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WORLD OF BUSINESS > EXAM #2 > Flashcards

EXAM #2 Flashcards

1
Q

communication mix

A

A blend of communication elements that a company uses to reach current and potential customers
(including advertising, direct marketing, personal selling, sales promotion, social media, and public relations)

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2
Q

integrated marketing communications

A

A strategy of coordinating and integrating communication and promotion efforts to ensure greater efficiency and effectiveness in communicating with current and potential customers

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3
Q

the six communication mix elements

A

Advertising, Personal Selling, Sales Promotion, Direct Marketing, Public Relations, Social Media

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4
Q

the “objective and task” method

A

communications objectives are set then the amount needed to meet the objectives is budgeted

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5
Q

small business

A

A company that is independently owned and operated, is not dominant in its field, and employs fewer than 500 people

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6
Q

what are the economic roles of small businesses?

A
  • provide jobs
  • introduce new products
  • meet the needs of larger organizations
  • inject a considerable amount of money into the economy
  • take risks that larger companies sometimes avoid
  • provide specialized goods and services
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7
Q

characteristics of small businessses

A
  • a narrow focus
  • limited resources
  • often have more freedom to innovate
  • find it easier to make decisions quickly and react to changes in the marketplace
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8
Q

what is the entrepreneurial spirit?

A

The positive, forward-thinking desire to create profitable, sustainable business enterprises

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9
Q

why do people start their own companies?

A
  • More control over their future
  • Tired of working for someone else
  • Passion for new product ideas
  • Pursue goals that are important to them on a personal level
  • Inability to find attractive employment anywhere else
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10
Q

what is a business plan?

A

A document that summarizes a proposed business venture, goals, and plans for achieving those goals

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11
Q

blueprint for an effective business plan

A 
Summary
Mission and objectives 
Company overview
Products and services
Management and key personnel
Target market
Marketing strategy
Design and development plans
Operations plan
Start-up schedule
Major risk factors
Financial projections
Exit strategy
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12
Q

why do new businesses fail?

A
  • Leadership Issues
  • Marketing and Sales Issues
  • Financial Issues
  • Systems and Facilities Issues
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13
Q

What are business incubators?

A

facilities small businesses and provide support services during the company’s early growth phases

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14
Q

what is seed money?

A

The first infusion of capital used to get a business started

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15
Q

what are microlenders?

A

Organizations(often non-profit), that lend smaller amounts of money to business owners who might not qualify for conventional bank loans

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16
Q

venture capitalists

A

Investors who provide money to finance new businesses or turnarounds in exchange for a portion of ownership, with the objective of reselling the business at a profit

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17
Q

angel investors

A

Private individuals who invest money in start-ups, usually earlier in a business’s life and in smaller amounts than VCs

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18
Q

initial public offering

A

A corporation’s first offering of shares to the public

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19
Q

what is a franchise?

A

A business arrangement in which one company(the franchisee) obtains the rights to sell the products and use various elements of a business system of another company (the franchisor)

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20
Q

sole proprietorship

A

a business owned by a single individual

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21
Q

unlimited liability

A
  • A legal condition under which any damages or debts incurred by a business are the owner’s personal responsibility
  • Taxes for income from the business part of personal income taxes
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22
Q

what are the advantages of sole proprietorships?

A
  • Simplicity
  • Single layer of taxation
  • Privacy
  • Flexibility and control
  • Personal satisfaction
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23
Q

what are the disadvantages of sole proprietorships?

A
  • Financial liability -unlimited
  • Demands on the owner
  • Limited managerial perspective
  • Resource limitations
  • No employee benefits for the owner
  • Finite life span
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24
Q

partnership

A

An unincorporated company owned by two or more people

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25
Q

advantages of partnerships

A
  • Simplicity
  • Single layer of taxation
  • More resources
  • Cost sharing
  • Broader skill and experience base
  • Longevity
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26
Q

disadvantages of partnerships

A
  • Unlimited liability
  • Potential for conflict
  • Expansion, succession, and termination issues
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27
Q

corporation

A

A legal entity, distinct from any individual persons, that has the power to own property and conduct business

28
Q

shareholders of a corporation(owners)?

