Term
|
Definition
| identification and marketing of a social issue, cause or idea to selected target markets |
|
|
Term
|
Definition
| a statements of a company's commitment to certain ethical practices |
|
|
Term
| Computer-Aided Design (CAD) |
|
Definition
| refers to using computer and software to create 2D or 3D models of physical parts |
|
|
Term
| Computer-Aided Manufacturing |
|
Definition
| uses design data to control the machinery used in the manufacturing process |
|
|
Term
| Computer-Integrated Manufacturing (CIM) |
|
Definition
| combine design and manufacturing functions with other automated functions |
|
|
Term
| Consumer Price Index (CPI) |
|
Definition
| a benchmark used to track changes over a period of time in the price of goods and servcices that consumers purchase |
|
|
Term
|
Definition
| donating some of their profits or resources to charitable organizations |
|
|
Term
| Corporate social responsibility (CSR) |
|
Definition
| a company's obligation to conduct its activities with the aim of achieving social, environmental, and economic development |
|
|
Term
| Cost-Volume-Profit (CVP) Analysis |
|
Definition
| expresses the relationships among costs, volume, and profit or loss |
|
|
Term
| Customer Relationship Management (CRM) |
|
Definition
| a type of information system that captures, organizes, and capitalizes on all the interactions that a company has with its customers |
|
|
Term
| Enterprise Resources Planning (ERP) |
|
Definition
| can do the same inventory and process scheduling as MRP but can also integrate these functions with other aspects of business management |
|
|
Term
|
Definition
| the interest rate that banks charge other banks when they borrow funds overnight from one another |
|
|
Term
| Federal Reserve System (The Fed) |
|
Definition
| the central bank in the United States |
|
|
Term
|
Definition
| used for manufacturing large items like ships where the product stays in one place and the workers move around it |
|
|
Term
| Flexible Manufacturing System (FMS) |
|
Definition
| several machines linked together by one central computer -- a solution to mass production |
|
|
Term
|
Definition
| a tool developed to keep tabs on the production process |
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|
Term
|
Definition
| categorization of customers according to geographical location |
|
|
Term
| Gross Domestic Product (GDP) |
|
Definition
| measures economic activity in a country |
|
|
Term
| Gross National Product (GNP) |
|
Definition
| measures US income resulting from production |
|
|
Term
|
Definition
| a methoe for determining cost behavior that is based on two historical data points; the highest and lowest volume of activity |
|
|
Term
|
Definition
| implements an environment management system |
|
|
Term
|
Definition
| implements a quality management system |
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|
Term
|
Definition
| the common set of basic values shared across both Jewish and Christian religions traditions |
|
|
Term
| Just In Time (JIT) Inventory Control |
|
Definition
| keeps the smallest amount of inventory on hand as possible, and everything else that is needed is ordered so that it arrives when it is needed |
|
|
Term
|
Definition
| a set of principles concerned with reducing waste and improving flow |
|
|
Term
|
Definition
| conducting a business within the boundaries of all the legal regulations of that industry |
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|
Term
|
Definition
| selling one product at a loss as a way to entice customers to consider other products |
|
|
Term
|
Definition
| coins and bills, traveler's checks, and checking accounts-- the most liquid assets |
|
|
Term
|
Definition
| savings deposits, money market accounts and CDs + M1 |
|
|
Term
|
Definition
| liquid funds such as larger CDs, money market accounts, and deposits + M1 + M3 |
|
|
Term
|
Definition
| the study of the behavior of the overall economy |
|
|
Term
|
Definition
| deciding on what needs to be made and what needs to be bought |
|
|
Term
| Materials Requiring Planning (MRP) |
|
Definition
| a computer based program used for inventory control and production planning |
|
|
Term
| Permission-Based Marketing |
|
Definition
| a marketing approach in which firms first ask permission to deliver messages to an audience and then promise to restrict their communication efforts to those subject areas in which members have expressed interest |
|
|
Term
| Produce Price Index (PPI) |
|
Definition
| tracks the average change in prices at a wholesale level |
