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104 Cards in this Set
- Front
- Back
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planing and executing the conception, pricing, promotion, and distribution of ideas, goods, and services, to create exchanges that satisfy individual organizational objectives.
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Marketing
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everything a company does for its customersm and maintaining relationships with customers long after the transaction is complete
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Customer Service
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describes efforts to market geographical areas ranging from neighborhoods to entire countries
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Place Marketing
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Promotes causes or social issues, such as physical fitness. cancer awareness, recycling, or highway safety, while also promoting a company and its products
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Cause Related Marketing
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Anytime there is a difference between your actual state and your ideal state
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Need
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Based on your needs but more specific
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Wants
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Trading something of value for something else of value
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Exchange Process
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Any atribute the increases the value that consumers place on the product
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Utility
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When organizations change raw materials into finished goods
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Form Utility
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Markerers try to make their products available when and where the customers want to buy them
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Place Utility
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The idea that companies should respond to customers needs and wants while seeking long term profitability and coordinating their own marketing efforts to acheive the comanys long term goals
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Marketing Concept
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Often applied to these efforts to distinguish them from efforts that emphasize production or sales transactions
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Relationship Marketing
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Customers dont know theyre being marketed to
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Stealth Marketing
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Inviting customers to learn information about the product
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Permission Based Marketing
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Made up of individuals and families who buy for personal or household use
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Consumer Market
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Composed of both companies and a variety of noncomercial institutions, from local schools to the federal govornment
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organizational market
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The process of recording and analyzing customer interactions, preferences, and buying behavior for the purpose of contacting and transacting with customers
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Database Marketing
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Consists of dividing your market into segments, choosing your target markets and the position you'd like to establish in those markets. and then developing a market mix to help you get there
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Marketing Strategy
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Contains all the customers or businesses that might be interested in a product and can pay for it.
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Market
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Dividing the market in an educational and feasable manner.
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Market Segmentation
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Focusing on a specific market segment
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Target Marketing
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The process of designing your company's offerings, messages. and operating policies so that both the company and its progucts occupy distinct and disirable competitive positions in your target customers minds
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Positioning
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Consists of product, price, place or distribution, and promotion
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Marketing Mix
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The amount of money customers pay for the product.
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Price
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Charging high at first, then later dropping the price
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Skim Pricing
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Charging a low initial price
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Penetration Pricing
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Combining several products, and selling them at a reduced price
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Bundle Pricing
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Ferrari focuses on which type of marketing.
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Product
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Typically, barber shops focus on the ¬ and door-to-door salespersons focus on the ¬ in terms of marketing perspectives.
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relationship; selling
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In a Michigan plant, Ford mass produces cars in a timely manner and distributes them to car dealers to be sold to the final consumer. The consumer value Ford creates is
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form utility
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Which is not a common factor in determining market segments?
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micrographics
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Which of the following statements is true?
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a marketing strategy is a firm’s overall plan to market a product
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Creating a new variation of a basic product is called
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line extension
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I have already generated and screened ideas and performed a business analysis. The next stage of product development I will tackle is
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prototype development
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I’m starting a store in which I will offer an extensive selection of limited products. I’m starting a like .
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specialty store; BG Bookstore
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Intermediaries are added into a distribution channel when they increase
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efficiency
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The strategy of coordinating and integrating communications and promotional efforts with customers to ensure greater efficiency and effectiveness is
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integrated marketing communications
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The market coverage for clothes is
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selective
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Market coverage for cars is intensive.
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false
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Choosing one distribution channel over another does NOT depend on which of the following
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the number of outlets where the product is available
B the cost of distribution C the need for control over the product as it moves through the channel to the final consumer D they all matter |
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Independent wholesalers that do not take title to the goods they distribute, but may or may not take possession of these goods, are called
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B agents and brokers
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Which is true
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reminder advertising is intended to remind existing customers of a product’s availability and benefits
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Consumer products are more likely to rely on pull strategies whereas organizational products are more often pushed.
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true
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Which is not one of the three most common types of sales support personnel
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order takers
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The preparation of financial statements is one major component of the
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financial accounting system
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On the income statement, expenses subtracted from revenues equals
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net income
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4. ABC Company’s income statement indicated that net income was $100,000. Therefore, any cash transactions for the following year should be deducted from this initial cash balance
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false
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Popeye receives payment Tuesday for a hamburger he sold Monday (costs incurred Saturday). The costs are recorded
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Monday because of the matching principle
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The type of audit opinions companies desire are , and are provided by .
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Unqualified; Independent
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A qualified audit opinion indicates the financial statements are fairly presented in all material respects in accordance with GAAP, and signifies that the company is in good financial standing.
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false
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One way to compare the financial performance in terms of profitability of McDonald’s to Burger King is to use the following ratio.
