Final Flashcards
Which form of planning allows you to be ready for changes in the competitive environment?
contingency - incase something happens
The two major subjects (groups) in market research are…
businesses and consumers
What is the one major difference between for-profit and non-profit organizations?
Non-profits don’t have shareholders
Acid test is best, why?
takes out inventory - actual value may differ from what you paid for it
What are the four components of the Gross Domestic Policy?
consumption
government spending
business/gross investment
net exports
What are the two foremost profitability ratios? Which is best?
gross profit and net profit
- net because it takes out all the expenses
What is a sample in market research?
portion of the total market
What are characteristics of a good manager?
ppl listen = will respected - but doesn’t have to be liked
visionary
What are the ways companies spend funds?
operations capital improvements and expansion salaries dividends taxes
Was employee empowerment a major part of organizational and management theories in the late 19th and early 20th century?
No - was around 1960s
Sales are down, company doesn’t have the needed funds… where can it go to get funds?
commercial banks investment banks sale of treasury stocks issue new stock offering venture capital other private investors government bailout
Who is most credited with developing and implementing the concept of “Management By Objectives”
Peter Drucker
What do leverage ratios tell us? What are some?
tells how much you owe vs. how much you own
- debt to equity
- debt to assets
Your company is out of debt and/or has excess cash - what would you do if you didn’t want to tie it up for more than 12 months or take too many risks?
Short-term certificates of deposit
U.S. Treasury Bills
What is considered an activity in business? (referring to financials and tracking them)
Inventory turnover - how first do we get rid of
Asset turnover - how well do we use our assets
What are types of employee teams? (5)
- project, problem-solving team - disband once problem is fixed
- working teams - operations
- virtual teams - chat/skype
- cross-functional team - multiple departments
- self-directed teams
What is the first step in problem solving?
Have a problem or issue
What does the Federal Reserve Board manage and what does it entail?
controls monetary policy - including interest rates and money supply
What do ratios tell you about companies that you serve as an investment or commercial bank?
- debt level (leverage ratio) - high leverage = heavy in debt
- profitability
- ability to meet payroll (current ratio and acid test)
- efficiency in uses of inventory and other assets
Responsibilities of Human Resources
- screen potential employees
- hire employees
- monitor benefit packages
- monitor pay packages
- handle separation of employees (firing)
- understand all aspects of employment regulations and laws
To spend as little money as possible when starting a business, what legal structure would you do that under?
Sole proprietorship - protect yourself with an LLC through the state
Whats a common type of quality control used in manufacturing companies across the globe?
ISO 9000 - he standards provide guidance and tools for companies and organizations who want to ensure that their products and services consistently meet customer’s requirements
What are the five levels of Maslow’s hierarchy?
1) physiological
2) safety
3) belongings
4) self-esteem
5) self-actualization
What is paid, non personal selling or communication?
advertising
What is non-paid, non-personal selling or communications?
public relations
What does SWOT stand for?
strength
weaknesses
opportunity
threats
What type of leadership style would you employ?
empowerment - voice plus responsibility
democratic - everyone has a voice
(not free reign or autocratic)
Should empowered employees see financials?
yes
What types of date do you get from the census bureau?
demographic or psychographic
primary or secondary
demographic and secondary
which type of production scheduling or project scheduling offers the greatest flexibility?
Gantt
Graphic evaluation review technique
Program evaluation review technique
graphic evaluation review technique
What is the main job of congress? What does it mean to be uncharge of fiscal policy?
controls government spending and regulates taxes
- tax and spend
What are the three ways that you segment B2B markets?
- geographical
- demographic
- end use of product
How do you segment consumer market?
- geographical
- demographical
- psychographic (lifestyles and values)
- product use (ppl who already use the product)
What are four ways to classify B2B goods?
installations
equipment
supplies
operations
What are the four major components of the marketing mix?
product, price, place and promotion
What are the advantages of e-business over regular business?
cheaper, quicker, move easily, done internationally
Which organization culture may allow the most focus on the customer? informal or formal
informal - less restrictions
What is the difference between capitalism and free enterprise system?
nothing - same thing
Four rights of companies in Free Enterprise system?
- right to succeed
- right to fail
- right to ownership
- right to compete
When a dispute arises between a union worker and supervisor, what is the first meeting?
worker, supervisor, union rep
As a business, to whom are you responsible?
shareholders - make them money
Which one of the groups to which a business bears responsibility is most interested in profitability?
stockholders
What are desired characteristics of an entrepreneur?
risk taking, opportunistic, resilient, accepting failure, creative/visionary
What era of business are we in?
relationship
Who are the primary beneficiaries of a strategic alliance in business?
owners
What are the four major production factors essential to business?
natural resources human resources capital entrepreneurship ** knowledge of industry helps too