|
|
Term
| Program Evaluation and Review Technique (PERT) |
|
Definition
| this method maps out the various steps involved in a project, differentiating tasks that must be completed in a certain order from tasks that can be completed simultaneously |
|
|
Term
| Radio Frequency Identification (RFID) |
|
Definition
| a computer based program used for inventory control and production planning |
|
|
Term
|
Definition
| refers to the efficient organization of equipment, facilities, labor and materials |
|
|
Term
|
Definition
| a method that seeks to eliminate defects by removing variation in outcomes and measuring and analyzing manufacturing processes to see if standards are being met |
|
|
Term
| Statistical Quality Control (SQC) |
|
Definition
| continual monitoring of each stage in the production process to ensure that quality standards are being met at every stage |
|
|
Term
| Total Quality Management (TQM) |
|
Definition
| involves every factor in producing high quality goods |
|
|
Term
|
Definition
| the costing method where products absorb both fixed and variable manufacturing costs |
|
|
Term
|
Definition
| a method for determining cost behavior that is based on manager's judgment in classifying each general ledger account as a variable, fixed, or mixed cost |
|
|
Term
|
Definition
|
|
Term
|
Definition
| categorization of customers according to their relationship with products or response to product characteristics |
|
|
Term
|
Definition
| a name, term, sign, symbol, design, or combination of those used to identify the products of a firm and to differentiate them from competing products |
|
|
Term
|
Definition
| the value that a company has built up in a brand |
|
|
Term
|
Definition
| applying a succesful brand name to a new product category |
|
|
Term
|
Definition
| the degree to which customers continue to purchase a specific brand |
|
|
Term
|
Definition
| managers who develop and implement the marketing strategies and programs for specific products or brands |
|
|
Term
|
Definition
| the portion of brands that cannot be expressed verbally |
|
|
Term
|
Definition
| the portion of brands that can be expressed verbally, including letters, words, or numbers |
|
|
Term
|
Definition
| a method of calculating the minimum volume of sales needed at a given price to cover all costs |
|
|
Term
|
Definition
| the sales level at which operating income is zero; Total Revenues= total expense |
|
|
Term
|
Definition
| sales volume at a given price that will cover all of a company's costs |
|
|
Term
|
Definition
| offering several products for a single price that is presumably lower than the total of products' individual prices |
|
|
Term
|
Definition
| the economy's natural periodic increases and decreases |
|
|
Term
|
Definition
| more expensive organizational products with a longer useful life, ranging from office and plant equipment to entire factories |
|
|
Term
|
Definition
| an economic system that allows such freedom of choice and encourages private ownership of the resources required to make and provide the goods and the services we enjoy |
|
|
Term
|
Definition
| places small teams of workers who handle all aspects of assembly, so each station is equipped with the tools needed from start to finish |
|
|
Term
|
Definition
| the sharing of information, resources, and software over the internet and is another new tredn in business technology |
|
|
Term
|
Definition
| a partnership between two or more companies to closely link their brand names together for a single product |
|
|
Term
|
Definition
| tension that exists when a person's beliefs don't match his or her behaviors; a common example is buyer's remorse, when someone regrets a purchase immediately after making it |
|
|
Term
|
Definition
| large scale production and distribution of a product |
|
|
Term
|
Definition
| ficed costs that are locked in because of previous management decisions; management has little or no control over these costs in the short run |
|
|
Term
|
Definition
| an economic system in which a state's government makes all economic decisions and controls all of the social servicces and many of the major resources required for the production of goods and services |
|
|
Term
|
Definition
| products and services that go with each other and are consumes together |
|
|
Term
|
Definition
| the degree to which customers continue to buy from a particular retailer of buy the products of a particular manufacturer or service provider |
|
|
Term
|
Definition
| individuals or households that buy goods and services for personal use |
