Business Unit 3 Test Review

Front 1

core labeling requirements

Back 1

bilingual labeling

nutrition facts

contact information

Front 2

difference between invention and innovation

Back 2

invention is the creation of the product or introduction of the process for the first time (telephone)

innovation happens when someone improves something that has already been invented, usually by technology (cellphone)

Front 3

traditional product

Back 3

-introduction

-growth

-maturity

-decline

-decision point

-sales (side) and time (bottom) on axis

Front 4

fad

Back 4

-very popular for short period

-last under a year

-make or lose a lot of money

-people create cheaper versions=knockoffs

-fads die quickly

-yo yo

Front 5

niches

Back 5

short growth stage

-leads to solid maturity

-niches invent product

-a lot in tech industries

-gluten free restaurant

Front 6

seasonal

Back 6

-product only popular during particular time/season

-new season= new styles

-keep adequate stock

-atleast 3 cycles

-Christmas tree

Front 7

A in AIDA

Back 7

Attract- attention: attract attention of the customer

Front 8

I in AIDA

Back 8

-interest of the customer

Front 9

D in AIDA

Back 9

desire: convince customers that they want and dire the product and that is will satisfy their needs

Front 10

A (last) in AIDA

Back 10

Action: leads customer towards taking action and purchasing

-contact information, logo

Front 11

Z pattern of ad

Back 11

headline - interest

visual (product/service) attract

copy (information about product/service) desire

signature (company name, logo, address, website, phone # (action)

Front 12

primary industries

Back 12

agriculture

fishing

mining

water

fuel and energy

logging and forestry

Front 13

4 P's

Back 13

Product- design, quality, features, benefits

Price- how our product compares to the competition

Place- how our product gets to the customer

Promotion- how our company encourages people to buy our product

Front 14

2 C's

Back 14

competition- other businesses that compete with us for more money

consumer- characteristics of people who buy our product

Front 15

6 factors of production

Back 15

natural resources

raw materials

labour

capital

information

management

Front 16

elements to make package more appealing

Back 16

large image

vibrant colors

promotion (free t-shirt inside)

Front 17

natural resources

Back 17

agriculture, fishing, mining , water, fuel and energy, logging and forestry

Front 18

raw materials

Back 18

-any good used in manufacturing of other goods

-all natural resources were consume are raw materials

-exception of fish and vegetables

-wheat, a natural resource is the raw material that makes flour

-flour is the raw material that makes bread

Front 19

labour

Back 19

all physical and mental work needed to produce goods and services

Front 20

capital

Back 20

-money invested in a business

-cash, bonds

-use capital to buy things

Front 21

information

Back 21

-need information to produce goods competitively in a global economy

-information about new tech, competition, sources of supply

Front 22

management

Back 22

-people who control the factors of production

-allocate the company's resources, capital, and decides what to buy

Front 23

ethical dilemma

Back 23

complex situation that has 2 options, both will bring a negative result to society

Front 24

whistle blower

Back 24

person who informs a person or organization is engaged in illicit activity

Front 25

ethics

Back 25

dealing with morals, doing the right or wrong

Front 26

values

Back 26

personal or corporate belief about what is important

Front 27

insider trading

Back 27

illegal buying or selling of shares of a company based on confidential information that isn't available to the public

Front 28

morals

Back 28

a rule used to decide what is good or bad

Front 29

code of ethics

Back 29

documents that describe specially how a company's employees should respond to different situations

Front 30

fraud

Back 30

crime of lying or pretending

Front 31

duty to report

Back 31

obligation to disclose all important information

Front 32

glass ceiling

Back 32

invisible barriers said to be faced by women, the disabled or people from visible minorities as they approach senior leadership in companies

Front 33

corporate social responsibility

Back 33

conducting business in a way that is in line with society's values

Front 34

extractive

Back 34

taking out of the earth

Front 35

supplies

Back 35

raw materials that are not part of the final product

used in running business

Front 36

automated labour

Back 36

done of machines

Front 37

consolidated labour

Back 37

small manufacturing sites close down and centralized to work in one major site

Front 38

otusource labour

Back 38

hire another company to do the task

cheaper

Front 39

liquid capital

Back 39

cash

stocks

bonds

account receivable

Front 40

intellectual property

Back 40

ideas or talent or workforce

Front 41

capital goods

Back 41

any tangible assets that an organization cares to produce product

Front 42

break even

Back 42

break even practice

Front 43

erin brockovich production problem

Back 43

Hexatonic Chromium was used by PG & E in a town which caused disease and birth problems

Front 44

erin brockovich

ethical dilemma

Back 44

has to choose between being a good mother to her children or doing her job, something she is passionate about, which is stopping Pg&E