Business Exam 3

A _______ orientation refers to the process of determining the wants and needs of buyers and then providing goods and services to meet or exceed their expectations.

Marketing

The significant increase in consumer demand following World War II marked the beginning of the?

Marketing Concept Era

Successful product differentiation:

can be based on either real or perceived differences in products.

The ____ is a 6 step procedure that involves the preparation and analysis of financial statements

Accounting Cycle

Probably the most controversial program enforced by the Equal Employment Opportunity Commission concerns:

Affirmative Action

As a first step in the accounting cycle ______ involves the recording of business transactions

Bookkeeping

A _____ is a name, term, symbol, or design (or combination of them) that identifies a product and distinguishes it from competitors' products.

Brand

The degree to which customers are satisfied and are committed to future purchases of a desired brand is called:

Brand Loyalty

Text book publishers use a packaging strategy known as ____, often times the publisher will combine highly complimentary products such as a new textbook and access code for online software that students can use to test themselves on new concepts and principles.

Bundling

A preparation of financial statements outside the firm is the goal of

Financial Accounting

A person's pulse rate and blood pressure are indicators of a person's health. Similarly, _________ can help assess the health of a business.

Financial Statements

Title VII (7) of the Civil Rights Act of 1964

Forbids discrimination on the basis of sex, race, color, religion, or national origin in all areas of the employment relationship

One of the key financial statements prepared in the fifth step of the accounting cycle is: .

Statement of Cash Flows

The process used to test consumer reactions about the product among potential users

Test marketing

A brand that has been given exclusive legal protection for both the brand name and the pictorial design.

Trademark

The Sarbanes-Oxley Act

!!!! ( remaining 10:09) encourage outside CPA firms to deliver several services to their clients, including auditing services and consulting services. ????

Firms that have adopted ______ seek to do more than simply sell a product; they seek to learn as much as possible about their customers in order to satisfy and even delight them with goods and services over time.

Customer Relationship Management

The _______________ was created by the Civil Rights Act of 1964, and has since become a formidable regulatory force in the administration of human resource management.

EEOC Equal Employment Opportunity Commission

A firm's ________ reports the profit or loss for the firm over a specified time period.

Income statement

The financial statement that shows a firm's profit after costs, expenses, and taxes; it summarizes all of the resources that have come into the firm (revenue), all the resources that have left the firm, expenses, and the resulting net income or net loss.

Income statement

Auditing

Involves the review and the evaluation of the records that are used to prepare the organizations financial statements

Pricing is

One of the four P's

An accountant who works for a single business or government agency is referred to as

Private Accountant

The ____________ is a theoretical model that describes the sales and profit performance of a product class over time.

Product Cycle

The combination of product lines offered by a manufacturer

Product Mix

Consists of all the techniques sellers use to persuade consumers to buy their goods and services

Promotion

During the ________ era, the prevalent business philosophy turned from an emphasis on production to an emphasis on advertising and selling.

Selling

Today Human Resource Management has become so important that in many firms it has become

a function performed by managers in all areas of the organization.