|
|
Term
|
Definition
| sales revenue minus variable expenses |
|
|
Term
|
Definition
| sales revenue minus variable expenses |
|
|
Term
| contribution margin income statement |
|
Definition
| income statement that organizes the costs by behavior rather than by function |
|
|
Term
| contribution margin income statement |
|
Definition
| an income statement that groups costs by behavior rather than function; it can be used only by internal management |
|
|
Term
| contribution margin per unit |
|
Definition
| the excess of the unit sales price over the variable cost per unit |
|
|
Term
| contribution margin ratio |
|
Definition
| ratio of contribution margin to sales revenue |
|
|
Term
|
Definition
| everyday goods and services that people buy frequently, usually without much conscious planning |
|
|
Term
|
Definition
| describes how costs change as volume changes |
|
|
Term
|
Definition
| a mathematical equation for a straight line that expresses how a cost behaves |
|
|
Term
|
Definition
| a method of setting prices based on production and marketing costs, rather than conditions in the marketplace |
|
|
Term
|
Definition
| cost behavior that is not linear |
|
|
Term
|
Definition
| measures unemployment caused by a lack of demand for those who want to work |
|
|
Term
|
Definition
| a continuous decrease in prices over time |
|
|
Term
|
Definition
| refers to how much of a good or service people want to buy at any given time |
|
|
Term
|
Definition
| what economists use to illustrate the relationship between demand and price |
|
|
Term
|
Definition
| the study of statistical characteristics of a population |
|
|
Term
|
Definition
| usually associated with falling prices |
|
|
Term
|
Definition
| changes in income levels, population changes, consumer preferences, complementary goods, substitute goods |
|
|
Term
|
Definition
| technology changes, changes in resource prices, price expectations, number of suppliers, price of substitute goods |
|
|
Term
|
Definition
| the interest rate banks are charged when they borrow emergency funds from the Fed |
|
|
Term
|
Definition
| temporary price reductions to stimulate sales or lower prices to encourage certain behaviors such as playing with cash |
|
|
Term
| discretionary fixed costs |
|
Definition
| fixed costs that are a result of annual management decisions; fixed costs that are controllable in the short run |
|
|
Term
|
Definition
| a decrease in the rate of inflation |
|
|
Term
|
Definition
| systems for moving goods and services from producers to consumers; also known as marketing channels |
|
|
Term
|
Definition
| creating new products for new markets |
|
|
Term
|
Definition
| occurs when there are only two providers of a good or service |
|
|
Term
|
Definition
| continually adjusting prices to reflect changes in supply and demand |
|
|
Term
|
Definition
| a system that tries to balance the available resources of a country against the wants and needs of consumers |
|
|
Term
|
Definition
| used to track employees' keystrokes and emails, examine their internet browsing histories, and even monitor their cell phone and instant messaging usage |
|
|
Term
|
Definition
| the price in which supply equals demand |
|
|
Term
|
Definition
| the study of general nature of morals and the specific moral choices a person makes |
|
|
Term
|
Definition
| designed to boost the awareness of their employees about ethical issues |
|
|
Term
|
Definition
| the act of obtaining a desired object or service from another party by offering something of value in return |
|
|
Term
|
Definition
| inexpensive products that organizations generally use within a year of purchasing |
|
|
Term
|
Definition
| refers to the physical arrangement of resources and people in the production process and how they interact |
|
|
Term
|
Definition
| using a brand name on a variety of products |
|
|
Term
|
Definition
| the policy in which the government detemines the appropriate level of taxes and spending |
|
|
Term
|
Definition
| costs that do not change in total despite wide changes in volume |
|
|
Term
|
Definition
| business costs that remain constant regardless of the number of units produced |
|
|
Term
|
Definition
| a hybrid pricing strategy of offering some products for free while charging for others, or offering a product for free to some customers while charging others for it |
|
|
Term
|
Definition
measures temporary unemployment in which workers move between jobs, careers and locations
|
|
|
Term
|
Definition
| the careful monitoring of power consumption and other environmental impacts of computing devices |
