Definitions Flashcards
Involves a business or person who uses, without permission, another person’s name, likeness, and other unique characteristics for the benefit or gain of the user
Appropriation (Tort)
Civil wrongdoings that cause harm or injury to another party
Torts
Predatory behavior undertaken by a business to draw either customers or employees away from a competitor
Wrongful Interference (Tort)
Making false, malicious statements about a person or organization
Defamation (Tort)
When personal property is taken from the owner and given to someone else to use
Conversion (Tort)
A type of business that is operated by several people and owned by stockholders
Corporation
A form of business ownership in which the business is owned by two or more persons
Partnership
Form of business ownership in which the business is owned by one person
Sole Proprietorship
Owned and operated by its user-owners to supply goods and services to its members
Cooperative
Involves understanding the concepts and processes needed to identify, select, monitor, and evaluate sales channels
Channel Management
Involves understanding the concepts and strategies needed to communicate information about goods, services, images, and/or ideas to achieve a desired outcome
Promotion
The marketing function that involves determining and adjusting prices to maximize return and meet customers’ perceptions of value
Pricing
The marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities
Product/Service Management
Middlemen and include sales agents, wholesalers, and retailers who perform specific functions in the movement of goods form producers to consumers
Intermediaries
Involve producers and either industrial or ultimate consumers
Direct Channels of Distribution
Practice of pricing, promoting, and distributing products in such a way that they do not harm the natural environment
Green Marketing
Deals with safety features and product labeling standards that protect the consumer
Consumer Protection
The practice of enlightening the community of business actions to promote social welfare
Social Awareness
Marketing goods and services in foreign countries
International Marketing
Conceal the real complaint a customer has by stating another believable but secondary complaint for their dissatisfaction
Hidden Complaint
A complaint when the customer expresses an honest dissatisfaction
Sincere Complaint
A complaint which results from poor service
Service Complaint
A complaint in which the customer is dissatisfied with the business in general
Business Complaint
A business’s agreement (spoken or unspoken) with customers that will consistently meet their expectations and deliver on its brand characteristics and values
Brand Promise
When products are available at the time they are needed or wanted by customers
Time Utility
Usefulness created by altering or changing the form or shape of a good to make it more useful to customers
Form Utility
Usefulness created by making sure that goods and services are available at the place where they are needed or wanted by customers.
Place Utility
Usefulness created when ownership of a product is transferred from the seller to the user
Possession Utility
Ensuring that products met predetermined standards for excellence; also part of operations
Quality Control
Acquiring necessary goods and services; part of operations
Purchasing
Supervising inventory levels to make sure there is an appropriate balance; part of operations
Inventory Management
Rivalry between two or more business to attract scarce (limited) customer dollars
Competition
Desire to make profit, which moves people to invest in business
Profit Motive
Rapid rise in prices usually occurring when demand exceeds supply
Inflation
A special government tax on certain items, such as gasoline, certain businesses, cars, etc.
