Term
| How does the shift from a service/technology to a knowledge/innovation and technology economy so important to the USA (especially the US middle class). |
|
Definition
| Knowledge/Innovation means higher paying jobs, increasing the strength of middle class consumption, and thus the strength of the economy. |
|
|
Term
| What are the 2 keys for lasting economic strength? |
|
Definition
Strong Profits
Wage Growth |
|
|
Term
| What 3 drivers must we focus on in order to improve the economy? |
|
Definition
Knowledge
Innovation
Technology |
|
|
Term
| What is the single best indicator of a nation's economic health? |
|
Definition
|
|
Term
| What are the 3 functions of money? |
|
Definition
1. Medium of exchange - accepted as payment for products
2. Measure of value - single standard for assigning and comparing values of products
3. Storage of value - means of retaining/accumulating wealth |
|
|
Term
| List the characteristics of money. |
|
Definition
- Acceptability (use anywhere)
- Divisibility (pennies, dimes, etc.)
- Portability (easy to carry)
- Stability (stable values)
- Durability (lasts a long time)
- Difficulty to counterfeit
|
|
|
Term
| What currency is the global standard? |
|
Definition
|
|
Term
|
Definition
| Formal medium of exchange |
|
|
Term
| What factors determine the exchange rate level? |
|
Definition
- Interest Rates
- Inflation
- A country's balance of trade/payments
- Speculation (expectations about what will happen in the future - Purchasing Power Parity)
|
|
|
Term
| What industry is the most global industry? |
|
Definition
| The Banking System - collaborate to facilitate a system of exchange |
|
|
Term
|
Definition
|
|
Term
| Is the bank system in the USA government owned or private owned? |
|
Definition
| Private ownership withing the Federal Reserve Structure |
|
|
Term
| In addition to facilitate the exchange goods and services, how else do banks stimulate an economy? |
|
Definition
|
|
Term
| What are the 4 main functions of the Federal Reserve Board? |
|
Definition
1. Controls money supply with monetary policy.
2. Regulates financial institutions
3. Manages regional and national check-clearing procedures
4. Supervisesthe federal deposit insurance of commercial banks in the Federal Reserve System
|
|
|
Term
| Look at page listing economic actions of Fed and make flashcards!!! |
|
Definition
|
|
Term
|
Definition
| Accumulation of annual deficit |
|
|
Term
|
Definition
The means by which the Fed controls the amount of money available in the economy |
|
|
Term
| Define: Open Market Policy |
|
Definition
Decisions to buy or sell U.S. Treasury bills (short-term debt issued by the U.S. government) and other investments in the open market |
|
|
Term
| Define: Reserve Requirement |
|
Definition
The percentage of deposits that banking institutions must hold in reserve |
|
|
Term
|
Definition
The rate of interest the Fed charges to loan money to any banking institution to meet reserve requirements |
|
|
Term
|
Definition
The authority to establish and enforce credit rules for financial institutions and some private investors |
|
|
Term
|
Definition
| Process by which the Fed processes checks from banks |
|
|
Term
| Define: Depository Insurance |
|
Definition
| Federal insurance funds that protect the deposits of member institutions |
|
|
Term
|
Definition
Firms that buy and sell stocks, bonds, and other securities for their customers and provide other financial services |
|
|
Term
| Define: Investment Banker |
|
Definition
Underwrites new issues of securities for corporations, states, and municipalities |
|
|
Term
|
Definition
| Identifying consumers with needs and satisfying those needs better than anyone else! |
|
|
Term
| What do you need to focus on when marketing? |
|
Definition
- Focus on how to turn data into knowledge (Market Research)!
- Recognize trends early!
- Ask: What do I need to know in order to be more competitive?