|
|
Term
|
Definition
| the volume of sales at which a company would be indifferent between alternative costs structures because they would result in the same total cost |
|
|
Term
|
Definition
| a rise in the general level of prices over time |
|
|
Term
|
Definition
| if the price is lower, then less of the product is supplied and vice versa |
|
|
Term
|
Definition
| the specific laws governing the products or processes of a specific industry |
|
|
Term
|
Definition
| an agreement to produce and market another company's product in exchange for a royalty or fee |
|
|
Term
|
Definition
| a graphic or textual representation of a brand |
|
|
Term
|
Definition
| excess of expected sales over breakeven sales; the drop in sales a company can absorb without incurring an operating loss |
|
|
Term
|
Definition
| the mechanism by which buyers and sellers exchange goods and services |
|
|
Term
|
Definition
| a group of customers who need or want a particular product and have the money to buy it |
|
|
Term
|
Definition
| selling existing products to new markets |
|
|
Term
|
Definition
| individuals are able to make their own economic decisions |
|
|
Term
|
Definition
| selling more of a firm's existing products into the markets it already serves |
|
|
Term
|
Definition
| the price at which everyone who wants the item can get it without anyone wanting more or without any of the item being left over |
|
|
Term
|
Definition
| the division of a diverse market into smaller, relatively homogenous groups with similar needs, wants, and purchase behavior |
|
|
Term
|
Definition
| a firm's portion of the total sales in a market |
|
|
Term
|
Definition
| the process of creating value fro customers and building relationships with those customers in order to capture value back from them |
|
|
Term
|
Definition
| an approach to business management that stresses customer needs and wants, seeks long-term profitability, and integrates marketing with other functional units within the organization |
|
|
Term
|
Definition
| the four key elements of marketing strategy; product, price, distribution and customer communication |
|
|
Term
|
Definition
| the collection and analysis of information for making marketing decisions |
|
|
Term
|
Definition
| an overall plan for marketing a product; includes the identification of target market segments, a positioning strategy and a marketing mix |
|
|
Term
|
Definition
| the production of goods or services tailored to meet customers' individual needs cost-effectively |
|
|
Term
|
Definition
| producing large quantities of goods at a low cost |
|
|
Term
|
Definition
| the study of how individual businesses, households, and consumers make decisions to allocate their limited resources in exchange of goods or services |
|
|
Term
|
Definition
| defines the core purpose of the organization and often describes its values, goals, and aspirations |
|
|
Term
|
Definition
| costs that change, but not in direct proportion to changes in volume -- mixed costs have both variable vost and fixed cost components |
|
|
Term
|
Definition
| a blend of market and planned economics |
|
|
Term
|
Definition
| the policy in which government manags the supply of money |
|
|
Term
|
Definition
| when there are many buyers and sellers and little perceived difference among consumers |
|
|
Term
|
Definition
| occurs when there is only one provider of a service of good |
|
|
Term
|
Definition
a perspective that holds that there is no universal moral truth; instead, there are only people's individual beliefs, perspectives, and values
|
|
|
Term
|
Definition
| brands owned by manufacturers |
|
|
Term
|
Definition
| a form of offshoring in which a company moves jobs to foreign location that is geographically close or linguistically and culturally similar to the domestic country |
|
|
Term
|
Definition
| differences between a person's actual state and his or her ideal state; they provide the motivation to actually make a purchase |
|
|
Term
|
Definition
| the relocation by a company of a business process from the US to another nation |
|
|
Term
|
Definition
| when only a few sellers exist and each seller has a fairly large share of the market |
|
|
Term
|
Definition
| a software application that enables very quick analysis of combinations of different business factors |
|
|
Term
|
Definition
| the primary tool the Fed uses in its monetary policy, buying and selling US Treasury and federal agency bonds on the open market |
|
|
Term
| operating leverage factor |
|
Definition
