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quiz/exam 2
intro to buisness vocab
110
Business
Undergraduate 1
04/16/2014

Additional Business Flashcards

 


 

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Term
basic steps to new product development
Definition
Idea generation, product screening, product analysis, development, testing
Term
Idea generation
Definition
most ideas come from inside the company
Term
product screening
Definition
reduces the ideas to those with the highest potential
Term
product analysis
Definition
cost, sales and other factors are analyzed for profitability
Term
development
Definition
creating a complete product with several variations
Term
testing
Definition
if profitability looks good the product will be tested by other markets
Term
commercialization
Definition
promoting and maintaining interests in the product among distributors and consumers
Term
total product offering / value package
Definition
entices customers through service, surroundings, past experience, delivery and brand
Term
product lines
Definition
different variations of the same product
different flavors of the same spice or tea
Term
product mix
Definition
combination of product lines such as different toys bratz and barbie all made by matel
Term
product differentiation
Definition
tries to make close substitutes look differnet
Term
branding
Definition
a name, symbol, design, etc. that identifies products or services of a seller
Term
brand name
Definition
part of a brand that can be spoken; including letters words and numbers
Term
trademark
Definition
brand with legal exclusivity for both its name and logo
Term
marketing mix
Definition
pricing, product, placement, promotion
Term
packaging
Definition
used to entice the customer to buy a certain product
Term
product life cycle
Definition
introduction > growth > maturity > decline
Term
marketing strategy's
Definition
new imaging, niche focus, price changes and distribution adjustments
Term
pricing objectives
Definition
return on investment, building traffic, image support, increased market share, social impact
Term
pricing strategies
Definition
cost based, demand based, competition based
Term
cost based pricing
Definition
fundamental basis for price is the cost of the product
Term
demand based pricing
Definition
prices based on what consumers are willing to pay
Term
competition based pricing
Definition
pricing is made in close comparison to the competitions prices
Term
break even analysis
Definition
lets you know what the price has to be to make back all of the money it took to create the product
Term
Place
Definition
you can sell things in store, online, telemarketing, vending, kiosks,
Term
promotion
Definition
giving out information about your product to the target market to persuade them to buy it
Term
Integrated Marketing Communication (IMC)
Definition
combines all promotional tools into a comprehensive strategy, this should lead to the creation of a positive product image and the meeting of goals
Term
advertising
Definition
paid, non personal, promotion of goods, services, companies and ideas by an identified sponsor
Term
advertising mediums
Definition
newspaper, direct mail, yellow pages, radio, television
Term
advertising techniques
Definition
product placement, infomercials/ product sales networks,
Term
product placement
Definition
having your products on screen and being used by the actors
Term
sales promotion
Definition
marketing efforts to create immediate
Term
Word of Mouth
Definition
Promoting people to tell positive things about the product to others
Term
viral marketing
Definition
viral marketing encourages people to pass along a message to others
Term
Public relations
Definition
the goal of pr is to develop activites or events that help promote a favorable relationship between a company and its customers and prospects
- influencing public opinion through the presentation of a clients image, message, or product
Term
publicity
Definition
publicity attempts to influence the press and other media to print stories that promote a favorable image of a company and its products or services
Term
Human Resource Management (HR)
Definition
fighting to attract and retain qualified personnel.
- determines staffing needs, recruitment, and management employee relationship management
- employee development, motivation, compensation, rewards, scheduling
Term
Hr responsibilities
Definition
recruitment and selection, training/development, performance assessment, compensation/rewards/benefits, correction/termination, motivation, employee/management relations
Term
hr challenges
Definition
overseas labor, skilled labor shortages, decreased loyalty, underemployment, aging workforce, regulations
Term
training and development takes place where
Definition
orientation, online, on the job, apprenticeship, vestibule/simulation
Term
management training
Definition
teaches communications, human relations and technical management skills
Term
performance assessment
Definition
based on previously developed and communicated standards specific to each job
Term
extrinsic employee rewards
Definition
monetary compensation (salaries, commissions, bonuses) and indirect/fringe benefits ( vacations, insurance, retirement plans)
Term
intrinsic rewards
Definition
recognition, accomplishment, status, loyalty
Term
Frederick Taylor:: Scientific Management
Definition
study of the most efficient way to perform any task
Term
Elton Mayo: Hawthorne Studies
(hawthorne effect)
Definition
workers felt more motivated when they were being studied because they felt more SPECIAL
Term
Maslow's hierarchy of needs
Definition
one a need is met it is no longer a motivator
B-T:
physical, safety, relational, esteem, self actualization
Term
Herzbergs Motivating Factors
Definition
hygiene factors - can cause dissatisfaction but no motivation
motivator factors - can create productivity
job rotation increases happiness
Term
Modern motivation theories
Definition
theory x, y, and z
Term
theory x - mcgregor
Definition
employees do not really want to work and that it is their job to structure work and energize the employee
Term
theory y - mcgregor
Definition
given the right conditions most people want to do well at work; the workforce is a pool of unused creativity
Term
theory z - ouchi
Definition
flexible and holistic, blend american and Japanese management styles
Term
Goal setting theory - peter drucker
Definition
motivating with ambitious but achievable goals
- also management by objectives (MBO)
Term
Expectancy Theory - victor vroom
Definition
people will assess any given goal/task and determine its possible outcomes to the associated rewards
Term
reinforcement theory