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Return on Assets
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SOX broadens the authority of the
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Securities and Exchange Commission
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Many people lost their savings in investments of computer-based companies during the dot-com boom. Since it was a relatively new market and in high demand, investors took a risk in hopes of return.
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high; high
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The creation of financial leverage is a result of
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debt financing
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Just as corporations sell ________ to finance operations, governments sell ______ to raise money for public expenses.
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stocks; bonds
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The part of authorized stock that companies sell to shareholders is called ________, while unsold part is called _______.
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issued; unissued
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Which of the following is NOT an advantage of owning preferred stock?
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Shareholders receive lower dividends on preferred stocks
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__________ are short-term U.S. government bonds that are repaid in less than one year, while _______ are intermediate-term U.S. government bonds that re repaid from 1 to 10 years after they were initially issued.
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Treasury bills; treasury notes
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________ is the return that investors receive when they sell a security for a higher price than the purchase price.
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Capital gains
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________ are legally binding agreements to buy or sell financial instruments at a future date.
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Financial futures
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A manufacturer of breakfast cereals must buy wheat, rye, oats, and sugar from hundreds of farmers. These raw materials are called _______.
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commodities
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In the ¬¬¬¬¬¬¬¬¬¬¬¬¬_______ market, firms sell new securities issued publicly for the first time, whereas subsequent owners trade previously issued shares of stocks and bonds in the ________ market.
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primary; secondary
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________ is a (are) financial institution(s) that raise capital for corporations and government bonds.
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Investment banks
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_________ is the illegal use of nonpublic information to make an investment profit.
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Insider trading
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Which of the following are factors to be considered in selecting an investment?
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A rate of return
B growth C liquidity D all of the above |
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________ are investors who purchase securities in anticipation of making large profits quickly.
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Speculators
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The most famous U.S. stock index is the _______, which tracks the prices of 30 blue-chip or well-established stock, each representing a particular sector of the U.S. economy.
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Dow Jones Industrial Average
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The best way to reduce risk of overall loss by investing in several different areas is know as _______.
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Diversification
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Investors sometimes borrow cash to buy stock. This practice is called _______.
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margin trading
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System a business uses to identify, measure, and communicate financial info to others, inside and outside the org.
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Accounting
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Concerned with pairing financial statements and other info for outsiders such as stockholders and creditors.
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Financial Accounting
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Concerned with pairing cost analyses, profitability reports, budgets and other info for insiders and managment
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Managment Accounting
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Computing and analyzing production costs
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Cost Accounting
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Preparing tax returns and interpreting tax law
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Tax Accounting
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Evaluating a companys performance and the financial implications of strategic decisions such a product pricing, employee benefits, and business acquisitions
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Financial Analysis
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Accountants that work for business, a gov. agency, or a nonprofit corporation
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Private Accountants
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Independent of the businesses, organazations, and individuals they serve, employed by firms
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Public Accountants
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A formal evaluation of a companys taxing records
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Audit
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Basic accounting stantdards and procedures that have been agreed upon by regulators auditors and companies over decades
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GAAP
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Investor protection act
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Sarbanes-Oxley
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Valuable items owned or leased
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Assets
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Claims against assts
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Liabilities
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What remains after liabilities have been deducted from assets
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Owners Equity
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Accounting Equation
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Assets = Liabilities + Owners Equity
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System that records every transaction affecting asstes, liabilities, or ownets equity
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Double-Entry Bookkeeping
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Requires that expenses incurred in producing revenues be deducted from the revenue they generated during the same accounting period.
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Matching Principle
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Revenue is recognized when you complete a sale, or provide a service not when you get paid.
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Accrual Basis of Accounting
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A company that records sales only after the cash is actually recieved.
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Cash Basis of Accounting
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The allocation of the cost of a tangible long-term investment over a period of time
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Depreciation
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A snapshot a companies financial position on a particular date
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Balance Sheet
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Covering from Jan 1 to Dec 31
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Calandar Year
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Coverying and consecutive 12 month period
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Fiscal Year
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Include items that will or can become cash in the following year
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Current Assets
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Longterm and other tangible property that has a value life of more than a year
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Fixed Assets
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The portion of shareholders equity that is not distributed to its owners in the form of dividends
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Retained Earnings
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Shows an organizations profit perfromance over a specific period of time, typically one year.
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Income Statement
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The costs that have arisen in generating revenues
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Expenses
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A document that shows the funds a frim will need for a period of time as well as the sources and uses of those funds
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Financial Plan
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The money owed to the firm by its customers
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Accounts Recievable
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The bills that a company owes to its suppliers, lenders, and other parties
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Accounts Payable
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Financial blue print for a period of time, often one year
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Budget
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Using something of value to back a loan
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Collateral
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Computerized systems that allow users to conduct financial transactions efficiently from remote locations
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Electronic Funds Transfer Systems (EFTS)
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Allow users to withdrawl money at any time
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Automated Teller Machines (ATM)
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