Intro. To Business

Front 1

Promotional Mix

Back 1

A mixture of many types of promotion.

Front 2

Media

Back 2

Method used to deliver ad messages to the public in newspapers or the tv.

Front 3

Cost Per Thousand (CPM)

Back 3

Cost to reach one thousand people through a particular media.

Front 4

Reach

Back 4

The number of people who will see or hear an ad.

Front 5

Rotation

Back 5

A time period in which a business' ad. is played once or twice a day.

Front 6

Store Front

Back 6

The exterior of a store particularly facing the public.

Front 7

Ad Design

Back 7

The combo. of content and artwork that makes an ad effective.

Front 8

Sales Promotion

Back 8

A limited time offer that is used to persuade customers to shop at a particular store or buy a certain product.

Front 9

Loss Leader

Back 9

A product at or below cost in order to draw customers into a store. The intent is that the customers will purchase other items that are priced to make a profit.

Front 10

Market Research

Back 10

The steps taken to collect marketing info. required to make intelligent business descisions.

Front 11

Survey

Back 11

A series of Q's asked to a selected group of people.

Front 12

Segment

Back 12

A group of people sharing a common attribut like age or occupation.

Front 13

Sample Size

Back 13

The # of people questioned in a survey. Decreasing sample size too far reduces accuracy of survey.

Front 14

Primary Data

Back 14

Data collected for a specific purpose.

Front 15

Seconday Data

Back 15

Data used for a current study but obtained for another purpose or bought from another business.

Front 16

Market

Back 16

A group of similar people w/ the same type of product needs or wants who may potentially buy a certain good or service.

Front 17

Targeted Marketing

Back 17

Marketing that attemts to identify reach, and serve a particular sub-group of a region

Front 18

Direct Mail

Back 18

Advertising that is mailed to peoples homes or workplaces. Its most often paper-based and may include specific offers such as coupons.

Front 19

Merchandising Space

Back 19

Part of the store assigned to products that are kept for selling.

Front 20

Point of Purchase Display

Back 20

Display found close to or at the register to promote impulse items.

Front 21

Impulse Products

Back 21

Products that you dont go to a store to buy,but buy them if you see them.

Front 22

Products of Necessity

Back 22

Items that you go into a storse to buy.

Front 23

Complimentary Items

Back 23

Products that are often consumed together. 1 of the products often enhances the other, such as salsa and chips.

Front 24

Related Merchandising Displad

Back 24

A display containing complimentary products.

Front 25

Inventory

Back 25

The total amount of goods a business has. These may be in a backroo or on the sales floor. Also called stock.

Front 26

Purchasing Policy

Back 26

Policy specifying the amount to purchase of a product and when to purchase it.

Front 27

Just In Time Inventory

Back 27

A system, usually computarized, that links a store to suppliers so that new inventory can be purchased automatically as sales are made. Just in time Inventory systems reduce the total amount of inventory a store must carry.

Front 28

Reorder Point

Back 28

A number that indicates that new product should be purchased when inventory falls below a certain level.

Front 29

Shrinkage

Back 29

The money a business loses due to broken,
damaged, expired, or stolen inventory.

Front 30

Trade Credit

Back 30

This is credit offered to you by suppliers.
The supplier’s payment terms allow you to
pay for the goods after you receive them
(e.g., 30 days later).

Front 31

Payment Terms

Back 31

A supplier’s requirement on when to be paid.
These are typically expressed in an abbreviated
fashion. For example, 2/10/N/30 means you
will get a 2% discount if you pay in 10 days or
you can pay the Net (N) amount in 30 days.

Front 32

Interest Rate

Back 32

The percentage of the loan amount that
you must pay in interest each year (e.g.
9% per year).

Front 33

Liability

Back 33

The general term for any amount owed to
someone else.

Front 34

Accounts Payable

Back 34

The amount a business owes to its suppliers
at any point in time. This is shown as a
liability on the company’s balance sheet.

Front 35

Revenue

Back 35

Revenue is the money you collect for
things you sell. Other names for revenue
include Sales and Dollar Sales. Revenue
is equal to Unit Sales x Price of each unit.

Front 36

Income Statement

Back 36

The Income Statement shows your
revenue and expenses for a given period
of time and the difference between them-
-your profi t. This statement, also known
as the P&L (Profi t & Loss), is the most
frequently used fi nancial statement.
It’s your main scorecard over any
period--a week, a quarter, a year. When
businesspeople refer to the “bottom
line,” they mean the bottom line of this
statement, profi t

Front 37

Balance Sheet

Back 37

The Balance Sheet shows what you own
(assets) and what you owe to others
(liabilities). The difference, the worth of your
company is called Equity. Your Assets always
balance with your Liabilities Plus Equity.

Front 38

Supply

Back 38

The amount of goods created by
producers and offered for sale in a
marketplace.

Front 39

Demand

Back 39

The amount of goods customers want
to buy.

Front 40

Equilibrium

Back 40

When two dynamic values become or stay
equal to each other.

Front 41

Shoplifting

Back 41

Taking items from a retail establishment
without paying for them

Front 42

Stolen Goods

Back 42

Products stolen by shoplifters. The value
of these items is recorded on the Income
Statement under Cost of Goods Sold.

Front 43

Physical Inventory

Back 43

A count of all the items in a business.
This is used to determine if items are
missing as a result of shoplifting or other
causes.

Front 44

Turnaround

Back 44

An attempt to make an unprofi table
business profi table again.