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first year > bsm 100 final > Flashcards

bsm 100 final Flashcards

1
Q

What is a market?

A

potential customers who have the willingness and resources to buy a product

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2
Q

What is marketing?

A

A way to build a relationship between a customer and a product

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3
Q

What is every business goal?

A

long term profits

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4
Q

Timeline of the evolution of marketing

A
  1. production era
  2. sales era
  3. marketing concept era
  4. marketing orientation era
  5. social media marketing era
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5
Q

marketing strategy definition

A

where are you going and how will you get there?

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6
Q

marketing plan definition

A

who is your audience and how will you reach them?

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7
Q

STP Plan (Marketing)

A

segmentation, targeting, positioning

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8
Q

Consumer Markets (B2C)

A

products for personal consumption

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9
Q

Business Markets (B2B)

A

products used to produce other products

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10
Q

B2C Segmentation

A

GooDPUB:
geography, demographic, psychological, usage, benefits desires

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11
Q

B2B Segmentation

A
  1. geographic
  2. customer
  3. size/type
  4. product use
  5. needs buying situation
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12
Q

4 P’s of Marketing

A

product, price, place, promotion

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13
Q

B2C Target Market Considerations

A

size, affordability, profitability, accessibility, limited competition

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14
Q

Product life cycle definition

A

evolution of sales and profits of a category of products

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15
Q

product life cycle negatives

A
  1. is a theoretical model so the predictive power is limited
  2. decision making can be flawed if the model is flaws
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16
Q

Product life cycle positives

A

reliable, provides information about the market, decision making is based on market data

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16
Q

Four stages of the product life cycle

A
  1. introduction
  2. growth
  3. maturity
  4. decline
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16
Q

What comes before the first stage of the product life cycle

A

development and research

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16
Q

Product adoption life cycle definition

A

customers self-segregate based on level of risk aversion. follows the product life cycle

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17
Q

5 communities of production adoption life cycle

A
  1. innovators (risk-immune)
  2. early adopters
  3. early majority
  4. late majority
  5. laggards (risk-averse)
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18
Q

who is apart of the early market

A

innovators and early adopters

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19
Q

who is apart of the mainstream market

A

early and late majority

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20
Q

what is cost-based pricing based on

A

profit margin desired

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21
Q

what is value pricing based on

A

value perception of customers

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22
Q

what is competition based pricing based on

A

price competitors or alternatives

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23
Q

what is the skimming prices strategy

A

prices a new product high in order to recover research and development costs and make as much profit while there is little competition

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24
Q

penetration price strategy

A

to get as much market share as possible

25
Q

4 types of promotion

A
  1. advertising
  2. public relations
  3. direct marketing
  4. personal selling
26
Q

push strategy

A

convince wholesalers and retailers to stock and sell the product

27
Q

pull strategy

A

promotions to encourage consumers to request the product

28
Q

accounting definition

A

a system for recognizing, organizing, analyzing, and reporting information about financial transactions that affect an organization

29
Q

basic financial statements

A

income statement and balance sheet

30
Q

what is an income statement

A

summarizes a firm’s operations over a given period of time in terms of profit and loss

31
Q

what is revenue

A

sales of products and services

32
Q

what is cost of sales

A

the expense of making the product

33
Q

what are operating expenses

A

the costs involved in operating a business

34
Q

gross profit equation

A

revenue minus cost of sales

35
Q

balance sheet definition

A

statement of financial position, shows what the company owns, owes, and what is leftover for shareholders equity. assets and liabilities must balance

36
Q

what are assets

A

what a company owns

37
Q

what is accounts receivable

A

sold on credit but have not been paid yet

38
Q

inventory of finished goods

A

can be quickly converted to cash. inventory is ready to be sold

39
Q

current assets

A

cash, accounts receivable, inventory of finished goods

40
Q

long term assets

A

equipment, patents, accumulated depreciation. anything the company OWNS for more than a year

41
Q

accumulated depreciation

A

money accumulated overtime and kept in a depreciation fund then used to buy new equipment

42
Q

liabilities

A

what a company owes

43
Q

current liabilities

A

debts that the firm will pay within a year

44
Q

long term liabilities

A

debts that the firm will pay in more than a year

45
Q

what is shareholders equity

A

shares and stocks, retained earnings

46
Q

accused expenses

A

expenses accumulated overtime. included on the liabilities side of balance sheet

47
Q

debt financing

A

borrowing with periodic repayment

48
Q

equity financing

A

selling a stake in your company

49
Q

crowd funding

A

unknown individuals who believe in you and want to pre-purchase your products/services

50
Q

what is social responsibility

A

the obligation of a business to contribute to society

51
Q

what is social entrepreneurship

A

when entrepreneurs take action to create a new social equilibrium by improving social conditions

52
Q

two approaches behind corporate responsibility

A

strategic and pluralist approach

53
Q

what is a strategic approach

A

management’s primary orientation be toward shareholder profits

54
Q

pluralist approach

A

management has the responsibility to optimize profits without affecting employees, supplies, or community

55
Q

sustainable operations

A

meeting today’s needs without compromising the ability to meet tomorrow’s needs

56
Q

what is the triple bottom line

A

people, profits, and planet

57
Q

3 forms of business ownership

A

sole proprietorship, partnership, corporation

58
Q

types of partnerships

A

general, limited, and limited liability

59
Q

what is a general partnership

A

all partners have the right to participate equally and have shared unlimited liability

60
Q

what is a limited partnership

A

one general partner ad one limited partner, who has limited liability

61
Q

limited liability partnership

A

all partners are actively involved but they have varied limited liability

62
Q

3 launch business options

A
  1. starting from scratch
  2. buying an established business
  3. buying a franchise
63
Q

what is franchising

A

operation option. uses the brand name, trademark, and practices of the business

first year (7 decks)

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