Definition
employees are motivated by positive and negative reinforcement of behaviors
Term
equity theory
Definition
people mentally calculate the differences between themselves and other workers
Term
why were unions created
Definition
so that laborers could increase their powers of negotiations with management
Term
craft unions (1790s)
Definition
focused on basic issues such as pay, hours, and work conditions
Term
Knights of Labor and the American Federation of Labor (AFL)
Definition
the common place management abuses during the industrial revolution led to their creation
- industrial unions that focused on manufacturing labor
Term
Congress of Industrial Organizations (CIO)
Definition
created when unskilled labor was shunned from the other unions
Term
1955
Definition
merge of the AFL-CIO to create an international union of labor organizations
Term
national labor relations act
Wagner Act 1935
Definition
mandated employees rights to organize and bargain collectively with their employers
- created national labor relations board (NLRB), meant that they all now had to bargain through a labor contract
Term
labor contract
Definition
contains provisions on conditions of employment and the procedures to be used in setting disputes during the term of the contract
Term
mediators
Definition
work with both sides to facilitate discussion, reach an agreement and suggest alternitives
Term
arbitrators
Definition
issue binding decisions
Term
strike (conflict tactic)
Definition
workers refuse to go to work and usually picket their employer
Term
boycott
Definition
asking consumers to not buy the products of the company
Term
lockout
Definition
shutting down the business to keep employees out of work
Term
management seeks injunctions
Definition
cal limit or halt a labor strike
Term
scabs
Definition
strikebreakers to replace all workers who go on strke
Term
finance
Definition
acquiring and managing funds , analyzes and plans a firms credit, cash flow, investments, and expenditures, then determines future paths
Term
accounting
Definition
recording, classifying, summarizing and interpreting financial events and transactions
" the language of business"
Term
accounting areas
Definition
management, financial, auditing, and taxation
Term
two main goals of accounting
Definition
provide info to management and report financial information to outside entities like stockholders, creditors and the government
Term
bookkeeping
Definition
the recording of business transactions
Term
double entry bookkeeping
Definition
recording transactions into journals and ledgers
Term
accounting cycle
Definition
analyze source documents, record items in journal, post to general ledger, perform a trial balance, prepare financial statements, analyze financial statements
Term
journal
Definition
record book where accounting data is first entered
Term
general ledger
Definition
specialized book where data is categorized and made available
Term
trial balance
Definition
a summary of all ledger data to determine if it is correct and balance
Term
fundamental accounting equation (balance sheet equation )
Definition
basic equation of accounting that reflects the relationship of assets, liabilities and owners equity
Term
assets
Definition
everything a corporation owns or that is due to it including current assets
Term
liabilities
Definition
debts, salaries, dividends, accounts payable, taxes payable and fixed liabilities like mortgage bonds and bank lowns
Term
owners equity
Definition
difference between a company's assets and liabilities
- the value that accrues to the owners
ending value
Term
fundamental accounting equation must always be balanced
Definition
assets= liabilities + owners equity
Term
key financial statements
Definition
balance sheet, income statement,
Term
balance statement
Definition
fundamental accounting equation is the core.
provides a quantitative summary of a compnay's financial condition at any specific point in time
part 1 - assets and liabilities
part 2 - equity
Term
income statement
Definition
shows a firs profit after costs, expenses and taxes. contains a summary of a business financial operations for a specific period of time.
details net profit
Term
line items on income statement
Definition
revenues, cost of goods sold, gross profit, operating expenses, net income
Term
revenues
Definition
the earnings of a firm before subtracting costs
Term
cost of goods sold
Definition
the costs of materials and resources to make product
Term
gross profit
Definition
amount made on sales after cost of goods
Term
operating expenses
Definition
costs involved in operating the business
Term
net income
Definition
amount remaining after all expenses have been deducted
Term
mini cooper USA
Definition
started in the UK
Term
intellectual property
Definition
laws, patents and other things are in place to protect intellectual properties and afford protections in many cases
Term
conscious parellelism
Definition
when competitors raise and lower their prices the same which limits price competition
Term
demographic, region and zone price change
Definition
ex) the poorer sometimes pay more because they have less demand
Term
SAS Technology
Definition
largest privately held software company in the world, employees treated like gold, save money because of low employee turnover
Term
the container store
Definition
1.5 best company to work for, highest wages in the industry, esteem needs met through notes and recognition, turnover is 15-20% not 90%
Term
Fredrick Mayo
Definition
Workers needed to be programmed like computers
Term
Southwest
Definition
hire for attitude and train for skill, most married couples
Term
new labor objective
Definition
people want employee benefits and job security
Term
patagonia
Definition
environmental sustainability is important
- you should be knowledgeable about the products that you make
- make employees take paid internships
Term
AON
Definition
- joe proesca, u.s. based company
Term
six step accountant cycle
Definition
analyze source documents, record transactions in journals, post journal entries to ledger, take a trial balance, prepare financial statements, analyze financial statements
Term
SEC
Definition
security exchange commission
Term
earnings management
Definition
financial manipulations to meet goals or make their situation seem stronger than it is
- can manipulate shareholder value
Term
material statements
Definition
if its inclusion would influence or change the judgement of a reasonable person
- allows you to leave things out of the statement
Term
creative billing
Definition
up coding and un bundling in order to make things more expensive
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