Bus 101 Final Study Cards

97 cards

Final exam study cards


 
  
Created May 2, 2010
by
rkopec09

 

 
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  Side A   Side B
1
Benchmarking
 
Comparing your business to a competitors
2
4 P's of Marketing
 
Price - cost
Place - where its sold
Promotion - how to get word out about it
Product...
3
Push Markting V. Pull Marketing
 
Push - assuming customer is unable to make decision on their own, pushing information  onto...
4
Marketing 
 
*To help buyers buy
*Set standards of quality relative to price
*Creating and communicating...
5
Evolution of marketing
 
1. 1860 -mass produce for profit
2. 1920s - over production, focus on persuasion
3. Post...
6
Product
 
a physical good  or idea to satisfy a need or want
7
Test Marketing
 
testing products among potential customers
8
Brand Name
 
word, letter or phrase that differentiates one seller's goods from another
9
Focus Group
 
small group of people under direction of a discussion leader to communicate opinions on products...
10
Marketing Mix
 
The mix of different marking methods used to promote products. ie radio, tv, web ads, newspaper,...
11
Influences of Marketing:
Sociocultural
Psychological
Situational
 
1. family, culture, social class
2. perception, motivation
3. previous experiences, social...
12
Ways to segment market:
Demographics
Geographics
Psychographics
 
1. By city, region, state, physical location
2. By age, income, education
3. By values,...
13
Mass Marketing 
 
developing products and promotions to please a large market or group
14
Characteristics of Business to Business Marketing (6)
 
1. Few customers
2. usually larger organizations as customers
3. geographically concentrated
4....
15
Top - Bottom Pricing
 
based on costs to produce, then set price
16
Bottom - Up Pricing
 
set prices before considering costs
17
Product Line v. Product Mix
 
Line: group of products physically similar, intended for a similar market (ex. Frito Lay pretzels,...
18
Product Life Cycle (4 steps)
 
1. Introduction (market tested, high price, selective distribution)
2. Growth/Competition...
19
Pricing Strategies - Skimming
 
 Skimming - high prices, when product is highly demanded
20
Pricing Strategies - Low Prices/Everyday Low Prices
 
Low Prices - enter new market to beat competition

Everyday Low Prices (Walmart) -low...
21
Pricing Strategies - Competition Base
 
Competition Based - set pricing at, above, or below competition's pricing levels
22
Pricing Strategies - Cost Based
 
Set pricing based on costs of production comparing profit margins
23
Pricing Strategies - Price Leadership
 
One or more dominant firms set the pricing practices for all competitors in an industry to...
24
Pricing Strategies - Psychological Pricing
 
pricing goods and services at price points that make the product appear less expensive than...
25
Fixed Costs 
 
expenses that remain the same no matter how many products are made/sold (ex. building, equipment,...
26
Variable Costs
 
costs that change according to the level of production (ex. raw materirals, electricity, labor)
27
Channels of Distribution
 
intermediaries in the market that together transport and store goods in their path from producer...
28
Supply Chain
 
adds value at each step as the materials move to become a good, and information sent to the...
29
Marketing Intermediaries
 
Organizations that assist in moving goods/services from producers to consumers
Tend to...
30
Logistics
 
marketing activity involving steps from planning to manufacturing to end user the most effectively...
31
Inbound Logistics
 
managing the inbound  raw materials from suppliers to producers
32
Outbound Logistics
 
managing the flow of finished products to business buyers and ultimate consumers
33
Containerization
 
bar coded shipments as it travels, easy to locate
34
Freight Forwarder
 
an organization that puts many small shipments together to send them in a larger shipment  to...
35
Transportation Pros/Cons
 
Trains - great for large shipments
Trucks - good for small shipments to remote locations
By...
36
Loss Leader
 
to sell something that is at a low price in order to gain a customer to buy a more expensive...
37
Promotion Mix
 
Using a variety of promotions tools  (personal selling, public relations, sales promotions,...
38
Advertising
 
paid, non-personal communication, through various media with an identified sponsor
Ex. newspaper,...
39
The Selling Process (7 steps)
 
1. Prospect and Qualify - research prospective buyers, see if there is a need for it
2....
40
Publicity 
 
any information distributed about a product or an organization through the media to the public,...
41
Sales Promotion
 
to stimulate the consumer into purchasing and dealer interest by means of short term activities
Ex....
42
Managerial v. Financial Accounting
 
Managerial: make decisions based on the #s, how to utilize the resources of the company

Financial:...
43
Accounting System Inputs and Outputs
 
Inputs: Sales Documents, reciepts, payroll, travel records
Outputs: Financial statements...
44
Sarbanes Oxely Act
 
