Exam 1 Vocab Flashcards

1
Q

Franchise

A

Contractual agreement between parent company and franchisee

Ex. Parent Company - Tim Hortons, Franchisee - individual stores

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2
Q

Channel Management

A

Strategies to manage the distribution channels that get goods/services from producers to consumers.

Goal: satisfy customer wants/needs - provide good customer service

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3
Q

Sole Proprietorship

A
  • Owner assumes all risk
  • Individual owns the busniess personally
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4
Q

Corporation

A

Owned by stockholders - limits losses/risks to the amount each individual owner invested

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5
Q

Partnership

A

Divides risk between 2-3 parties

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6
Q

Channel of Distribution

A

Pathway through which goods/services move from producers to consumers involving various intermediaries such as wholesalers and retailers.

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7
Q

Channel members

A

Individuals that participate in the distribution process

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8
Q

Manufacturers

A
  • Start of the distribution channel
  • Companies that produce goods
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9
Q

Wholesalers

A

Intermediaries that purchase large quantities from manufacturers and sell them in smaller amounts to retailers or other businesses.

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10
Q

Distributors

A

Role of distributing products to various retailers or directly to consumers, often providing additional services like storage and logistics.

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11
Q

Retailers

A

Businesses that sell products directly to consumers(stores, online shops, and other outlets).

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12
Q

Agents/Brokers

A

Individuals or firms that facilitate sales between producers and buyers without taking ownership of the goods.

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13
Q

Customers

A

End users of products or services who complete the channel.

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14
Q

Horizontal Channel Integration

A

Combining w/businesses at the same level of the distribution chain

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15
Q

Vertical Channel Integration

A

Combining w/businesses at different levels of the distribution chain

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16
Q

Tort

A

Private wrongdoing that potentially harms another person or entity.

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17
Q

Plaintiff

A

Individual or entity that initiates a lawsuit in a civil court, claiming to have been harmed by a tort and seeking damages or relief from the defendant.

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18
Q

Duty of Care

A

Basic principle that expects all individuals and
businesses to exhibit socially responsible behavior by using caution to prevent harm and by watching out
for one another.

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19
Q

Doctrine of sovereign immunity

A

Universally accepted principle that each nation has the right to manage its own government and develop its own laws.

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20
Q

Memorandum

A

Written message/document in a business

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21
Q

Channel Conflict

A

Occurs when channel members compete among themselves for customers. Can by minimized by having each channel sell different products, so they are not directly competing among themselves for business.

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22
Q

Jargon

A

a specialized language known only to a certain group of people; a term

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23
Q

Opportunity cost

A

Benefit lost when you decide to use resources for one purpose rather than for another

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24
Q

Limited-line businesses

A

Specialize in the products that they offer for sale. Usually carry an excellent assortment of those goods

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25
Service businesses
Perform intangible activities that satisfy the wants of consumers or industrial users
26
Specialty businesses
Typically carry a very limited variety of products
27
Discount businesses
Sell products at reduced prices and usually carry a variety of items
28
Ethics
- The basic principles that govern an individual's behavior.
29
Business Ethics
- How a business behaves in its dealing with other businesses, customers, and employees. - Businesses consider issues about what is right and wrong when they decide how to operate and how to treat others
30
Patent
An intellectual property right to protect inventions, granted by a country's government as a territorial right for a limited period
31
Copyright
Legal protection of books and other artistic works granted by government and giving their creators sole rights to them for 28 years
32
Trademark
An exclusive name/symbol placed on a product and may be registered with the government to prevent its use by others
33
License
Official permission to do or own a specified thing
34
Depression
An economic decline that lasts longer than a recession. Characterized by a rapidly falling GDP and high unemployment
35
Interest rate
The percentage figure used in calculating interest charges.
36
Ethnocentrism
Thinking your culture is superior to others
37
Collectivism
A society that is integrated into strong groups
38
Stereotyping
Generalizing others based on their cultural backgrounds
39
Individualism
Refers to a society in which group ties are loose, and everyone is expected to take care of him/herself
40
Money functions
As a store of value when it is saved rather than spent
41
Unit of measure
Money serves as this when it is used to express the value or worth of something
42
Medium of exchange
Money serves as this when it is used to obtain goods and services
43
Consumer Credit Protection Laws
All individuals are entitled to receive equal opportunity for credit under 6these
44
Fixed expenses
Expenses that stay the same from month to month Ex. mortgages; car insurance payments; utilities
45
Variable expenses
change from month to month
46
Net Income
What a business or individual makes after taxes, deductions, and other expenses are taken out
47
Gross Income
The total pre-tax earnings from wages, tips, investments, interest, and other forms of income
48
Endorsement
involves signing the back of the check, which allows the funds to be transferred from the check source to the payee
49
Restrictive Endorsement
limits how the check can be processed Ex. can only be deposited to the endorser's specified account
50
General endorsement
No restrictions placed on funds transfer; allows the endorser to cash the check or deposit it into the account of their choice
51
Income statement
A financial summary that shows how much money the business has made or lost; also called a profit-and-loss statement Includes: revenue, expenses, and net income.
52
Balance sheet
Includes: firm's assets, liabilities, and owner's equity
53
Marketing plan
A set of procedures or strategies for attracting the target customer to the business
54
Sales budget
An estimate of expenditures related to sales
55
Marketing information
All of the marketing-related data available inside and outside the business Ex. information about customers; competitors; demographics
56
Secondary data
A type of marketing information that has been collected for purposes other than the project at hand
57
Sales records
A type of marketing information, but they usually indicate only the decrease in sales rather than the reason for the decrease
58
Purchasing documents
Documents a business uses to purchase goods and services.
59
Cookies
- Text files on a website used to observe/track the visitor's Internet behavior and retrieve information during subsequent visits to its website. - Provides info about customer's browsing behavior, buying patterns, and preferences.
60
Hyperlink
A component of an electronic document that an Internet user can click on, allowing him/her to jump to another place within the document or to jump into a different document
61
Host
Stores web pages on a server for a monthly fee
62
Sampling
The process of choosing a representative group of consumers to survey
63
Research objectives
Formal statements of what a marketing research study will achieve
64
Relevant Variable
Types of information studied in a marketing research project Ex. brand awareness, customer satisfaction
65
Decision Problem
Issue from the manager's perspective
66
Research Problem
Issue from the researcher's perspective.
67
Relevant Variable
68
Research Objective