- Ask: Why do you need to change things? (Answer using data from the market!)
|
|
|
Term
| Why does the ability to access data allows smaller companies to compete with larger companies? |
|
Definition
| Small companies can change more easily! |
|
|
Term
How has marketing shifted from a one-way broadcast to a two-way process?
|
|
Definition
| Companies use comments made by consumers (either digitally or otherwise), to better their products |
|
|
Term
| Is marketing shifting towards a more generalized approach toward consumers or a more specified approach? |
|
Definition
| Specified targeting of audiences |
|
|
Term
| ______ advertising is expected to grow exponentially. |
|
Definition
|
|
Term
| What is the total market approach? |
|
Definition
| Company tries to appeal to everyone and assumes that all buyers have similar needs. (ie, food, cell phones, toothpaste, etc) |
|
|
Term
| What is a target market approach? |
|
Definition
| Identify a specific group of customers and focus your marketing efforts on them (ie, Xbox, etc) |
|
|
Term
| What is a multi-segment marketing approach? |
|
Definition
| Aims at two or more segments with a strategy for each (ie, bicycles for commuters, racers, kids, etc) |
|
|
Term
| What are the 4 P's of marketing? |
|
Definition
- Product (form, packaging, quality)
- Pricing (volume, exchange, price)
- Promoting (advertising, discounts, coupons, displays)
- Physical Distribution (transportation, warehousing, inventory, material handling)
|
|
|
Term
| What is marketing strategy? |
|
Definition
| Allocating limited resources (capital, knowledge, etc) to the 4 P's of marketing to optimize consumption) |
|
|
Term
| In order for your marketing strategy to be successful, customers must _______ from the plan! |
|
Definition
|
|
Term
| What is marketing research? |
|
Definition
| It's how you figure out what the customers want by collecting information about them! |
|
|
Term
| What characteristics should you focus on about your product? |
|
Definition
- Quality
- Size (typically, the smaller/more compact, the better!)
- Form (features and design)
- Packaging (visual branding; sight recognition)
|
|
|
Term
|
Definition
A value placed on a product or service that is exchanged between a buyer and seller.
|
|
|
Term
| List the different pricing strategies. |
|
Definition
- Price Skimming (price is higher the newer the product is - ex: iPhone)
- Price Discounting (Quantity discounting - cheaper to buy larger quantities)
|
|
|
Term
| What is intensive distribution? |
|
Definition
| Makes a product available in as many outlets as possible (convenience!) |
|
|
Term
| What is selective distribution? |
|
Definition
| Use only a small proportion of all available outlets to expose products |
|
|
Term
| What is exclusive distribution? |
|
Definition
| Exists when a manufacturer gives a middleman the sole right to sell a product in a defined geographic territory (specialty product) |
|
|
Term
| At $100 each company XYZ sells 10,000 products... Look the rest of this up in the slides! You need to know this calculation!!!! |
|
Definition
|
|
Term
| How do you calculate market share? |
|
Definition
| A business's number of units sold divided by the total number of units sold by everyone |
|
|
Term
| How do we measure the value of a product? |
|
Definition
A customer’s subjective assessment of benefits relative to costs in determining the worth of a product
Customer Value = Customer Benefits - Customer Costs |
|
|
Term
| Does higher executive pay generate higher executive performance? |
|
Definition
No; there is no correlation
|
|
|
Term
| Who is responsible for planning the company's course? |
|
Definition
|
|
Term
| How should CEO's plan in the future? |
|
Definition
| Plan for multiple scenarios; future market is changing too quickly to plan just one course of action. |
|
|
Term
| What is the purpose of planning in business? |
|
Definition
| To prepare (frame) the future. Mediocre leaders spend their lives reacting to events. |
|
|
Term
| List 3 characteristics of great mission statements. |
|
Definition
- Short.
- Easy to Understand.
- Can Get Stakeholder Buy-In
|
|
|
Term
| What is Scenario Planning? |
|
Definition
| Framing the Future (Preparing for Uncertainty) |
|
|
Term
Planning starts with a ________.
|
|
Definition
|
|
Term
| What are the keys to developing a marketing strategy? |
|
Definition
- Satisfy the target market
- Make product valuable to the customer
- Keep the 4 P's in mind
- Build a long-term customer relationship
|
|
|
Term
|
Definition
| All the different types of products offered by the company (ex: Colgate Palmolive...Oral Care...Personal Care...Household Care...Pet Nutrition) |
|
|
Term
|
Definition
Group of closely related products and variations of products that are treated as a unit because of a similar marketing strategy, production, or end - use all the different types of products/sizes/brands by a company.