*when the accounting industry was under scrutiny
*created government standards for publicly...
45
Balance Sheet
 
financial statement that reports the financial condition at a specific time made up of assets,...
46
Selling Accounts Receivable
 
way to get rid of a liability - sell to a collections agency for pennies on the dollar, but...
47
Current Assets
 
 can be converted into cash with in a year

ex. cash, accounts receivable, inventory
48
Fixed Assets
 
 land, building, equipment
49
Intangible Assets
 
items like patents, copyrights, goodwill
50
Current Liabilities
 
payments due in one year or less

ex. accounts payable, taxes, salaries
51
Long Term Liabilities
 
payments due in over one year

ex. notes and bonds payable
52
Owners Equity
 
value of what stockholder's own in a firm (aka stockholder's equity)
53
LIquidity
 
ability for something to be converted into cash
54
Income Statement
 
shows a firm's profit after costs, expenses and taxes. It summarizes the  revenue, resources...
55
Net Income
 
revenue left after costs, expenses, and taxes are paid
56
Revenue
 
Value of everything received from goods sold, services, and other financial sources
57
NIBT
 
Net Income Before Taxes
58
Proforma
 
income statement projected over a period of time -usually 12 months. A way to budget based...
59
Operating Expenses
 
costs involved with operating a business, such as rent, utilities, insurance, supplies, and...
60
G & A Expenses
 
General and Administrative part of a budget
ex. office supplies,  utilities
61
Statement of Cash Flow
 
reports cash receipts and disbursements related to a firms 3 major activities: operations,...
62
Financial Management
 
job of managing a firm's resources to meet its goals/objectives
63
3 major reasons why a firm fails financially
 
1. Under-capitalization (insufficient funds to start)
2. Poor control over cash flow
3....
64
Capticla Budget
 
 a budget that highlights a firm's spending plans for a major purchase that requires a...
65
Cash Budget
 
estimates cash flowing in and out during amonth or period, helps to document trends and estimate...
66
Financial Control 
 
when a firm compares its actual revenue, costs, and expenses to it's actual budget
67
Capital Expenditures
 
major investments in long-term tangible assets (land, buildings, equipment, copyrights, trademarks,...
68
Trade Credit
 
Practice of buying goods now and paying for them later
69
Secured Loan
 
loan backed by collateral
70
Unsecured Loan
 
Loan that doesn't require collateral
71
Time Value (of money)
 
Money has more power and value now, than sitting and doing nothing
72
Factoring
 
the process of selling accounts receivable for cash
73
Credit Cards
 
many business use them for readily available crdit as opposed to loans
HOWEVER - very risky...
74
Venture Capital 
 
money invested in new or emerging companies that are perceived as having great profit potential
75
Cost of Capital
 
the rate of return a company must earn in order to meet the demands of its lenders and equity...
76
Money Supply
 
the amount of money the Federal Reserve Bank makes abailable for people to buy goods and services 
77
M1 money
 
money that can easily be accessed (coins, paper money, checks)
78
M2 Money
 
money in M1 plus money that takes a little more time to obtain  (savings accounts, mutual...
79
M3 Money 
 
M2 PLUS deposits like money market funds
80
Weak dollar v Strong Dollar
 
Weak -falling value can't buy as much with it, weak economy
Strong - rising value, can buy...
81
Federal Reserve
 
Sets reserve requirements and interest rates for banks, buys and sells government securities...
82
Using Checks/Check Clearing
 
Lengthy process, expensive.
83
Saving and Loans Banks
 
Financial institution that accepts savings/checking deposits,and provides home mortgage loans
84
Commercial Banks
 
profit-seeking, receives deposits through checking and savings accounts, which uses those funds...
85
Nonbanks
 
do not accept deposits, but offer services like banks - these types of non-banks include pension...
86
Pension Funds
 
 money put aside by corporations, non-profits or unions to cover the needs of members...
87
Risk
 
the chance, probability, and amount of possible loss
88
Speculative Risk
 
chance of loss OR profit
89
Self-Insurance
 
setting aside money to cover routine claims and buying only Catastrophe polocies to cover big...
90
Liability Insurance
 
covers people found liable for professional negligance, protected them rom being sued "malpractice...
91
Key Executive Insurance
 
if the owner dies, money goes back into the business as pposed to a beneficiary
92
Insurance
 
way to give risk to a third party, who pays for the risk insteadI
93
IRA
 
Individual Retirement Account, save money now, so money available when ready to retire
94
Rainy Day Money
 
SAVE MONEY NOW - for unexpected expenses that may happen
95
Credit Union
 
a cooperative financial institution the is owned and controlled by  its members, aimed...
96
Debt Financing v Equity Financing
 
Debt: to get a loan

Equity: using equity as collateral in order to get money
97
Revolving Credit
 
a line of credtit readily available but usually involves a Fee

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