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Exam 4
ch. 13, 14, 15, & 16
73
Business
Undergraduate 1
04/12/2018

Additional Business Flashcards

 


 

Cards

Term
What is the most basic definition of Marketing?
Definition

it is :

  1. Find best Prices
  2. Identify product features
  3. Question sellers
Term
What are the 4 Ps?
Definition
  1. Product
  2. Price
  3. place
  4. Promotions
Term
[image]
Definition
  1. Production
  2. Sales
  3. Marketing concept
  4. Customer Relationships
Term
What was so great about the Sales Era?
Definition
There was unlimited market space
Term

What 3 factors make-up the marketing concept?

HINT: Orientations

Definition
  1. Customer
  2. service
  3. Profit
Term
What does CRM stand for?
Definition
Customer Relationship Management
Term
What are the 3 main responsibilities of a CRM?
Definition

Their main responsibilities are all devoted to the customer to:

  1. Learn
  2. Satisfy
  3. Enhance satisfaction to maintain and build customer loyalty
Term
What is B2B?
Definition
Business to Business
Term
What is B2C?
Definition
Business to Customer
Term
What are the stages of Product Line Cycles?
Definition
  1. Introduction
  2. Growth
  3. Maturity
  4. Decline
Term
What are 2 major markets in business?
Definition
  1. B2C
  2. B2B
Term
What does the consumer market consist of?
Definition
All individuals who want goods or services for use, consumption, or resources
Term
What does a B2B consist of?
Definition

Individual or organizations that are want to buy goods and services to produce more goods and services

-OR-

Financial Audit

Term
Who is responsible for preparing financial statements for financial managers?
Definition
Accountants
Term
What are 3 specific ways a firm can fall financially?
Definition
1. Under capitalization
2. Poor cash-flow control
3. Poor expense Control
Term
What is the purpose of internal audits?
Definition
Help accountant statements be more reliable and accurate
Term
Whom is responsible for planning for Long-Term assets?
Definition
Financial Managers
Term
What type of forecast is based on predicted revenues & expenses for the next 12 months?
Definition
Short-Term Forecast
Term
What do financial controls do?
Definition
They identify variances in financial plans and take corrective action to fix them
Term
What does "Time Value of Money" refer to?
Definition
Money is more valuable now than later
Term
What budget would all supplies, salaries, rent, travel and advertisement fall under?
Definition
Operating (Master) Budget
Term
If a firm compares incurred expenses to the predicted expense report, what is the firm doing?
Definition
Using Financial Control
Term
What is capital expenditure?
Definition
they are major Long-Term investments
Term
What type of financing raises funds through forms of borrowing?
Definition
Debt Financing
Term
If a firm decides to raise funds via sales of stock; what is this called?
Definition
Equity Financing
Term
What Need is there for Day-by-Day managing/
Definition
Cash
Term
What are the 3 types of budgets?
Definition
1. Capital Budget
2. Cash Budget
3. Operating (Master) Budget
Term
What does the capital budget monitor?
Definition
Spending Plans
Term
What does the Cash Budget monitor?
Definition
A particular time of in and out cash-flow
Term
What does Liquidity do?
Definition
It is transforming Assets to cash
Term
What is it when a firm uses leverage?
Definition
They borrow money to run firm
Term
What do Cash-flow statements show?
Definition
Where the money is spent internally and externally at a firm
Term
How do we find Return on Sales?
Definition
Net Income/ Net Sales
Term
How do we find the Return on Equity?
Definition
Net Income (AFTER TAXES)/ Owner's Equity
Term
What is on an Income Statement?
Definition
1. Revenues
2. Cost of goods sold
3. Gross Profit
4. Operating Expenses
5.Net Income after taxes
Term
What do Financial Statements indicate?
Definition
  1. A firms Health and Stability
  2. Key factors in management decision making
Term
What type of document summarizes a firm's transaction of a year?
Definition
A Financial Statement
Term
What type of Document shows what is owed on a CERTAIN DAY?
Definition
Balance Sheet
Term
What is an Income Statement?
Definition
A document that shows a firm's revenue over a specific time period
Term
What do cash-flow statements indicate?
Definition
A cash flow statement highlights the cash going in and going out of a firm
Term
What is the most fundamental equation to find assets?
Definition
Assets = Liabilities+ Owners Equity
Term
What are the 3 types of assets?
Definition
  1. Fixed
  2. Current
  3. Intangible
Term
What type of Asset has Liquidity of a year?
Definition
Current Assets are the product of inventory of a firm that is short-term and easily converted into cash
Term
What type of asset is a building or the land a firm owns considered?
Definition

