Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
POB Spr Final Study
POB Study Guide for Spring Final
| Term | Definition |
|---|---|
| marketing concept | Approach to business that focuses on satisfying customers in order to achieve profit goals. |
| place | Includes the activities involved in getting goods and services to customers. |
| product | Anything that can be bought or sold. |
| marketing mix | Strategy for using the elements of product, price, place, and promotion. |
| customer profile | Detailed description of the typical consumer in a market segment. |
| promotion | Process of communicating with potential customers in an effort to influence their buying behavior. |
| external influence | Motivator or change factor from those outside the company. |
| mass marketing | Marketing to a larger group of people who might buy a product. |
| demographic segmentation | Dividing the market of potential customers by their personal statistics. |
| behavioral segmentation | Divides a market by the relationships between customers and the good or service. |
| extensive buying decision | B2C purchase that involves a great deal of research and planning. |
| personal influence | Influence that makes each individual unique. |
| routine buying decision | B2C purchase made quickly and with little thought. |
| internal influence | Motivator or change factor that comes from within the business itself. |
| price | Amount of money requested or exchanged for a product. |
| bait and switch | Practice of advertising one product with the intent of persuading customers to buy a more expensive item when they arrive in the store. |
| base price | General price at which the company expects to sell a product. |
| channel of distribution | Path that goods take through the supply chain. |
| feature | Fact about a product or service. |
| deceptive pricing | Pricing products in a way to intentionally mislead a customer. |
| bulk-breaking | Process of separating a large quantity of goods into smaller quantities for resale. |
| guarantee | Promise that a product has a certain quality or will perform in a specific way. |
| freight forwarder | Company that organizes shipments. |
| direct channel | Path of selling goods or services directly from manufacturer to end users. |
| list price | Established price printed in a catalog, on a price tag, or in a price list. |
| e-tailer | Retailer that sells products through websites. |
| intangible | Something that cannot be touched. |
| loss leader | Pricing an item much lower than the current market price or the cost of acquiring the product. |
| markup | Amount added to the cost to determine the selling price. |
| indirect channel | Path of selling goods or services that uses intermediaries to get the product from manufacturer to end users. |
| action word | Verb that tell the readers what to do |
| brand name | Name given to the product consisting of words, numbers, or letters than can be read or spoken. |
| advertising campaign | Coordinated series of linked ads with a single idea or theme. |
| channel | How the message is transmitted. |
| advertising | Nonpersonal communication paid for by an identified sponsor. |
| press release | Story featuring useful company information written by the company PR contact. |
| product promotion | Promoting specific products or services. |
| copy | Ad text that provides information and sells the product. |
| logo | Picture, design, or graphic image that represents the brand. |
| layout | Arrangement of the headline, copy, and art on a page. |
| decoding | Translation of a message into terms that the receiver can understand. |
| hook | Aspect of an ad that grabs attention. |
| marquee | Overhanging structure containing a sign at the entrance of the store. |
| encoding | Process of turning the idea for a message into symbols that can be communicated. |
| signature | Identifies the person or company paying for an ad. |
| approach | Step in the sales process in which the salesperson makes the first in-person contact with a potential customer. |
| close | Moment when a customer agrees to buy a product. |
| combination approach | B2C approach that combines the greeting and merchandise approaches. |
| customer-service mindset | Attitude of a business and employees that customer satisfaction always comes first. |
| excuses | Personal reasons not to buy. |
| feature-benefit selling | Sales method of showing the major selling features of a product and how it benefits the customer. |
| greeting approach | B2C approach that consists of a friendly welcome to the store or department. |
| lead | A potential customer. |
| objections | Concerns or other reasons a customer has for not making a purchase. |
| overselling | Promising more than the product or the business can deliver. |
| merchandise approach | B2C approach in which the conversation starts with a comment about the product. |
