2024-2025 vocab Flashcards
cost-benefit analysis
cost-benefit analysis (CBA) is an approach used to assess the advantages and disadvantages associated with a decision/project/policy
stakeholder expectations
criteria that must be met for the stakeholders to consider your project successful
organizational risk assessment
formal process for identifying, evaluating, controlling risks
labor productivity
comparison of economic output to amount of labor required to produce that output
ex. output per worker or per hour worked
marketing mix
the “tools” of a company’s marketing toolbox…
product, price, place, promotion
push & pull strategies
push system initiates production in anticipation of future demand
pull system initiates production as a reaction to present demand
“pushing into” new demand vs. “pulling yourself” to meet the current demand
negotiation strategies
goal of a negotiation strategy is to get as close to your goal as possible; maximizing value
operating expenses
expenses incurring through normal business operations (e.g. rent, utilities, maintenance, salaries, insurance, etc.)
expense control
managing business expenses through key factors including cost of labor, cost of materials, etc.
SWOT analysis
strengths, weaknesses, opportunities, and threats
– used to evaluate a business or organization
risk assessment
system to evaluate potential risks in the workplace and addressing those concerns
continuation planning
system that helps business plan, respond, and prepare for emergencies or threats
payroll benefits and expenses
benefits provided to employees on top of their salary (health insurance, retirement plans, paid time off, etc.)
goals and objectives
self-explanatory b r u h
types of business ownerships
sole proprietorship: someone owns an unincorporated business by themselves
partnership: two or more people
corporation: prospective shareholders exchange money, property, or both, for the corporation’s capital stock, recognized as its own legal entity
S corporation: corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes
limited liability company (LLC): corporation that offers limited liability protection and pass-through taxation (owners are not personally responsible for the finances)
target market
specific group of consumers that the product or service is marketed to
rank-order technique
ask participants to rank products and brands based on personal preferences
product line
collection of related products sold under a single brand to meet similar customer needs
corrective action
process to take action against undesirable situations and eliminate causes of non-conformities
distribution channel
network of businesses, intermediaries, and individuals facilitating the journey of a good from the manufacturer to the consumer
contingency plan
a plan designed to account for a future event or situation
also a crucial component in continuation planning
open order
an order from the market that has yet to be filled until the specific requirements are met
1. order placed when the market was closed
2. price limit not met
sales contract
a contract between the seller and buyer that details the terms of the exchange
human resources
the department of a company that manages employee experience
consumer goods
tangible products that consumers purchase for individual use
industrial goods
goods that companies purchase to produce their own products or services
economies of scale
cost advantages gained from increasing output
pay rates
how much you pay employees
net profit
a company’s total earnings after subtracting all expenses
corporate governance
rules that govern how a company runs
variable costs (VC)
costs that fluctuate as production does
long run
– all costs are variable (all factors of production are variable)
– presented over a long period of time
short run
– some costs are fixed and others are variable
– short-term (over a short period of time)
fixed costs (FC)
costs that remain fixed (not influenced by production)
income taxes
tax levied by the govt on income (esp. personal income)
marginal cost
the additional cost of buying one more unit
diseconomies of scale
an additional unit of output increases the marginal cost
economies of scale
cost advantages that enterprises obtain when their production becomes efficient
consumer goods
products or services that meet a consumer’s need or human want
journals
publication around a business
compensation statements
document detailing the whole value of the compensation an employee receives in exchange for their work
profit-and-loss statements (P&L)
summarizes revenue, costs, profits/losses, expenses
– information about a businesses ability
descriptive
What happening in my business
predictive analytics
What is likely to happen?
prescriptive analytics
What do I need to do?
diagnostic analytics
What’s happening in my business?
the selling process
the interaction between a salesperson and their potential customer
data mining
the process of searching and analyzing a large batch of raw data in order to identify patterns
accounting information
the financial statements generated through the process of book-keeping and accounting
debt financing
a company raises money by selling debt instruments to investors
– ex. J.P. Morgan and his bank monopoly
equity financing
process of raising capital by selling shares to investors
cross functional internal work teams
teams that work across departments to complete a project
production internal work teams
permanent work groups that produce and handle tangible products
homogenous work teams
teams of similar characteristics and specialities that work on similar tasks (e.g. two middle aged teams work on marketing two products for millennials idk)
independent matrix work teams
employees report to multiple leaders, including a project manager and their department head
equity
money returned to company investors after all debts are paid and assets are sold
assets
a resource you own or a lease that helps run your business
liabilities
legal debts a party owes to its third party creditors (ex. bank loans, wages, taxes owed, etc.)
customer retention
how many customers stay with your business for the long term
competitive analysis
process of identifying your competitors and researching different marketing strats
accounts-receivable document
amount of money your customers owe for goods and services purchased in the past
