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119 Cards in this Set

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  • Back
What is the managment function of deciding what will be done and how it will be accomplished
planning
What is the managment function that moniters the work effort?
controlling
A sole proprietorship and a limited partnership are two types of _________
buisness ownership
What is the absorption of one company by another?
Merger
When a local buisness owner enters into a contractual agreement to operate a store or resturant under the name of a parent corporation, the owner is usually a___________________
franchisee
computers are credited with helping the conomy grow in recent years because of increased _____________
productivity
which is the broader, more exclusive term: Internet or World Wide Web
Internet
What is a tool on the internet that helps viewers to locate specific web sites relating to a particular subject?
search engine
The potential for loss or failure in buisneess can be economic, natural or human. These are types of ____________
risks
When one invests in a product or company knowing that the investment may result in a loss or gain, s/he is said to be taking a __________________
speculative risk
What is the buisness activity whose function it is to obtain funds and use them to achieve the goals of the buisnesS?
finance
Marketing contributes to te general conditions in which people live, also known ad their
standard of living
what is the philosophy of conducting buisness that is based on the belief that all buisness activitites should be aimed toward satisfying consumer wants and needs while achieving company goals?
Marketing concept
distribution and pricing are two examples of what?
marketing functions
What is the marketing function that involves developing a product or service mix in response to market opportunities
product/service managment
What buisness function involves the planning and procedures necessary to obtain goods and services to use in running the buisness or for re-sale?
purchasing
What is the buisness function that creates goods and services from economic resources?
production
What is the process of keeping financial records transactions at the time they occur, even if no money changes hands at the time?
Accrual Accounting Method
The coordination of resources to accomplish an organization's goals is the responsibility of _________
managment
What is a collective group decision that every member is willing to support?
consensus
When goal setting, what are two things you can do to make goals moer real and likely to be achieved?
write them down, tell someone else
What are objectives that take a long time to achieve, often a year or more?
long-term goals
What is the basic underlying prinicple of US and canadian economic systems that makes them different from other nations?
free market
The people who have knowledge about an applicant's previous job performance are referred to as ______________
references
what are the abilities needed for a specific job?
aptitudes
What group in marketing uses market research to creat, test, and package products as well as track and analyze their profitablity?
product managers
A brief summary of your education, experience and skills is a
resume
What is the duty of buisness to contribute to the well being of society?
social responsibility
What is a buisness that buys goods from producers or agents and sells them to retailers
wholesalers
Employess can creat a positive impression of the buisness by speaking in a professional _____ of voice.
tone
What is the condition that exists when two or more people need, for some reason, to rely upon each other?
interdependence
What are the leaders who prefer to exercise little or no control over their subordinates and provide only general guidance to them?
laissez-faire leaders
What are groups of people who work together to acieve common goalS?
teams
which marketing function is most colsely related to helping a potential cunstoner make an appropriate buying decision?
selling
When the mission of an organization is understanding, serving, and pleasing the customer, it is said to be_________
customer-focused
What are two actions you can take to show customers that you have their undivided attention?
smile, maintain eye contact
Customers who require an exceptional amount of time, or who have difficulty in making choices or purchase decisions are known as ___________
indecisive customers
What are guidelines for employees to follow in making decisions as situations occur in the buisness?
buisnes policies
When a customer conceals his true complaint with a secondary, but believable, reason for his disatisfaction, it is a
hidden complaint
What is the first thing you should always do when taking a buisness telephone call?
identify the comany and yourself
When buisness writing is concise, it is ___
effective and to the point
What part of the letter contains your message?
the body
customers have a negative impression of a buisness when employees don't provide good ______________
service
What form of written communication differs from others because of its informal, almost spontaneous nature?
electronic mail or e-mail
What is communication that asks for anwers to questions or requests info?
inquiry
Name two communicative technologies used in buisness today
fax cell phone
What is communication that is initiated from superiors to their subordinates?
downward communication
What is being aware of the differences in people of other societies and showing respect for their beliefs and behaviors
cultural sensitivity
Imposing western culture on other, significantly different cultures is called
cultural imperialism
By not wasting time or supplies, employees are helping control company _________
expenses
In a buisness situation, which would be considerd positive behanvior: assertive or aggressive?
assertive
What is an organized way to continuously gather, sort, analyze, evaluate, and distribute imformation for use in marketing management system
marketing information management system
What is often the determining factor in whether individual consumer informaiton has been ethically included in a buisness's database?