| preapproach | Tasks that are performed before contact is made with a customer. |
| substitute selling | Sales technique of showing products that are different from the originally requested product. |
| sales process | Series of steps that a salesperson goes through to help the customer make a satisfying buying decision. |
| service approach | B2C approach that starts with the phrase “May I help you?” |
| accounts receivable aging report | Report that shows when accounts receivables are due, as well as the length of time accounts have been outstanding. |
| annual percentage rate (APR) | Annual cost of credit charged by a lender. |
| business credit | Credit granted to a business by a financial institution or another company. |
| accounts receivable | List of the individuals or businesses that owe money to a company. |
| debtor | Party receiving credit. |
| finance charge | Total amount paid by a borrower to a lender for the use of credit. |
| closed-end credit | Loan for a specific amount that must be repaid with all finance charges by a specified date or according to a specified schedule |
| principal | Amount of money borrowed. |
| secured credit | Credit loans that require collateral. |
| credit bureau | Private firm that maintains consumer credit data and provides credit information to businesses for a fee. |
| trade credit | Line of credit granted from one business to another for a short period of time to purchase goods and services. |
| collateral | Property that a borrower uses to secure a loan. |
| credit risk | The potential that credit will not be repaid. |
| creditor | Party extending credit. |
| collection agency | Company that collects past-due bills for a fee. |
| balance sheet | Reports the assets, liabilities, and owner’s equity. |
| business entity | Organization that exists independently of the owner’s personal finances. |
| cash flow statement | Reports how cash moves in to and out of a business. |
| chart of accounts | List of all accounts in the business. |
| current asset | Cash or any asset that will be exchanged cash or used within one year. |
| current ratio | Shows the relationship of assets to liabilities. |
| expense | Cost involved in operating a business. |
| debt ratio | Shows the percentage of dollars owed as compared to assets owned. |
| employee’s earnings record | Individual record maintained for each employee. |
| gross pay | Amount of income earned before taxes and other deductions are withheld. |
| journal | Form used to record business transactions in chronological order. |
| merchandise | Item, or items, that are bought with the intentions of reselling to a customer. |
| ledger | Group of accounts. |
| journalizing | Process of recording business transactions in a journal. |
| operating ratio | Shows the relationship of expenses to sales. |
| taxable income | Amount on which taxes are calculated. |
| unearned income | Earnings from sources other than work. |
| standard deduction | Fixed amount that may be deducted from adjusted gross income. |
| allowance | Amount of earnings not subject to income taxes. |
| tip | Money paid for service beyond what is required. |
| earned income | Income in the form of a wage, salary, or commission. |
| Form W-4 Employee’s Withholding Allowance | Form that helps an employer determine an employee’s payroll deductions. |
| tax credit | Amount that is subtracted from the taxes an individual owes if eligible. |
| wage | Payment for work and is usually calculated on an hourly, daily, or weekly basis. |
| net pay | Gross pay minus payroll deductions. |
| bonus | Money added to an employee’s base pay. |
| exemption | Amount that a taxpayer can claim for each person who is dependent on that person’s income. |
| itemized deduction | An allowed expense that can be deducted from adjusted gross income. |
| Form W-2 Wage and Tax Statement | Form that shows earnings and tax deductions withheld during the year. |
| annuity | An investment that provides regular income for a set period of time, usually for life. |
| cashier’s check | Special type of check that the bank guarantees to pay. |
| diversification | The process of spreading risk by putting money in a variety of investments. |
| endorsement | Signature on the back of a check. |
| certified check | Personal check certified by the bank to be genuine with enough money in the account to cover the check. |
| estate | Consists of the assets and liabilities a person leaves when he or she dies. |
| individual retirement account | A vehicle that holds chosen personal retirement investments. |
| money order | Payment order for a specific amount of money payable to a specific payee. |
| executor | Person appointed to carry out the terms outlined in a will. |
| postdated check | Check written with a future date. |
| payee | Person, business, or organization to whom a check is written. |
| interest-bearing savings account | Type of demand deposit account that pays interest and allows regular deposits and withdrawals. |