Excise Tax
Government financial help given to a business
Subsidy
A piece of paper (real or virtual) that says the governing body or corporation will borrow your money at a particular interest rate for a particular period of time; Interest-bearing certificates issued by government that promise to pay bond owners a certain sum at a specified time
Bonds
the amount by which the price of something is reduced
Discount
Union members elected by their peers to handle any grievances or problems members might have with management
Union Stewards
Responsibilities include leading the union as a whole rather than assisting individuals
Union President
Involved in union negotiations, clarifying issues, and making suggestions concerning the contract
Mediator
Assists with (union) negotiations; In binding arbitration, this person’s decisions regarding the contract are final and cannot be changed
Arbitrator
The ability to put yourself in another person’s place
Empathy
Comprehending one’s personal needs interests, values, and motives and recognizing their effects on one’s behavior
Self-Understanding
The amount and value of goods and services produced (outputs) from set amounts of resources (inputs)
Productivity
Decision-making outcome that requires the substantial agreement of each group member
Consensus
Few people in the group make the decision
Minority Rule
A desire for the future that is achieved over time with determination and hard work
Vision
When money is saved rather than spent
Store of Value
When money is used to obtain goods and services
Medium of Exchange
Trading one good or service for another good or service
Bartering
When money functions as this, the individual holding the money assesses what s/he is willing to pay for a good or service
Measure of Value
Provides a variety of financial services to individuals and business. Besides providing savings accounts and other saving options, banks also make loans and offer credit cards. Many large banks have trust departments and help individuals plan for retirement. It may be possible to obtain all necessary financial services from that institution
Commercial Bank
Collects various types of taxes
Taxation Department
A business condition that can create economic risks
High Interest Rates
The process of keeping and interpreting financial records
Accounting
Financial obligations a business has
Liability
Cash or any asset that can quickly be converted into cash
Liquid Asset
Money owed to the business for purchases made by customers
Accounts Receivable
Sums of money paid to investors or stockholders as earnings on investments
Dividends
The ratio that reflects the number of days between a company paying for raw materials and receiving cash from selling the products made from those raw materials
Cash Conversion Cycle
The amount of money that a business earns on sales after expenses; expressed as a ratio
Profit Margin
The process of planning, staffing, leading, and organizing the employees of a business
Human Resources Management
Paths, or routes, that goods or services take from the producer to the ultimate consumer or industrial user
Distribution Channels
The systematic gathering, recording, and analyzing of data about a specific issue, situation, or concern
Marketing Research
Any factor that is subject to change
Variable
An in-depth analysis of a person, group, or event
Case Study
A marketing research method that tests cause and effect by testing marketing new products or comparing test groups with control groups
Experiment
Proposed explanation for something
Hypothesis
Measure attitude
Semantic-Differential Rating Scales
A method of collecting information about customers’ buying habits and inventory status because the scanning system can track large volumes of goods
Volume-Tracking Scanner
Information that have been collected for purposes other than the project at hand.
Secondary Data
This function involves gathering, accessing, synthesizing, evaluating, and disseminating information to aid in making marketing decisions
Marketing-Information Management
This function involves determining customer needs and wants and responding through planned, personalized communication that influences purchase decisions and enhances future business opportunity
Selling
The things the business want to attain
Objectives
The combination of marketing communication channels that a business uses to send its messages to consumers
Promotional Mix
Dividing the market into groups that have similar characteristics
Market Segmentation
The market divided on the basis of a lifestyle choice
Psychographic Segmentation
Dividing a market on the basis of location
Geographic Segmentation
The physical and social characteristics of a population
Demographics
A type of behavioral segmentation, which involves dividing customers into groups according to their response to a product
Rate of Usage
The way in which the information is communicated
Presentation
Presenting unbiased information
Objectivity
A method of gathering, storing, and analyzing data for the purpose of making business decisions
Information System
An economic system in which individuals and groups, rather than government, own or control the means of production. Considered a mixed economy because individuals and business are the primary economic decision makers, while the government helps to regulate and control the system
Private Enterprise
An analysis of external forces that influence a business’s success; Collecting information about the environment (e.g. competitors and economic decisions) surrounding the business
Environmental Scan
An economic factor that may be a threat or an opportunity
Consumer Spending Habits
Checking a sample item for defects after it has already been produced
Quality Inspection
The process businesses use to prevent defective products from being created
Quality Assurance
One that creates something entirely new
Platform Project
Relies on the use of new technology
Breakthrough Project
Takes on new visions or pursuits for the business
R&D Project
A focus on how things are done, rather than just outcomes
Process Orientation
Maximizing customer value while minimizing waste
Lean Production
A focus on increasing efficiency and effectiveness in all areas of the organization
Continual Improvement
Performing the stages of product design and development simultaneously, instead of one after another
Concurrent Engineering
Involves the development of totally new or improved products
Product Innovation
Changing the way that a product is produced or delivered
Process Innovation
Involves identifying new, different ways to position a product or a company
Positioning Innovation
A shift in the way of thinking that causes a change
Paradigm Innovation
