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119 Cards in this Set
- Front
- Back
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4 P’s of Marketing
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Product
Price Place Promotion |
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Abraham Maslow
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-Psychologist
-theory of motivation based on unmet human needs from basic physiological needs to safety,social, and esteem needs to self actualization need |
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Absolute advantage
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A advantage that exists when a country has monopoly on producing or is able to produce it more efficiently that ll other countries
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Angel investors
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are private individuals who invest their own money in potentially hot new companies before they go public
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Appellate courts
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can review and overturn these decisions
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Barter
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The direct trading of goods or services of other goods or service
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Brainstorming
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Coming up with as many solutions to a problem as possible in a short period of time with no censoring of ideas
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Brand name
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A word, letter, or group of words or letter that differentiates on seller's goods and services form those of competitors
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Budget
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A financial plan that sets forth managements expectation, allocates the use of specific resources throughout the firm.
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Business
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Any activity that socks to provide goods and services to others while operating at a profit.
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Business law
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Rule, statues codes and regulations that are established to provide a legal framework within which business may be conducted and that are enforceable by court action.
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Business plan
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A detailed written statement that describes the nature of the business, the target market, the advantages the business will have in relation to competition and the resources and qualifications of the owner(s)
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Capital budget
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A budgets that highlights a firms spending plans for major asset purchases that often require large sums of money
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Capitalism
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An economic system in which all or most of the factors of production and distribution are privately owned and operated for profit.
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Business-to-business market
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All the individuals and organizations that want goods and services to use in producing other goods and services or to sell, rent, or supply goods in others
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Cash budget
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A budget that estimates cash inflows and outflows during a particular period like a month or a quarter.
Chain of command |
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Controlling
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An management function that involves establishing clear standards to determine whether or not and organization is progressing toward its goals and objectives rewarding people for doing a good job and taking corrective action if they are not
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Copyright
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A document that protects a creators rights to materials such as books articles photos, and cartoons
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Corporate mergers
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Mergers and acquisitions is an aspect of corporate strategy, corporate finance and management dealing with the buying, selling, dividing and combining of different companies and similar entities that can help an enterprise grow rapidly in its sector or location of origin
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Corporations
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A legal entity with authority to act and have liability separate form its owners
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Criminal law
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Define crimes,establishes punishments and regulates the investigation and prosecution of people accused of committing crimes
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Debt financing
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Funds raised through carpus forms of borrowing that must be repaid.
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Demand
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The quantity of products that people are willing to buy at different price at a specific time
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Departmentalization
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The diving of organizationals functions into separate units.
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Discount rate
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The interest rate that the Fed charges for loans to member banks
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Diversity
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Had Come to mean much more than recruiting and keeping minority and female employees
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Dumping
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selling products in a foreign country at lower prices than those charged in the producing country
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Economics
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The study of how society chooses to employ resources to produce goods and services distribute them for consumption among carious competing groups and individuals
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Efficiency
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producing goods nd services using the least amount fo resources
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Enlargement
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the action or state of enlarging or being enlarged
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Entrepreneur
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Accepting the risk of starting and running a business
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Equity financing
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Money raised form within the firm, from operations or through the sale of ownership in the firm (stock or venture capital)
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Expectancy theory
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Victor Vroom's theory that the amount of effort employees exert on a specific task depends on their expectations of the outcome.
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Ethics
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Standards of moral behavior, that is, behavior accepted by society as right versus wrong.
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Expectancy theory
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Victor Vroom's theory that the amount of effort employees exert on a specific task depends on their expectations of the outcome.
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Export
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Selling products to another country.
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External
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A semiprivate network that uses internet technology and allow more than one company to access the same information or allows people on different servers to collaborate
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Facility location
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The process of selecting a geographic location for company's operations.
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Factors of production
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The resources used in create wealth: land labor, capital, entrepreneurship, and knowledge.
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Federal deposit insurance
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An independent agency of the us government that issuers back deposits
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Federal Reserve System
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a U.S. federal banking system that is under the control of a central board of governors (Fed′eral Reserve′ Board`) with a central bank (Fed′eral Reserve′ Bank`) in each of 12 districts and that has wide powers in controlling credit and the flow of money
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Finance
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The function in a business that acquires funds for the firm and mangoes those funds within the firm.
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Financial control
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as a process affected by an organization's structure, work and authority flows, people and management information systems
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Financial planning
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a series of steps or goals used by an individual or business, the progressive and cumulative attainment of which are designed to accomplish a financial goal or set of circumstances
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Focus Group
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A small group of people who meet under the direction of a discussion leader to communicate their opinions about an organization, its products, or other given issues.
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Form utility
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The value producers add to materials in the creation of finished goods and services
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Free-market economy
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Economic systems in which the market largely determines what goods and services get produced, who gets them, and how the economy grows
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Generation X
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the generation born after that of the baby boomers (roughly from the early 1960s to mid 1970s)
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Goal-setting theory
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The idea that setting ambitious but attainable goals can motivate workers and improve performance if the goals are accepted accompanied by feedback, and facilitated by organizational conditions
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Hierarchy
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A system in which one person is at the top of the organization and there is a ranked or sequential ordering form the top down of managers who are responsible to the person.
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Human resource management
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The process of determine HR needs and then recruiting, selecting, developing,
motivating, evaluating, compensating and scheduling employees to achieve organizations goal |
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Identity theft
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The obtaining of individuals personal informational, such as SSN and credit card numbers, for illegal purposes
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Import
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Buying products form another country.