It is a Fixed Asset:

Long-Term

Relatively permanent

Term
What is an Intangible Asset?
Definition
It is something that hold value, but doesn't have a physical form, Long-Term
Term
What Is an Asset?
Definition
An Asset is anything that holds value and is an Economic Resource
Term
What is Integrated Marketing Communication used for?
Definition
To combine marketing and Promotions
Term
Where might you see b2b and b2c?
Definition

B2B:

Would be in a trade show

B2C:

Would be coupons

Term
How much was spent on advertising last year?
Definition
$215 Billion
Term
What is it called when you are Face-to-Face with a customer for presentation and promotion of a product?
Definition
Personal Selling
Term
What are the steps to decision making in a B2C?
Definition
  1. Follow-up
  2. Close Sale
  3. Make Presentation
  4. Ask Questions
  5. Approach
Term

What is the Product Cycle?

&

What are the Stages?

Definition

It is the life of a product

&

  1. Intro
  2. Grow
  3. Mature
  4. Decline
Term
What is the clear difference between publicity and advertisement?
Definition
Publicity is the causation of advertisement and Publicity is to give notice to a product, person, or an event that is not specifically requested
Term
What is the definition of a trademark?
Definition
It is a Legally protected symbol that no other company may use
Term
What is a brand?
Definition
Name, symbol, and design
Term
What do Loyalties invoke in consumers?
Definition
A degree to which consumers further business with that firm
Term

What helps P2C?

&

What is it called?

Definition

Intermediaries

&

Channel of Distributions

Term
What is a Perfect promotion?
Definition
When a customer NEEDS your Product
Term
What are the 4 P's?
Definition
  1. Product
  2. Price
  3. Place
  4. Promotions
Term

What is Primary Data?

&

What is Secondary Data?

Definition
Primary Data is information that has not been previously collected; while, secondary is already collected and organized.
Term
What are the steps a consumer should take to make a purchase on a product?
Definition
  1. Problem Recognition
  2. Information Search
  3. Alternative Evaluation
  4. Purchase Decision
  5. Post-Purchase Evaluation
Term
What is the single term that describes the 4 P's?
Definition
Marketing Mix
Term

What is a CRM?

&

What are they responsible for?

Definition

Customer Relations Manager

&

They focus on Customer Loyalty

Term

Who would have a Capital Account?

 

Definition
Proprietors & Partners
Term
What are accumulated funds of a firm's profitable earnings?
Definition
Retained Earnings
Term
How do Corporations Treat the owner?
Definition
  1. Record owner's claims to funds
  2. Record owners retained earnings
Term
We had this term previously so what is a product line?
Definition
A Product Line is a group of items that are physically alike, or intended for a similar market
Term

What is the definition of "Total Product Offer"?

&

What are the components?

Definition

It is Everything that consumers evaluate before ans when deciding to buy something

&

[image]

 

Term

What are value enhancers?

&

Why use them?

Definition
  1. Brand
  2. Pricing
  3. Advertisement
  4. packaging

&

To create a unique and attractive image

Term
Who do Wholesalers sell to?
Definition
  1. Retailers
  2. Manufacturers
  3. Any B2B
Term

What are Agents/ brokers?

&

Who do they sell to?

Definition

It is a combination of buyers and sellers together that assist in negotiations

&

Trick Question!!! they don't sell to any person but they assist in the event.

Term
What is the idea behind the marketing concept?
Definition
Customer's needs are addressed and met
Term
What elements of the marketing concept are mutually beneficial to the buyer and seller?
Definition
  1. Customer
  2. Service
  3. Profit
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