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