| reconcile | Comparing the check register to a bank statement to balance the checking account. |
| certificate of deposit | Savings account that requires a fixed deposit amount for a fix period of time. |
| overdraft | Check written for an amount greater than the balance of the account. |
| coinsurance | Percentage of health service costs that patients pay. |
| comprehensive medical insurance | Combines basic and major medical protection in one policy. |
| copayment | Flat fee a patient must pay for medical services |
| actual cash value | Covers the cost of replacing what is lost minus depreciation. |
| depreciation | Decrease in the value of property as a result of age or wear and tear. |
| exclusion | Medical service that is not covered in an insurance plan. |
| inpatient | Person whose care requires a stay in a hospital. |
| major medical insurance | Typically covers the costs of serious illnesses and high-cost procedures and injuries. |
| term life insurance | Insurance that provides protection for a specific period of time. |
| preauthorization | Approval from the plan before receiving certain procedures and treatments. |
| no-fault auto insurance | Insurance plan that eliminates the fault finding process in settling claims. |
| whole life insurance | Insurance that provides basic lifetime protection as long as premiums are paid. |
| umbrella policy | Insurance policy that covers loss amounts that are higher than those covered by primary policies. |
| beneficiary | Person or organization named by a policyholder to receive the death benefit of an insurance policy after the policyholder’s death. |
| managed care plan | Plan in which the insurance company contracts with specific doctors, hospitals, and other health-care providers. |
| skill | Something an individual does well. |
| occupational training | Education that prepares a person for a specific type of work. |
| postsecondary education | Any education achieved after high school. |
| job-specific skills | Critical skills necessary to perform the required work-related tasks of a position. |
| not-for-profit school | A school that puts the money it earns back into the school. |
| need-based award | Financial-aid awards available for students and families who meet certain economic requirements. |
| goal | Something a person wants to achieve in a specified time period. |
| informational interviewing | Strategy used to interview a professional to ask for advice and direction, rather than asking for a job opportunity. |
| interest | A feeling of wanting to learn more about a topic or to be involved in an activity. |
| career clusters | Groups of occupational and career specialties. |
| career pathways | Subgroups that reflect occupations requiring similar knowledge and skills. |
| 529 plan | Savings plan for education operated by a state or educational institution. |
| certification | Professional status earned by an individual after passing an exam focused on a specific body of knowledge. |
| formal education | Education received in a school, college, or university. |
| for-profit school | A school that is set up to earn money for investors. |
| mock interview | Practice interview conducted with another person. |
| reference | Person who can comment on the qualifications, work ethic, personal qualities, and work-related aspects of another person’s character. |
| portfolio | Selection of related materials that an individual collects to show qualifications, skills, and talents that support a career or personal goal. |
| verbal communication | Speaking words to communicate. |
| keyword | Word or term that specifically relates to the functions of the position for which an employer is hiring. |
| career objective | Summary of the type of job for which the applicant is looking. |
| résumé | Document that profiles a person’s career goals, education, and work history. |
| background check | Investigation into personal data about a job applicant. |
| job application | Form with spaces for contact information, education, and work experience. |
| behavioral question | Questions that draw on a person’s previous experiences and decisions. |
| cover message | Letter or e-mail sent with a résumé to introduce an applicant and summarize reasons for applying for a job. |
| hypothetical question | Questions that require a candidate to imagine a situation and describe how he or she would act. |
| employment verification | Process through which the information an applicant’s résumé is checked to verify that it is correct. |
| job interview | Employer’s opportunity to review a candidate’s résumé and ask questions to see if he or she is qualified for the position. |
| chronological résumé | Document that profiles a person’s career goals, education, and work history in reverse chronological order. |
| payroll deduction | Subtraction from gross pay. |
Created by:
mrstephens
Popular Business sets