|
|
|
Term
| Expanding product mix and product lines adds to _______. |
|
Definition
|
|
Term
| What is a contigency plan? |
|
Definition
| Multiple/Alternative plans that account for varying business conditions. Should one condition happen, you will have a pre-considered alternative plan. (Don't put all your eggs in one basket!) |
|
|
Term
| What are 3 common mistakes made by companies? |
|
Definition
- Single Dimensional "all eggs in one basket"
- Only involving the top level of management
- Treated as an annual process
|
|
|
Term
| What are manufacturer brands? |
|
Definition
| Initiated and owned by the manufacturer to identify products from production to point of purchase. |
|
|
Term
| What are private distributor brands? |
|
Definition
| Cost less than manufacturer brands; owned and controlled by wholesaler or retailer. |
|
|
Term
|
Definition
| No brand name often come in simple packages and carry their generic name (typically lower prices) |
|
|
Term
| If you are named as a CEO, what is the first thing you would focus on to get high results? |
|
Definition
| Alignment of culture and strategy |
|
|
Term
|
Definition
- Believing your qualities are fixed in stone
- Think that they have superiority
- Do not see need for change
- Afraid of failure
- Blaming others for failure
- Entitled to success
- Focused on short-term
|
|
|
Term
| What is a growth mindset? |
|
Definition
- Focusing on getting better.
- Believing that you can and should change and get better.
- Passion to Learn and Improve
- Effort is key to success
- Long term focus
- Search for reality
- Admit to strengths and weaknesses
- Not afraid of failure/ accept responsibility for failure
- Negotiate instead of draw lines in sand
- Roll your sleeves up and get involved
|
|
|
Term
| The ability to _______ is the one thing behind extraordinary results? |
|
Definition
|
|
Term
| Does work overload increase or reduce willpower? |
|
Definition
|
|
Term
| True or False: The first step in Moe's "Business Think" process is to answer the question first when asked. |
|
Definition
|
|
Term
| What are the Moneyball measures? |
|
Definition
- Same Unit Sales
- Ability to Grow, Change, and Innovate
- Market Share Trends
- Customer Satisfaction
|
|
|
Term
|
Definition
| Difference between the money banks borrow and what they loan to their customers |
|
|
Term
|
Definition
| The study of money: how it is made, how it is lost, and how it is managed |
|
|
Term
| Define: Price Penetration |
|
Definition
| Bringing in a product at a low price to discourage others from getting in the market |
|
|
Term
|
Definition
| Come in at a high price, then slowly lower it as other companies start to compete (it's what Apple does!) |
|
|
Term
| Economic Growth requires ____ growth and the ability to _______. |
|
Definition
| wage growth; ability to make a profit |
|
|
Term
| True or False: Adding additional product lines and product mixes adds more complexity to a company. |
|
Definition
|
|
Term
|
Definition
| Predetermined amount of money a bank will loan a company |
|
|
Term
| Developing long term company plans starts with a CEO's ______. |
|
Definition
|
|
Term
| True or False: Banks stimulate the economy by charging higher fees. |
|
Definition
| False; charging fees takes away from consumption ability, thus weakening the economy |
|
|
Term
| True or False: Alignment of the organization from top to bottom around strategy has one of the largest impacts on results |
|
Definition
| True! (100X Profit Growth, 12X Stock Value, 4X Revenue Growth) |
|
|
Term
|
Definition
| Percentage of a total market a company sells |
|
|
Term
| True or False: Overloading an organization creates more yes people. |
|
Definition
|
|
Term
| List the characteristics of digital communication. |
|
Definition
- Addressability (the ability of the marketer to identify customers before they make a purchase)
- Interactivity (the ability of customers to express their needs and wants directly to the firm in response to its marketing communications)
- Accessibility (the ability for marketers to obtain digital information)
- Connectivity (the ability for consumers to be connected with marketers along with other consumers)
- Control (the customer’s ability to regulate the information they view as well as the rate and exposure to that information)
|
|
|
Term
|
Definition
a marketing tool that uses the Internet, particularly social networking and video sharing sites, to spread a message and create brand awareness. |
|
|
Term
|
Definition
intermediaries who buy from producers or from other wholesalers and sell to retailers |
|
|
Term
|
Definition
the design and operation of facilities to receive, store, and ship products |
|
|
Term
| Define: Materials Handling |
|
Definition
the design and operation of facilities to receive, store, and ship products |
|
|
Term
| Define: Integrated Marketing Communications |
|
Definition
coordinating the promotion mix elements and synchronizing promotion as a unified effort |
|
|
Term
|
Definition
nonpersonal communication transmitted through the mass media but not paid for directly by the firm |
|
|
