guides free market capitalism

budget deficit

a situation in which the government spends more than it takes in

budget surplus

a situation in which the government takes in more than it spends

cross-functional team

a team made up of members from different functions, such as production, marketing, and finance

production control

creates a well-defined set of procedures for coordinating people, materials, and machinery to provide maximum production efficiency

Europen Union

an association of European nations formed in 1993 for the purpose of achieving political and economic integration.

Partnership

association of two or more persons who operate a business as co-owners by voluntary legal agreement/Advantages include ease of formation and greater financial capability. Disadvantages include unlimited liability, difficulty dissolving, and personal conflicts.

15Q: marketer focuses onaproducts ?

benefits

Discrimination

bias, unfairness

Marketing Mix

blending of the four elements of marketing strategy - product, distribution, promotion, and pricing - to fit the needs and preferences of a specific target market

debt financing

borrowed funds that entrepreneurs must repay

Roberta stops at the grocery store to purchase detergent. Tide is her favorite brand, but if another detergent is less expensive, she buys the cheaper option. This is an example of ______________.

brand preference

Trademark

brand that has been given legal protection

Just-in-time (JIT)

broad management philosophy that reaches beyond the narrow activity of inventory control to influence the entire system of production and operations management

employee separation

broad term covering the loss of an employee for any reason, voluntary or involuntary

venture capitalists

business organizations or groups of individuals that invest in early-stage, high-potential growth companies

Sole Proprietorship

business ownership in which there is no legal distinction between the sole proprietor's status as an individual and his or her status as a business owner

employee ownership

business ownership in which workers own shares of stock in the company that employs them

make, buy, or lease decision

choosing whether to manufacture a product or component in-house, purchase it from an outside supplier, or lease it

The ability of a country to produce a good at a relatively lower opportunity cost than other goods is called:

comparative advantage

supply chain

complete sequence of suppliers that contribute to creating a good or service and delivering it to business users and final consumers

nonpersonal selling

consists of advertising, sales promotion, direct marketing, and public relations

sales promotion

consists of types of promotion such as coupons, product samples, and rebates

In the United States, the measurement of the monthly average change in prices of goods and services that tracks inflation is referred to as:

consumer price index (CPI)

__________ allows a firm to resume operations quickly and smoothly after a crisis, while openly communicating with the public

contingency planning

7 Q:est monitor and compare performance standards blank manag. func

controlling

Ramon's job is to establish performance standards, monitor actual performance, and compare actual performance to the standards. Ramon is engaged in the ________ managerial function.

controlling

Privatization

conversion of government-owned and operated companies into privately held businesses

Intergrated Marketing Communications (IMC)

coordination of all promotional activities- media advertising, direct mail, personal selling

S corporation

corporations that do not pay corporate taxes on profits; instead, profits are distributed to shareholders, who pay individual income taxes, provided the corporation has fewer than 100 shareholders

Formulas that calculate total costs per unit and then add markups to cover overhead costs and generate profits are known as:

cost-based pricing

The managerial process of assigning work to employees is __________.

delegation

relationship marketing

developing and maintaining long-term, cost-effective exchange relationships with partners

balance of trade

difference between a nation's exports and imports

cognitive conflict

disagreement that focuses on problem and issue related differences of opinion

point-of-purchase (POP) advertising

displays or demonstrations that promote products when and where consumers buy them, such as in retail stores

demographic segmentation

distinguishes markets on the basis of various demographic or socioeconomic characteristics

retailer

distribution channel member that sells goods and services to individuals for their own use rather than for resale

wholesaler

distribution channel member that sells primarily to retailers, other wholesalers, or business users

geographical segmentation

dividing a market into homogeneous groups on the basis of their locations

product-related segmentation

dividing consumer markets into groups based on buyers' relationships to the good or service

psychographic segmentation

dividing consumer markets into groups with similar psychological characteristics, values, and lifestyles

Devaluation

drop in a currency's value relative to other currencies or to a fixed standard

If a foreign company offers steel in the United States below the company's cost of production, the company might be accused of _____

dumping

Inflation

economic situation characterized by a combination of excess consumer demand and increases in the costs of raw materials, component parts, human resources, and other factors of production

Hyperinflation

economic situation characterized by soaring prices

Socialism

economic system characterized by government ownership and operation of major industries such as communications

planned economy

economic system in which government controls determine business ownership, profits, and resource allocation to accomplish government goals rather than those set by individual firms

mixed market economy

economic system that draws from both types of economies, to different degrees

corporate philanthropy

effort of an organization to make a contribution to the communities in which it earns profits

Maslow's Hierarchy of Needs Theory focuses on

employee motivation

whistle-blowing

employee's disclosure to company officials, government authorities, or the media of illegal, immoral, or unethical practices committed by an organization

freedom of choice

enables owners to employ or dispose of their property and money as they see fit

when amazon logs onto amazon

end use

Kayla is opening a home health care business that she knows will do well in her community based on prior research. To obtain funding, Karla plans to use ____________ which will require her to give up a percentage of ownership in her company in exchange for funding.

equity financing

jack welch

ethical leadership

Sarbenes-Oxley Act of 2002

federal legislation designed to deter and punish corporate and accounting fraud and corruption to protect the interests of workers and shareholders through enhanced financial disclosures, criminal penalties on CEOs and cfos who defraud investors, safeguards, for whistle-blowers and establishment of a new regulatory body for public accounting firms.