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Insider trading
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An unethical activity in which insiders use private company information to further their own fortunes or those of their family or the
funds of others |
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Integrity
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Ethical standards that define the organizations guiding value create an environment that supports ethically sound behavior and stress a shared accountability among employees
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Internal auditor
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an auditor who is an employee of the company whose records are audited and who provides information to the management and board of directors
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Intrepreneur
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Creative people who work as entrepreneurs within corporation
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Job analysis
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A study of what is done by employees who hold various job titles.
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Job enrichment
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A motivational strategy that emphasizes motivating the worker through the job itself
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Job rotation
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A job enrichment strategy that involves moving employees from one job to another
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Job specialization
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Looking for a specific job
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Job specification
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A written summary of the minimum qualifications required of workers to do a particular job.
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Journeyman
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a trained worker who is employed by someone else.
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Judiciary
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the judicial authorities of a country; judges collectively.
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Just-in-time inventory
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A production process in which a minimum of inventory is kept on the premises and parts supplies and other nurds are delivered just in time to go on the assembly one.
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Licensing
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A global strategy in which a firm (the licensor) allows a foreign company(the licensee) to produce its product in exchange for a fee( a royalty)
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Limited partner
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An owner who invests money in the business but does not have any management responsibility or liability for losses beyond the investment
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Long-term Forecasting
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Forecast that predicts revenue, cost, and expenses for a period longer than 1 years and sometimes as far as 5 or 10 years into the future
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Loss
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When a business expenses are more than its revenues
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Management
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The process used to accomplish organizational goals through planning organizing leading and controlling people and other organizational resources
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Marketing
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The activity set of institution and processes for creating communicating delivering and exchanging offering that have value for customers clients partners and society
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Marketing concept era
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a three part business philosophy
1) A customer orientation 2) A service orientation and 3) A profit orientation |
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Marketing research
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The analysis of markets to determine opportunities and challenges and to find the information need ed to make good decisions.
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Mass marketing
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Developing products and promotions to please large groups og people.
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MBO
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Management by objectives, also known as management by results, is a process of defining objectives within an organization so that management and employees agree to the objectives and understand
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Microeconomics
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The part of economic study that looks at the behavior of people and organizations in particular markets
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Micropreneurs
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Entrepreneurs willing to accept the risk of starting and managing the type of business that remains small, ets thme do the kind of work they want to do and offers them a valanced lifestyle
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Mission statement
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An outlike of the fundamental purposes fo an organizations
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Money supply
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The amount of money the Federal reserve Bank makes available fo poeple to buy goods and services
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Monopoly
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A degree of competition in which only one seller controls the total supply of product or service and sets the price.
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MRP
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Madiga Reservation Porata Samiti or MRPS is a not-for profit institution standing for human rights
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Objectives
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Specific, Short-term statements detailing how to achieve the organization's goals
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Operations management
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A specialized area in management that converts or transforms resources including HR into goods and services
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Organization chart
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A visual device that shows relationships among people and divides the organization's work it shows who is accountable fo rthe completion of specific works and who reports to whom
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Primary
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data that you gather yourself.
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Process manufacturing
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That part of the production process that physically or chemically changes materials
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Production
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The creatoin of finished goods and services using the factors of production land capital entrepreneurship and knowledge.
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Production era
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Companies felt that exchanges could be facilitated merely by lowering manufacturing costs and, in turn, passing along the cost savings to customers in the form of lower prices.
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Productivity
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The amount of output you gerrate given the amount of input
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Promissory note
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A written contract with a promise to pay a supplier a specific sum of money at a definite time.
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Psychographic
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the study of personality, values, attitudes, interests, and lifestyles.
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Recruiting
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one of the steps in the hiring process that companies
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Recruitment
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The set of activities used to obtain a sufficient number of the right people at the right time.
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Reference group
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a social group that a person takes as a standard in forming attitudes and behavior.
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Responsibility
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the state or fact of having a duty to deal with something or of having control over someone
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Risk
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The chance an entrepreneur takes of losing time and money on a business that many not price profitable
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Royalty
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sum of money paid to a patentee for the use of a patent or to an author or composer for each copy of a book sold or for each public performance of a work.
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S corporation
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A unique government creation that looks like a corporation but is taxed like a sole proprietorshis and partnership
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Secondary
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Information from outside
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Segmentation
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the process of dividing into segments
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Short-term financing
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Funds needed for a year or less
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Short-term Forecasting
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Forecast that predicts revenues cost and expenses for a period of one year or less
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Six sigma
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A qualtiy measure that allows only 3.4 defects per million opportunities
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Small Business Administration
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A US governemtn agency that advises and assists small businesses by providing management training and financial advie and loans
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Sole proprietors
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of business entity that is owned and run by one individual
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Sole proprietorship
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A buiness that is owned and usually manaaged by one person
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Span of controls
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The optimum number of subordinates a manager supervises ro should supervise
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Stakeholders
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One who owns a share or shares of stock in a company
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Strategic
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relating to the identification of long-term or overall aims and interests and the means of achieving them.
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Strategic alliance
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A long term partnership between tow or more companies established to help each company build competitive market advantages
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Strategic plan
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The process of determining the major goals of the organization and the policies and strategies for obtaining and using resources to achieve those goals
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Strict product liability
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Legal responsibility for harm or injury caused by a product regardless of fault.
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Target Marketing
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Marketing directed towards those groups and
organization decides it can serve profitably |
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Test market
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The process of esting products among potential users.
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Trade credit
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The practive of buying goods and services now and paying for them later.
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Undercapitalization
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refers to any situation where a business cannot acquire the funds they need
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Venture capitalist
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Individuals or companies taht invest in new businesses in exchange for partial ownership of those and businesses
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Vision
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An encompassing explanation of why the organization exist and where its trying to head.
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Whistleblower
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Insiders who report illegal or unethical behavior
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