deca Flashcards
What is the judiciary?
The collection of federal and state courts existing primarily to adjudicate disputes and charged with the responsibility of judicial review.
What are the forms of business ownership?
Sole proprietorship, partnership, corporation, limited liability company.
What is a sole proprietorship?
A sole proprietorship is a business entity owned by one person who is legally responsible for the debts and taxes of the business.
What is a partnership business?
A partnership business is a business shared by two people who share the profits and losses.
What is a corporation?
A corporation is a legal entity that is separate from its owners and shareholders.
What is a LLC (Limited Liability Company)?
It is a business structure that limits the personal liability of its owners for the company debts.
What are personal factors that affect a business?
Lifestyle, personality, motives, values, age, education, income level, risk tolerance, decision making skills, and leadership ability.
What is the difference between indirect and direct channels of distribution?
direct channel of distribution is when a manufacturer sells its creation directly to the consumer.
a INdirect channel is when a distributor sells its product to a retailer, or wholesaler instead of to the customer directly
What are economic concepts that influence the cost of production process?
supply and demand (dictating market price based on availability and customer desire), marginal costs (the cost of producing one item), labor costs (wage paid to employees), technology (affecting efficiency and input requirements), scale economics (cost advantages from producing in larger quantities), raw material price(the costs of essential components), market condition (how the economy is doing impacts pricing and demand), government regulations, (adding potential costs to production process), and international trade (access to cheaper inputs from other countries)
What is persuasion and its techniques?
The act of influencing someone to change an opinion, attitude, or behavior, by presenting evidence or info in a way that convinces them.
What is international trade and how does it work?
The exchange of goods and services between different countries, allowing nations to access products they might not be able to produce domestically.
What are financial tools entrepreneurs use?
Accounting software, budgeting tools, payroll systems, invoicing/billing software, tax preparation software, inventory tracking tools, cash flow analysis tools, payment processing tools, and financial planning and analysis software.
What are operating procedures?
Operating procedures, or standard operating procedures (SOPs), are step-by-step instructions that help people perform tasks consistently and efficiently.
What are current assets and different forms of assets?
Tangible assets are in physical form, intangible assets are not physical but add value, current assets can be used or sold within a year, and fixed assets are long-term investments.
What is a jury of executive opinion?
A forecasting method that involves a group of experts making predictions about the future, also known as the Delphi technique.
What is the Delphi technique?
A structured method for gathering expert opinions on a complex issue by repeatedly surveying a panel of experts.
Why is it important to get feedback from employees?
It provides valuable insights into perceptions of company culture, operational challenges, and opportunities for growth.
How can marketers deal with issues using data?
Using data to gain insights into customer behavior, preferences, and trends, allowing for personalized marketing messages and informed decisions.
What is marketing research?
The process of gathering and analyzing information about customers, competitors, and the market to understand needs, behaviors, and trends.
What is a marketing mix?
A combination of controllable marketing tools, typically represented by the ‘4 Ps’ - product, price, place, and promotion.
What are the 4 Ps?
Price, product, promotion, and place.
What is forecasting sales for a marketing plan?
Estimating the future sales volume of a product or service based on historical data and market trends.
What is the purpose of data mining for a business?
To extract meaningful patterns and insights from large datasets, allowing for informed decisions and improved profitability.
Why might a business buy products at a higher price than the minimum?
To secure better quality, gain access to exclusive features, build stronger relationships with suppliers, and enhance brand perception.
What are the types of costs?
Variable costs, fixed costs, semi-variable costs, and non-operating costs.
What are the goals of a supply chain manager?
To optimize operational efficiency, minimize costs, ensure product quality, and enhance customer satisfaction.
What to do when facing a decision?
Gather information, identify options, weigh pros and cons, consider values and goals, and make a choice.
What is corporate governance?
The system of rules, practices, and procedures that guide and control a company, ensuring effective operations.
What is the difference between internal and external methods of facilitating ongoing products and markets?
Internal marketing is focused on employees, while external marketing is focused on customers. Both are important for a business’s success.
INTERNAL MARKETING
Goal: Engage and motivate employees to understand and support the company’s goals
Focus: Create a positive work environment and build relationships with employees
Activities: Share information, provide training, and recognize employees
Benefits: Improves employee morale and engagement, which can lead to better customer service
EXTERNAL MARKETING
Social media: Businesses can use platforms like Facebook and Instagram to share products, success stories, and engage with potential customers
Email marketing: Businesses can use email to communicate with their customer base
Public relations: Businesses can use public relations to manage communication with stakeholders, including the public
What is a product mix and when to remove a product?
A “product mix” refers to the complete range of products a company offers, encompassing all its different product lines and variations, while removing a product from the mix typically happens when a specific item is no longer profitable, loses market relevance, or becomes a drain on resources, often due to factors like low sales, changing consumer preferences, or high production costs compared to its sales revenue; essentially, a company should remove a product when it is not contributing positively
A product mix refers to the complete range of products a company offers. A product is removed when it is no longer profitable or relevant.
Why has enterprise risk management developed?
Due to the need for organizations to proactively identify, assess, and mitigate risks across all operations.
What is an advertising medium?
A method of communication used to promote a product, service, or idea.
What is change management?
The process of leading people through a structured process to achieve a desired outcome.
What is quality assurance?
A systematic process that ensures products or services meet quality standards.
What is risk management in a business?
in a business context, “risk management” refers to the systematic process of identifying, assessing, and taking proactive steps to minimize or eliminate potential threats and uncertainties that could negatively impact the company’s operations, finances, or reputation, allowing for better decision-making and protecting against unexpected losses
What is product mix’s cost?
The cost of all the products a company produces, important for pricing and product selection decisions.
What is a business plan?
A document that outlines a company’s goals, strategies, and timeline for achieving them.
What is a business mix?
The combination of products, services, activities, or customers that a business has.
What are key performance indicators?
The critical metrics used to measure a company’s success in achieving its strategic goals.
What is sales to receivables?
A financial metric that measures how quickly a company turns sales into cash.
What is an opt-in email?
A marketing email sent to subscribers who have given their email address to join a mailing list.
