Bus101 Final Exam PDF

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COMPLETE FINAL EXAM REVIEW...

Description

1. Marketing = Processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients and partners. 2. Customer Relations Management = Using info about customers to create a marketing strategy to develop and maintain customers 3. Marketing Concept = Business philosophy that a firm should provide goods and services that satisfy customers’ needs through set of activities that allow firm to reach objectives 4. Marketing Strategy = A plan that will enable an organization to make the best use of its resources and advantages to meet objectives 5. Marketing Mix = Price, product, distribution and promotion developed to satisfy a market 6. Target Market = Groups / individuals which a firm develops and maintains a marketing mix suitable for specific needs of a precedence of a group 7. Market Segmentation = Dividing a market into segments and directing a marketing mix at a specific segment rather than the total market. 8. Sales Forecast = Estimate of the amount of product that an organization expects to sell during a certain period of times based on specific level of marketing effort. 9. Market Info System(MIS) = Managing marketing info that is continually gathered from internal and external sources 10.

Consumer Product = Satisfy personal and family needs

11. Product Life Cycle = series of stages in which a products sale, revenue & profit increase, reach a peak, then decline. 

Stages of Product Life Cycle = Intro... Growth… Maturity… Decline

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Product Line = Similar products, differ minor

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Product Mix = All the products a firm offers to sale

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Brand Name = Part of a brand that can be spoken

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Trademark = Registered US patent

16. Brand Loyalty = Extent in which a customer is favorable toward buying a specific brand 17. Break Even = Number of units that must be sold for total revenue to = total costs

18. Premium Pricing = Pricing the highest quality products higher than other models in product line 19. Channel of Distribution = Sequence of marketing organizations that directs a product from producer to user 20. Selective Distribution = the use of only a portion of the available outlets for a product in each geographic area 21. Supply Chain Management = long-term partnership between channel members working together to create a system with less inefficiencies with cost while creating a competitive advantage and satisfying customers 22. Category Killer = Very larger specialty store that concentrates on a simple product line and competes based on low prices and product availability. 23. Physical Distribution = All those activities concerned with the efficient movement of products from the producer to the user 24. Inventory Management = Process of managing inventory to minimize inventory costs including holding cost and potential stock-out costs 25. Podcast = Digital, audio or video files that people listen to or watch online or on tablets, computers, mp3 players and smart phones 26. Forum = Interactive version of a community bulletin board that focuses on threaded discussions 27. Knowledge Management(KM) = A firm’s procedure for generating, using and sharing data and information 28. Management Information System(MIS) = System that provides managers and employees with information needed to perform jobs most efficiently 29. Generally Accepted Accounting Principles(GAAP) = Accepted set of guidelines and practices for US companies reporting financial information for the accounting profession 30. Sarbanes – Oxley Act 2002 = help insure financial information is accurate and prevent accounting scandals      

5-member accounting board financial officer responsible for intentional violations company can’t provide no audit service to audit company 5 years’ worth of financial documents 20 years in jail for destroying financial documents change audit firm every 5 years

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Asset = Resources a business owns

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Liability = Firm’s debts and obligations

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Liquidity = Ease at which assets are converted to cash

34. Intangible Asset = Do not exist physically but have a value based on the rights they confer as a firm…. Copyrights, patents, trademark and brands. 35. Income Statement = Summary of a firms’ revenue and expenses during a specified accounting time. 36. Statement of Cash Flow = Statement that illustrates how the company’s operating, investing and financing activity affect cash during an accounting period 37.

Long term financing = money used for longer than one year

38. Risk return ratio = Ratio based on the principal that a high-risk decision should generate higher financial returns for a business and more conservative decisions often generate lower returns. 39. Financial plan = plan for obtaining and using the money needed to implement an organizations goals and objective 40. Budget = financial statement that projects income, expenditures, or both over a specified future period. 41. Zero base budget = budgeting approach in which every expense in every budget must be justified 42. Equity capital = $$ received from the owners or from the sale / shares of ownership in a business 43. Unsecure financing = financing that is not backed by collateral 44. Initial public offering = occurs when a corporation sells common stock to the public for the first time 45. Primary Market = Market in which an investor purchases financial securities directly from the issuer of those securities. 46.

Common Stock = Owners may vote but don’t get paid on dividends...