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Business Test 4
| Question | Answer |
|---|---|
| Ethics | The beliefs, values and standards of conduct regarding right and wrong in actions that effect others. |
| Corporate (Social) Responsibility | The collection of philosophies, policies, procedures and actions intended primarily to enhance society's welfare |
| Stakeholder | A person, group, or organization that has direct or indirect stake in an organization because it can affect or be affected by the organization's actions, objectives, and policies. |
| Sarbanes Oxley Act | Federal legislation designed to deter and punish corporate and accounting fraud and corruption. |
| Marketing, Marketing Concept | Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners and society at large. |
| Marketing Mix | Product, Pricing, Promotion, Place |
| Needs, Wants, Demands | Needs - Unsatisfactory conditions of the consumer that lead to actions that will make conditions better. Wants - Desire for specific objects that might satisfy the need. Demand - Want for specific products backed by the ability to pay. |
| Customer Satisfaction | A customer's feeling (pleasure or disappointment) resulting from comparing a product's perceived performance in relation to his or her expectations. |
| Six Environmental Factor Theories | (Competitors)(Economic Factors) (Technological Factors)(Social and Cultural Factors)(Political, Legal and Regulatory Factors)(Natural Environment) |
| Primary Data | Finding Facts and Figures newly collected for the projects. Observational Data(Watching), Questionnaire Data(Asking), Experimental Data(Asking) |
| Brand | Any feature that identifies one seller’s good or service as distinct from those of other sellers. |
| Market Segmentation, Target Marketing | The process of dividing the total market into several groups whose members have similar characteristics., marking directed toward those market segments and organization decides it can serve profitably. |
| bases for segmentation | homogenous, differentiable, identifiable and measurable, accessible, substantial, actionable and responsive, compatible |
| Demographic, psychographic | are the most recent statistical characteristics of a population., are any attributes relating to personality, values, attitudes, interests, or lifestyles. |
| Secondary Data | Finding facts and figures already recorded prior to the project. Internal Data, External Data. |
| Positioning | The science of fitting a product or service into one or more segments of a broad market so that it is set meaningfully apart from competitors. |
| Brand Equity | The differential effect that brand knowledge has on consumer response to the marketing of that brand. |
| Marketing channel, logistics | Marketing Channel - The path a good takes to get to it's consumer. Logistics - is the management of the flow of goods between the point of origin and the point of destination in order to meet the requirements of customers or corporations. |
| Direct Distribution | Distribution channels, in which the producer deals directly with a customer. Suited for the distribution of relatively expensive, complex products. Most common in B-to-B markets |
| Indirect Distribution | Distribution channels using one or more intermediaries. |
| Direct Distribution Advantages | Adv: Manuf. retains direct contact with and feedback from customers. Company keeps control over marketing ensures consistency. |
| Indirect Distribution Advantages | A: Manu gets access to a large customer base at once. Cost savings for both manu and cust through econ of scale. Channels facilitate the purchase process for cust (central shopping place, info). Channels may offer augmenting services. |
| Retailer | a merchant who sells goods at retail. |
| Wholesaler | someone who buys large quantities of goods and resells to merchants rather than to the ultimate customers. |
| Direct Distribution Disadvantages | Disads: Setting up a direct distribution channel is time consuming, costly and difficult. Company may have to sell its product on credit. |
| Indirect Distribution Disadvantages | D: Manu loses some control over marketing. Manu has to pay commissions. |
| Specialty Store | Offers complete selection in a narrow line of merchandise |
| Convenience Store | Offers staple convenience goods, easily accessible locations, extended store hours, and rapid checkouts |
| Discount Store | Offers wide selection of merchandise at low prices; off-price discounters offer designer or brand-name merchandise |
| Warehouse Club | Large, Warehouse-style store selling foods and general merchandise at discount prices to membership card-holders |
| Factory Outlet | Manufacturer-Owned Store selling seconds, production overruns, or discontinued Lines |
| Supermarket | Large, self-service retailer offering a wide selection of food and nonfood merchandise |
| Supercenter | Giant store offering food and general merchandise at discount prices |
| Department Store | Offers a wide variety of merchandise selections (furniture, cosmetics, housewares, clothing) and many customer services. |
| Convenience Products | Staples (cereal, soup), Impulse (Candy, sale products), Emergency(ice cubes, umbrellas) |
| Shopping Products | Homogeneous(appliances, Television sets), Hetergeneous (Furniture, Clothing, Camera's) |
| Specialty Products | Rich people searching for something to show off their richness. |
| Raw Material | Unprocessed expense items, either natural or farm products |
| Processed Material | precessed expense items that become part of a finished products |
| component parts | expense items that become part of a finished product |
| Capital Equipment, Heavy equipment | Major Capital goods |
| accessory equipments, light equipment | short lived, standard capital goods |
| Maintenance, repair or operations supplies | Expense items that do not become part of a finished product |
| Professional Services | Specialized services that support a firm's operatoin |
| Gini Index | A measure of inequality of income. |
| Balance of Trade | The Economic value of all products (goods and services) a country exports minus the value of all products it imports. |
| Balance of Payments | The Flow of all money in minus the flow of all the money out of the country. |
| Absolute Advantage | A nation has an absolute advantage if it can produce the good or service at a lower cost or with higher productivity |
| Comparative Advantage | When it can produce that good or service at a lower domestic opportunity cost than can a potential trading partner |
| Opportunity Cost | The highest-valued alternative that must be forgone when a choice is made |
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