| at a given level of sales, the contribution margin divided by operating income; the operating leverage factor indicates the percentage change in operating income that will occur from a 1% change in sales volume |
|
|
Term
|
Definition
| a computer-based pricing method that creates a demand curve for every product to help managers select a price that meets specific marketing objectives |
|
|
Term
|
Definition
| companies, government agencies, and other organizations that buy goods and services either to resell or to use in the creation of their own goods and services |
|
|
Term
|
Definition
| abnormal date points; data points that do not fall in the same general pattern as the other data points |
|
|
Term
|
Definition
| when a company contracts with an outside firm to handle a specific part of its daily business activities |
|
|
Term
|
Definition
| allowing customer's to pay the amount they think a product is worth |
|
|
Term
|
Definition
| introducing anew product at a lower price in hopes of building sales volume quickly |
|
|
Term
|
Definition
| when there are many buyers and sellers of products that are virtually identical and any seller can easily enter and exit the market |
|
|
Term
|
Definition
| the principles that guide the decisions you make in life |
|
|
Term
|
Definition
| marketing efforts to attract people and organizations to a particular geographic area |
|
|
Term
|
Definition
| the government plays a significant role in determining the goods and services that are provided and how they are produced and distributed |
|
|
Term
|
Definition
| managing a business in a way designed to occupy a particular place in the minds of target customers |
|
|
Term
|
Definition
| the amount of money charged for a product or service |
|
|
Term
|
Definition
| a measure of the sensitivity of demand to changes in price |
|
|
Term
|
Definition
| a measure of the sensitivity of demand to changes in price |
|
|
Term
|
Definition
| brands that carry the label of a retailer or a wholesaler rather than a manufacturer |
|
|
Term
|
Definition
| the conversion of government owned production and services to privately owned, profit seeking enterprises |
|
|
Term
|
Definition
| groups together similar tasks and the product moves from one station to the next -- used mostly to produce low volume, customized products |
|
|
Term
|
Definition
| a bundle of valuethat satisfies a customer need or want |
|
|
Term
|
Definition
| creating new products for a firm's current markets |
|
|
Term
| product development process |
|
Definition
| a formal process of generating, selecting, developing, and commercializing product ideas |
|
|
Term
|
Definition
| used mostly for high volume, standardized products that can be produced in a sequential fashion |
|
|
Term
|
Definition
| four stages through which a product progresses: introduction, growth, maturity, and decline |
|
|
Term
|
Definition
| a series of related products offered by a firm |
|
|
Term
|
Definition
| the complete portfolio of products that a company offers for sale |
|
|
Term
|
Definition
| the process of getting a good or service to the customer |
|
|
Term
|
Definition
| the planning, implementation, and control measures used to convert resources into finished products |
|
|
Term
|
Definition
| a descriptionof how resources are to be used to develop a product in a specific way |
|
|
Term
|
Definition
| a wide variety of persuasive techniques used by companies to communicate with their target markets and the general public |
|
|
Term
|
Definition
| the different languages that are used to transfer information across the internet |
|
|
Term
|
Definition
| preproduction samples of products used for testing and evaluation |
|
|
Term
|
Definition
| classification of customers on the basis of their psychological makeup, interest, and lifestyles |
|
|
Term
|
Definition
| a decline in the GDP for two or more successive quarters in a year |
|
|
Term
|
Definition
| a statistical procedure for determining the line that best fits the data by using all of the historical data points, not just the high and low data points |
|
|
Term
|
Definition
| a focus on developing and maintaining relationships with customers, suppliers, and distribution partners for mutual benefit |
|
|
Term
|
Definition
| the band of volume where total fixed costs remain constant at a certain level and where the variable cost per unit remains constant at a certain level |
|
|
Term
|
Definition
| the minimum amount of money banks must hold in reserve to cover deposits |
|
|
Term
|
Definition
| the combination of products that make up total sales |