multinational corporation (MNC)

firm with significant operations and marketing activities outside its home country

import

foreign-made products purchased by domestic consumers

Positioning

form of promotion in which marketers attempt to establish their products in the minds of customers by communicating to buyers meaningful distinctions about the attributes, price, quality, or use of a good or service

product placement

form of promotion in which marketers pay placement fees to have their products showcased in various media, ranging from newspapers and magazines to television and movies

order processing

form of selling, mostly at the wholesale and retail levels, that involves identifying customer needs, pointing them out to customers, and completing orders

code of conduct

formal statement that defines how an organization expects its employees to resolve ethical issues

Accounting Equation

formula that states that assets must equal liabilities plus owners' equity

Product Life Cycle

four basic stages - introduction, growth, maturity, and decline - through which a successful product progresses

__________ is a contractual agreement to use another companies established business model.

franchise

Lisa wants to open a business and she is considering entering into a contractual arrangement with a company so she can utilize that company's proven business model, brand, and approach for running a business. Lisa is considering a ________________.

franchise business

Human Resource Management

function of attracting, developing, and retaining employees who can perform the activities necessary to accomplish organizational objectives

Controlling

function of evaluating an organization's performance against its objectives

promotion

function of informing, persuading, and influencing a purchase decision

inventory control

function requiring production and operations managers to balance the need to keep stock on hand to meet demand against the costs of carrying inventory

equity financing

funds invested in new ventures in exchange for part ownership

Empowerment

giving employees the authority to correct a problem without first checking with management

business products (B2B)

good or service purchased to be used, either directly or indirectly, in the production of other goods for resale

consumer product (B2C)

good or service that is purchased by end users

board of directors

governing body of a corporation

Regulated monopoly

market situation in which a local, state, or federal government grants exclusive rights in a certain market to a single firm

Monopoly

market situation in which a single supplier makes up an entire industry for a good or service with no close substitutes

Oligopoly

market situation in which relatively few sellers compete and high start-up costs form barriers to keep out new competitors

monopolistic competition

market structure in which large numbers of buyers and sellers exchange heterogeneous products so each participant has some control over price

pure competition

market structure in which large numbers of buyers and sellers exchange homogeneous products and no single participant has a significant influence on price

13 Q;set of processes for deliverting value to cust

marketing

frequency marketing

marketing initiative that rewards frequent purchases with cash, rebates, merchandise, or other premiums

Consumer Price Index (CPI)

measurement of the monthly average change in prices of goods and services

quality control

measuring output against established quality standards

vertical merger

merger that combines firms operating at different levels in the production and marketing process

conglomerate merger

merger that combines unrelated firms, usually with the goal of diversification, spurring sales growth, or spending a cash surplus in order to avoid a takeover attempt

horizontal merger

merger that joins firms in the same industry for the purpose of diversification, increasing customer bases, cutting costs, or expanding product lines

national debt

money owed by government to individuals, businesses, and government agencies who purchase Treasury bills, Treasury notes, and Treasury bonds sold to cover expenditures

Directing

motivating and leading employees to achieve organizational objectives

Factors of production?

natural resources capital human resources entrepreneurship

The factors of production are

natural resources, human resources, capital and entrepreneurship

trade promotions

sales promotion geared to marketing intermediaries rather than to final consumers

3Q: 2002 legislation that est new rules/regs

sarbenes oaxley act

Limited Liability Company (LLC)

secures the corporate advantage of limited liability while avoiding the double taxation characteristic of a traditional corporation

a single business 18-25 year olds

selected a target market

Dumping

selling products abroad at prices below production costs or below typical prices in the home market to capture market share from domestic competitors

q 57

service attributes

Accounting Cycle

set of activities involved in converting information and individual transactions into financial statements

preferred stock

shares that give owners limited voting rights, and the right to receive dividends or assets before owners of common stock

common stock

shares that give owners voting rights but only residual claims to the firm's assets and income distributions

Products purchased only after the consumer has compared competing products in competing stores on the basis of price, quality, style, and color would be classified as ________.

shopping products

Q: if you are a highly independent individual

sole priopor

53 Q: although ____ are the most common type of business the greatest revenue comes from ____

sole proprietorship

Which statement is true about business legal formations?

sole proprietorships have greater liability risks for the owner than incorporated businesses

Business ethics

standards of conduct and moral values regarding right and wrong actions in the work environment

Balance Sheet

statement of a company's financial position on a particular date

Statement of Cash Flows

statement showing the sources and uses of cash during a period of time

Q: which type of planning determines the primary objective of an organization and acts, allocates

strategic planning

family leave

the Family and Medical Leave Act of 1993 states that employers with 50 or more employees must provide unpaid leave up to 12 weeks annually for any employee who wants time off for the birth or adoption of a child, to become a foster parent, or to care for a seriously ill relative, spouse, or self

Federal government Fiscal Policy, used to influence economic activity through decisions about taxes and government spending is managed by:

the President and Congress

42 Q:who appoints the members public accounting oversight board?adjourning

the Securities and Exchange Commission???

vision

the ability to perceive marketplace needs and what an organization must do to satisfy them

compartive advantage

the ability to produce a good or service at a lower opportunity cost than other producers

Marketing

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

product mix

the assortment of product lines and individual goods and services that a firm offers to consumers and business users

performance appraisal

the evaluation of a person's performance

When Greenlawn Inc. finds itself losing contracts because Lo-Price Lawn Co. charges less money, Greenlawn responds by lowering its bids. This reaction demonstrates ________.

the invisible hand of competition

personal selling

the most basic form of promotion: a direct person-to-person promotional presentation to a potential buyer

opportunity cost

the most desirable alternative given up as the result of a decision

span of management

the number of subordinates who report to a particular manager

Owner's Equity

the owner's initial investment in the business plus profits that were not paid out to owners over time in the form of cash dividends

brand name

the part of a brand that can be spoken, including letters, words, and numbers

unemployment rate

the percentage of the total number of people in the labor force who are unemployed