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48 Cards in this Set

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What is the definition of supply ?
Quantity of goods and services that manufacturers are willing to sell at different prices.
What is the definition of demand ?
Quantity of products that people are willing to buy at different prices at a specific time.
What is a balance sheet ?
A financial statement that reports a firm's financial condition at a specific time.
What is an income statement ?
The financial statement that shows a firm's profits after costs, expenses, and taxes, it summarizes all of the resources that have come into the firm (revenue), all resources that have left the firm, and the resulting new income.
What are the 5 factors of production ?
Land, Labor, Capital, Entrepreneurship, Knowledge
What does SMART stand for in regards to goal setting ?
Specific, Measurable, Acheivable, Relevant, Tough
What does a traditional manager do ?
Plan, organize, control, direct (lead)
What is Hetrzberg's theory ?
Made up of motivators (job factors that cause employees to be productive and give them satisfaction) and hygiene factors (would cause dissatisfaction if missing but would not necessarily motivate employees if increased).
When working in a foriegn country, what do you need to know ?
Culture, laws, language, religion, rate of exchange, work ethic, political climate, local customers, values, weather.
What are Maslow's Hierarchy of Needs ?
Physiological, Safety, Social, Eesteem & Self-Actualization.
What is Douglas McGregor's X and Y theory ?
Theory X employees don't like to work and must be motivated w/financial rewards. Theory Y employees view work as natural, perform better in nonintimidating environments.
Explain Z Theory (Ouchi).
Theory X (Ouchi)employees share responsibility, need guaranteed employment w/slow promotions.
What is the main concept of marketing ?
Find out what consumers want and provide it for them.
What are the four P's of Marketing Managment ?
Product, Price, Place & Promotion.
What is the product life cycle ?
Introduction, Growth, Maturity & Decline.
What are the 4 different types of competition ?
Monopoliy, Oligopoly, Monopolistic Competition and Pure.
What are the 5 basic principles for giving and receiving feedback (Zenger-Miller) ?
1) Fous on the situation, issue or hehavior, not the person; 2) Maintain the self-confidence and self-esteem of others; 3) Maintain constructive relationshops; 4) Take initiative to make things better; 5) Lead by Example.
What are the four stages of team development ?
Form, Storm, Norm and Perform.
What are the 3 major types of business organizations ?
Sole Proprietorship; Corporation and Partnership.
What is the definition of a self-managed work team ?
A group of hightly trained individuals (usually 6-18) that are responsible for a segment of finished work . They possess the skills, informaiton and authority to make decisions on things within their responsibility.
What is HR responsible for ?
Staffing, training, development, job, analysis, recruitment, compensation/benefits, performance, evlations, communication.
What do modern managers do ?
Focus, guide, support, provide direction.
What is the market research process ?
Analysis of markets to determine opportunities and challenges and to find the info needed to make good decisions.
What is the definition of a product ?
Any physical good, service or idea that satisfies a want or need.
What are 4 reasons why entreprenuars are willing to start a business.
Opportunity, Profit, Independence, Challenge
Why do businesses fail ?
Managment, Incompetance, Neglect, Not working hard enough, Insufficient capital, Weak control system.
What contributes to a businesses success ?
Hardwork/Drive, Unlimited time, Luck, Able to handle change, make risks, plan well.
What does manufacturing do ?
Meet customer schedule, ship on time, create & improve product.
What are some jobs in manufacturing ?
Manufacturing engineers, testing designers & engineers, quality control, assembling.
What does the Finance Dept do ?
Prepares budgets for those who run the company.
What are some jobs in Finance ?
Forecasting, Acquisitions, Expansions, Making Key decisions, analyze, buy sell stock/manage portfolio.
What does Accounting do ?
Responsible for providing info for company to be able to do its business and normal activities.
What are some jobs in Accounting ?
Accounts receivable, bookkeeper, tax accountant, managerial, auditor.
Who was Frederick Taylor and what did his theory ?
He wrote a book and became Father of Scientific Management. His goal was to find the "best way" to perform each task and teach people those methods. 3 elements were time, methods, and rules of work.
What do financial institutions do ?
They control the flow of money.
What are some services commercial banks provide ?
Checking accounts, savings accounts, safety deposit boxes, certified checks, loans, travelers checks, debit/ATM cards, financial council.
What is CRM ?
CRM is Customer Relationship Management. It is learning as much about the customers and doing everyghin you can to satisfy them or delight them with goods and services.
What is marketing management ?
Process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create mutually beneficial exchanges.
What is ethics ?
Doing what is right.
What are the 4 selling skills of a cold call ?
1) Open Call (probe benefits); 2) Probe for the need (encourage conversation, confirm needs); 3) Present Product (introduce it, present features/benefits); 4) Close the Call (summarize and ask for commitment)
What is publicity and what are it's disadvantages ?
Publicity is any info about an individual, product or organization that's distributed to the public through the media and that's not paid for or controlled by the seller. Problem is you have no control over when, how or if the media uses it and publicity can be bad also.
What is niche marketing ?
Th process of finding small but profitable market segments and designing or finding products for them.
How are negotiations NOT like a sports game ?
No time limit, No rules, Everyone Wins, No fixed values.
What are the 5 rules of ethical behavior ?
1) Consider the needs of others, not just your own; 2) Never forget just who you and your organization are; 3) Obey rules, laws and cultural standards, or get them changed; 4) Test your thinkng frequently; 5) Don't lose your objectivity.
What are the 5 basic principles of Interpersonal Communications ?
1) Focus on the situation, issue or behavior, not on the person; 2) Maintain the self-confidence and self-esteem of your coworkers; 3) Maintain good relationships with your coworkers and your supervisor; 4) Take iniative to make things a little better; 5) Lead by Example.
What are the three types of pricing strategies ?
Cost-Based Pricing (recover fully loaded costs; Competition-Based Pricing (Price Leadership) and Value Based Pricing (Use Price + other factors to demonstrate value)
What is the marketing mix made up of ?
Place, People, Processes, Phycial Evidence
What items do you use to develop a sales presentation ?
Feature, Function, Benefit, Proof, Question.