Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

421 bs > FINAL > Flashcards

FINAL Flashcards

1
Q

Benchmarks:

A

specific standards business strives to achieve

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Assets:

A

anything a company owns that has monetary value

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

assets =

A

liabilities + owner’s equity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Liabilities:

A

financial obligations/credits owned by the business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Owner’s equity:

A

the owner’s investment in the business plus any profits or minus any losses

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Balance sheet:

A

indicates the financial status of a business at any given time and is separated into: assets, liabilities, and owner’s equity.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Capital:

A

Money, goods, equipment to produce other goods/services

Typically one time or large scale purchases

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What does an income statement tell you?

A

Financial results of business operations for specific time (month, quarter, or year).
Compare to forecasted
Summary of transactions that produced revenue & operating expenses & taxes incurred in generating revenue. Shows how well club is operating
Provides info on actual vs. planned performance
Make any decisions to change strategies

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

All revenue reported on income statement

A

managing income

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

How will you make $?

A

*New Sales, Retention, Efficient use of space, programming

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

*Accounts Receivable:

A

$ owed to a business
Policy for collecting delinquent accounts
EFT or no? Automatic, fast, easy for member
Long time to correct errors, negative perception,

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Managing Expenses *‘Cutting costs is more

A

tangible & predictable than estimating member sales’

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Control expenses *question every expense as though it were coming out of

A 
your own pocket .
Bid on everything 
	Negotiate costs 
	Do it yourself 
	Contract out 
	Trade/barter 
	Use space efficiently 
	Accounting practices (security etc.)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Why budget?

A

Plan for future success

Provides direction, motivation to meet goals, resources to evaluate progress

Conservative sales estimates & liberal in your expense estimations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

budget is based on what kind of year

A

fiscal year

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Types of Budgets

A
  1. Increment-decrement or trend-line budgeting: based off previous year, assume follow trend
  2. Break-even
  3. Zero-based
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Trend Line Budget is what?

A

*Most popular

Use exact # from previous year, and +/-, follow trends

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Pro’s of trend line budgeting

A

Using established, realistic numbers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Con’s of trend line budgeting

A

Can be misleading if numbers are off
Must keep good records WITH COMMENTARY
Justify amounts you are spending

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Break Even budget

A

Minimum amount to cover your costs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

*Zero Based Budget

A

Look at all areas in depth
Based on specific goals for year
Challenging to accurately predict numbers for the year
May have to justify everything you spend
Typically new construction, large scale changes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Preparing a budget: 4 steps

A
  1. Determine budget expectations…ask questions
  2. Forecasting revenues
  3. Forecasting expenses
  4. Projecting profits and losses

**Comparing with industry norms

23
Q

Revenue

A

income from normal business ops

24
Q

Expenses

A

costs

25
Q

What are profit centers?

A

Eliminate unnecessary expenses. Examine every cost center and determine it expendability. Fill empty spaces or cost center with profit centers such as making an office or storage closet into a massage room.

26
Q

Profit centers add

A

*Add value to attract memberships *“the more they pay, the longer they stay”

27
Q

Profit centers correlation

A

Correlation between high non-dues revenue and high retention rates

28
Q

Profit centers median is

A

Median is 32.9% of total revenue

29
Q

Strong PT business correlates to improved retention because

A

people who participate in PT remain members LONGER.

30
Q

What are the five P’s of marketing? What is there relationship like?

A

Product, Place, Price, Promotion, and Person, and they all depend on each other (interdependent)

31
Q

People

A
  1. Demographic analysis
    1. Living w/in 1-5 mile radius (for local club/clients)
    2. ACSM trends report/ IHRSA reports/ census data
    3. 75% Americans active, focus on them as clients, not inactive
32
Q

Product

A 
Tangible or intangible 
	Examples: what are you selling? 
	Top reasons for joining: 
	Improving health/fitness 
	Improving appearance
33
Q

Place

A

Where purchased/delivered
In home, online, facility/clinic
Are you trying to get clients in the door or on your website
Creating environment

34
Q

Price

A

What things contribute to cost?
Client perception of cost
Market value
Region, location, ppl

35
Q

Cost of delivery:

A

costs incurred in creating a product, most vital factor in pricing

36
Q

Profit margin:

A

price minus cost of devlivery

37
Q

Promotion 8 strategies:

A

(not limited to…)

  1. Advertising
  2. Referrals
  3. Direct mail/email
  4. Internet
  5. Business to business
  6. Sponsorship
  7. Personal sales
    1. Public relations
38
Q

Parthenon effect

promo

A

Categories all interdependent (promo)

Fewer pillars, roof will collapse

39
Q

For parthenon effect to be effective, what needs to happen?

A

At least 3 pillars, greater stability if one fails**

40
Q

TOMA

A

Top of Mind Awareness

41
Q

TOMA is defined as

A

high level of consumer awareness within community is ultimate goal

42
Q

What are the 5 pillars of promotion?

A
  1. Internal
  2. External
  3. Guerilla
  4. Community Outreach
  5. Corporate Outreach
43
Q

*INTERNAL Pillar

A
  1. Activities and promotions within the facility

2. Conducted on smaller scale

44
Q

2.*EXTERNAL

A
  1. Activities/promotions outside facility
  2. Goal: attract leads from demographic and geographical area to inquire via phone, email, in person
  3. *Person who has been to your facility is 300% more likely to join
45
Q

Internal Marketing

A 
Flyers/signs/high traffic areas 
Digital signage 
Bulletin boards 
Walking billboards 
Announcements in music system/ group ex classes 
Staff contests 
Referrals: POS & existing member 
Electronic: social, push notifications, email, website, QR 
Missed guest or alumni mailings
46
Q

EXTERNAL

A

Marketing done outside facility/nonmembers
Advertising
Print media, radio, billboard, newspaper
Build brand recognition
Consider costs, will affect profit
TOMA

47
Q

EXTERNAL Marketing examples

A

Direct mail
Ex. www.getmembers.com
Direct e-mail

48
Q

GUERRILLA MARKETING

A

performed by club staff at the grassroots level.
can be the most powerful and least expensive =more personal level.
The key is organization and consistency.

49
Q

Guerrilla Marketing examples

A 
Business to business 
Lead boxes: reciprocation 
Take-one displays 
Rx pads for doctors 
Special passes 
Give client name directly to club 
Joint marketing 
Employee business cards
50
Q

COMMUNITY OUTREACH

A

Community-building activities
Long term strategy
Creating image, recognition in community
Host events in facility

Sponsorship, donations/gift cert, events 
Host events in facility 
Press releases 
Speaking opportunities 
Wellness fairs
51
Q

Strategic Planning:

A

process of diagnosing the organization’s external and internal environment, and includes deciding on a vision and mission, developing overall goals, creating and selecting general strategies to be pursued, and allocating resources to achieve the organization’s goals. Defining organizations strategy, direction, concerning key issues.

52
Q

Parts of strategic planning

A

 Short & long term goals for organization
 Steps to be undertaken to achieve each goal
 Timeline for reaching each goal
 *Allocation and prioritization of time, energy, resources to each goal. Typically 5 year plan.

53
Q

SWOT analysis

A 
SW = strengths and weaknesses, can control these
OT= Oportunities and threats; cannot control these

421 bs (2 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions