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