A

Investors who purchase shares of stock in a corporation

29
Q

private corporation

A

A corporation in which all the stock is owned by only a few individuals or companies and is not made available for purchase by the public

30
Q

public corporation

A

A corporation in which stock is sold to anyone who has the means to buy it

31
Q

advantages of corporations

A
  • ability to raise capital
  • liquidity
  • longevity
  • limited liability
32
Q

disadvantages of corporations

A
  • Cost and complexity
  • Reporting requirements
  • Possible loss of control
  • Double taxation
33
Q

board of directors

A

Elected by owners of corporations, their job is to act on behalf of the owners while overseeing the business

34
Q

merger

A

an action taken by two companies to combine and perform as a single entity

35
Q

acquisition

A

an action taken by one company to buy a controlling interest in the voting stock of another company

36
Q

inventory

A

any asset held for future use or sale

37
Q

inventory management

A

involves planning, coordinating & controlling the acquisition, storage, handling, movement, distribution and possible sale of raw materials, component parts and subassemblies, supplies and tools, replacement parts, and other assets to meet customer wants and needs

38
Q

types of inventory

A

raw materials, work in progress, finished goods

39
Q

effective inventory management

A
  • a system to keep track of inventory on hand and on order
  • a sales forecast for your firm
  • knowledge of lead times
  • knowledge of inventory costs
  • a classification system
40
Q

safety stock inventory

A

an additional amount of inventory kept over and above the amount required to meet expected demand

41
Q

stock-outs

A

inability to satisfy the demand for an item(resulting in either a backorder or lost sales)

42
Q

lost sale

A

occurs when the customer is unwilling to wait and purchases the item elsewhere

43
Q

How Much to Order: Fixed-Order-Interval Model

A

amount to order = (expected demand) + (safety stock) - (inventory on hand)

44
Q

how to calculate safety stock

A

(prior period sales) / (52 weeks) X (number of weeks of desired safety stock)

45
Q

management

A

The process of planning, organizing, leading, and controlling to meet organizational goals

46
Q

managerial roles

A

Behavioral patterns and activities involved in carrying out the functions of management; includes interpersonal, informational, and decision making roles

47
Q

planning

A

Establishing objectives and goals for an organization and determining the best ways to accomplish them

48
Q

strategic plans

A
  • Plans that establish the actions and the resource allocation required to accomplish strategic goals
  • Usually defined for periods of two to five years and developed by top managers
49
Q

strategic planning process

A
  1. Define mission, vision, and values
  2. Perform a SWOT analysis
  3. Develop forecasts
  4. Analyze the competition
  5. Establish goals and objectives
  6. Develop action plans
50
Q

mission statement

A

a brief statement of why an organization exists; in other words, what the organization aims to accomplish for customers, investors, and other stakeholders

51
Q

vision statement

A

a brief and inspirational expression of what a company aspires to be

52
Q

values statement

A

A brief articulation of the principles that guide a company’s decisions and behaviors

53
Q

SWOT?

A

strengths, weaknesses, opportunities, threats

54
Q

quantitative forecasts

A

typically based on historical data or tests and often involve complex statistical computations

55
Q

qualitative forecasts

A

based on intuitive judgments

56
Q

management pyramid

A

An organizational structure divided into top, middle, and first-line management

57
Q

types of leadership intelligence

A
  • cognitive intelligence
  • emotional intelligence
  • social intelligence
58
Q

autocratic leadership

A

sole decision-maker

59
Q

democratic leadership

A

cede decision making to a majority

60
Q

laissez-fair leadership

A

“hands-off” let subordinates chart the course and make their own adjustment

61
Q

the controlling function

A

The process of measuring progress against goals and objectives and correcting deviations if results are not as expected

62
Q

organizational culture

A

A set of shared values and norms that support the management system and that guide management and employee behavior

63
Q

shortage costs

A

The opportunity cost of not being able to deliver a sale

64
Q

job of upper(top) managers

A

responsible for strategic planning, have the most power

65
Q

job of middle managers

A

develop a plan to meet the goals

66
Q

job of first line managers

A

supervisors of operational employees, implementing the plans

67
Q

what makes a good brand name?

A
  • Memorable, simple distinctive
  • Suggestive of product benefits
  • Fits your company image/ethos
  • Make sure there are no legal restrictions

WORLD OF BUSINESS (2 decks)

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