|
|
Term
|
Definition
| a graph that plots the historical cost and volume data |
|
|
Term
|
Definition
| measures those out of work during the off-season |
|
|
Term
|
Definition
| a what-if technique that asks what results will be if actual prices or costs change or if an underlying assumption changes |
|
|
Term
|
Definition
| fairly important goods and services that people buy less frequently with more planning and comparison |
|
|
Term
|
Definition
| not enough supply to meet demand |
|
|
Term
|
Definition
| people make decisions based on a specific situation instead of universal laws |
|
|
Term
|
Definition
| charging a high prices for a new product during the introductory stage and lowering the price later |
|
|
Term
|
Definition
| cell phones with more features that allow employees to access their e-mail and the internet from virtually anywhere |
|
|
Term
|
Definition
| a study of how well a company is meeting its social responsibilities |
|
|
Term
|
Definition
| the creation and sharing of product-related information among customers and potential customers |
|
|
Term
|
Definition
| the government owns or controls many basic businesses and services so that profits can be distributed evenly among the people |
|
|
Term
| socially responsible investing |
|
Definition
| investing only in companies that have met a certain standard of CSR |
|
|
Term
|
Definition
| particular brands that the buyer especially wants and will seek out, regardless of location or price |
|
|
Term
|
Definition
| can run hundreds of different statistical and financial functions with no programming required |
|
|
Term
| statistical process control (SPC) |
|
Definition
| uses statistical sampling of products at every phase of production and displays the results on a graph to show potential variations that need to be corrected |
|
|
Term
|
Definition
| the delivery of marketing messages to people who are not aware that they are being marketed to; these messages can be delivered by either acquaintances or strangers, depending on the technique |
|
|
Term
|
Definition
| a cost behavior that is fixed over a small range of activity and then jumps to a different fixed level with moderate changes in volume |
|
|
Term
| strategic marketing planning |
|
Definition
| the process of examining an organization's current marketing situation, assessing opportunities, and setting objectives, and then developing a marketing strategy to reach those objectives |
|
|
Term
|
Definition
| measures permanent unemployment associated when an industry changes in such a way that jobs are terminated completely |
|
|
Term
|
Definition
| goods that can be used in place of other goods |
|
|
Term
|
Definition
| refers to how much of a good or service is available for purchase at any given time |
|
|
Term
|
Definition
| not enough demand to get rid of supply |
|
|
Term
|
Definition
| the process of working to improve the quality of life in ways that simultaneously protect and enhance the earth's life support system |
|
|
Term
|
Definition
| specific customer groups or segments to whom a company wants to sell a particular product |
|
|
Term
|
Definition
| reducing business traffic and office energy needs and is contributing to a more environment friendly, greener business landscape |
|
|
Term
|
Definition
| a product development stage in which a product is sold on a limited basis to gauge its market appeal |
|
|
Term
|
Definition
| brands that have been given legal protection so that their owners have exclusive rights to their use |
|
|
Term
|
Definition
| an exchange of value between parties |
|
|
Term
|
Definition
| value from satisfying a consumers' wants or needs |
|
|
Term
|
Definition
| the power of a good or service to satisfy a human need |
|
|
Term
|
Definition
| a method of seeing prices based on customer perceptions of value |
|
|
Term
|
Definition
| the costing method that assigns only variable manufacturing costs to products. all fixed manufacturing costs are expenses as period costs |
|
|
Term
|
Definition
| costs incurred for every unit of activity; as a result, total variable costs change in direct proportion to changes in volume |
|
|
Term
|
Definition
| business costs that increase with the number of units produced |
|
|
Term
|
Definition
| specific goods, services, experiences, or other entities that are desirable in light of a person's experiences, culture, or personality |
|
|
Term
|
Definition
| an employee who reports misconsduct, most often to an authority |
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|