Whether or not they are aware and have chosen to be included
What are summaries provided by salespeople that document reasons why prospective customers did not purchase?
lost sales reports
The first step in resolving a conflict or dispute in the workplace involves identifying the
problem
The first step in resolving a conflict or dispute in the workplace involves identifying the
problem
What is the term for a "blueprint" which guides the flow of topics in a meeting?
agenda
oversimplified and distorted views of people based on generalizations or a single common characteristic are a form of __________________
stereotyping
Tips that there may be job openings at a particular buisness is an example of job
leads
what are the formalized guidelines for moral conduct in the worklace that many complanies have established for their employees?
ethical codes
What is another word for income, aslo used to refer to the government's income from various taxes?
revenue
What are all of the expenses involved in running a buisness?/
operating expenses
In a legal contract, each party must offer something of value, called ____
consideration
What are documents containing information about employees?
personnel records
What is an estimate of what income and expenses will be for a specific time period?
budget
What is the process of involving all members of an organization in continuously ensuring that every activity in the production of goods orr servixces leads directivly to product quality?
toal quality managment or continuous quality improvement
repeating the customer's questions in your own word is also known as
paraphrasing
What is an agreement between two entities which states that one must do something in return for something else provided by another?
contract
What are buisness costs that change according to changes in sales volume?
variable costs
What is the level of sales at which revenues equal total costs?
break-even point
What is identifying and making contracts among people you know, including family and friends, former employers, and other professionals?
networking
What is a series of sequential steps taken by industrial or retail personnel to purchase goods and services?
buying process
What is the total value of goods and services sold in a period of time?
gross sales
What is the term for "gross sales less discounts, returns, and allowances"?
net sales
What is a financial summary that estimates when, where, and how much money will come into and go out of a buisness over a period of time?
cash flow statement
What is the summary of a buisness's assets, liabilities, and owner's equity?
balance sheet
What are all monies owed to a buisness by its customers?
accounts recievable
What is the reduction in value of goods, which occurs over a period of time?
depreciation
Money and other debts owed by the buisness are called____________
liabilities
The staement whoch provides the calculation "income minus expenses" has many names: income statement, earning statement, and operating statement. It is perhaps most commonly known as a ________
profit and loss statement
general rules established by managment to guide personal selling efforts relate to such areas as pricing, credit, and returns and adjustments. These rules are also known as _____
selling policies
selling policies focused on aspects of a sale such as price, delivery, credit, discount, and guarantee information are addressing _______
Terms of sale
What are guidlines governing the support a company provides to the customer after the sale through return repair, and installation policies?
service policies
What is a systematic approach to selling that consists of a sequence of define steps, or phases, intended to assit salespeople in making the sale?
selling process
What is something a customer desires?
want
What is something necessary that a customer lacks?
need
What is a searching question that requires more than a yes or no answer?
open response or open-ended question
When the buisness does not have the item requested and the salesperson suggests an alternate item, the process is called ______________
product substitution
Encouraging a customer to buy higher-priced goods or services is called ______
trading up or upselling
When the salesperson suggests a lower price line than was originally requested because it would neet the customer's real needs, the salesperson is said to be____________________
trading down
What is the division of a total market into smaller, more specific groups
market segmentation
What are established specifications used to measure the degree of excellence of goods or services?
quality standards
What is a promise made by the sller that the purchase price will be refunded to the buyer if the product does not perform expected?
guarantee
What is a promise by the seller to the consumer that a product will be repaired or placed if it does not perform as expected?
warranty
What is evaluative information given to you about the things you say and do?
feedback
What is communcation that is not aimed or directed at a particular individual?
non-personal
What are communcation activites that inform potential consumers about goods, service, images, or ideas to acieve a desired outcome-usually generating interest or sales?
promotion
What is a type of pormotion that is done to create a desired image for a company in the minds of consumers?
insitutional or corporate
Adverstising to encourage customers to call an 800 number for additonal info is an exmaple of
telemarketing
Responding to consumer needs and wants through planned, personalized communication is order to influence purchase decisions and ensure satisfaction is known as
selling
What is it called when supervisors set objectives for their staffs and determine in advance exactly how those objectives will be met?
planning
What is the process of assigning responsibility and authority to employees for the purpose of achieving its objectives?
staffing planning
What is a toll a supervisor uses to assess how well employees are doing their jobs?
performance evaluation
What is the process of determining if a de[partment has the necessary employees to achieve its objectives?
staffing planning
What is the process of attracting qualified candidates to apply for job openings?
recruiting
Choosing the most qualified applicant recruited for a job is also known as ____________________
selection
What is a conversation designed to discover why an employee is leaving the organization?
exit interview
The measure of how many people leave the company is known as _________
employee turnover
Wha is the process of an employee becoming more valuable to the company through the combo of education and experience?
development
Product design, branding, and advertising to creat an image in the customr's mind is called ____________
positioning
If a buisness offers consumers greater value, it is said to have a _______
competitive advantage
What is the process f creating names, symbols, designs, images, or combo of them in order to identfy a company or product and distinguish it from competitors?
branding
What media are called "out of home" as part of the promotional mix>
outdoor and transit
A critical ethical consideration in promotion is presenting groups of people as if they were all alike. This is called
stereotyping
Technology now allos enough felxibility to design and market products for select target groups or individuals-a phenomenon also known as ________
mass customization
one style of decision making involves getting others opinions and considering the impact on them. This is known as ______decision making
collaborative
Print, broadcast and out of home are all types of what?
advertising media
What is the part of a print as that is set in large type and often positioned at the top of the ad, in order to grab the reader's attention?
headline
What are ads that feature statements by product users, proclaiming the benefits they derived from using the product?
testimonials or endorsements