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Intro to Business > Final Exam > Flashcards

Final Exam Flashcards

1
Q

What is an exchange?

A

Act of giving up one thing in return for something else

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2
Q

What is Marketing?

A

systematic approach to satisfying consumers

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3
Q

What is a Marketing Concept?

A

idea that an organization should try to satisfy customers’ needs through coordinated activities that also allow it to achieve its own goals

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4
Q

What does a marketing concept assume?

A

that trying to understand buying behavior is the best way to satisfy them

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5
Q

What is a marketing strategy?

A

plan of action for developing marketing mix to meet the needs of specific customers

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6
Q

What are the two major steps in a marketing strategy?

A

selecting a target market and developing a marketing mix

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7
Q

What is a product?

A

a good, service or idea that has tangible and intangible attributes that provide satisfaction and benefits to consumers

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8
Q

What is marketing information systems?

A

framework for accessing information about customers from sources inside and outside the organization e.g. census stats for outside

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9
Q

What are the functions of marketing?

A

buying, selling, transporting, storing, grading, financing, marketing research and risk-taking

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10
Q

What are the two types of data you can collect?

A

Primary-gathered by researchers Secondary-reports, e.g census

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11
Q

What is a market orientation?

A

approach of gathering info about customer needs, sharing info across the the firm, and using the info to build long-term relationships. e.g. krogers customized coupons.

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12
Q

What are the steps of the product development process?

A

idea generation - product screening - concept testing - business analysis - product development - testing marketing - commercialization

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13
Q

What are the psychological variables for buying behavior?

A

Perception, Learning, Attitude, Personality, Social Roles, Reference Groups, Social Classes & Culture

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14
Q

What are the forces affecting the marketing environment?

A

Political, Legal and Regulatory Forces, Social Forces, Technological Forces, & Competitive and Economic Forces

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15
Q

What are the elements of the marketing mix?

A

Product, Price, Promotion & Distribution

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16
Q

What is a convenience product?

A

Purchased without doing research into price. e.g. gallon of milk

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17
Q

What are the four stages of the product life cycle?

A

Introduction, Growth, Maturity & Decline

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18
Q

What characterizes the introductory stage of the product life cycle?

A

consumer awareness and acceptance are limited, sales start at zero and profits are negative

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19
Q

What characterizes the growth stage of the product life cycle?

A

sales increase at a rapid rate, profits peak and start to decline. competing firms become aware of the product success and may enter the market. firm tries to strengthen its position in the market

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20
Q

What characterizes the maturity stage of the product life cycle?

A

sales continue to increase, peak then decline. severe competition and heavy marketing expenses

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21
Q

What characterizes the decline stage of the product life cycle?

A

sales and profits decline, plans must be made to phase out the declining product

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22
Q

What is the difference between a brand and a trademark?

A

A trademark is a brand that is registered with the U.S. Patent and Trademark Office and is legally protected from use by any other firm

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23
Q

What are four common pricing objectives?

A
  1. Maximize profits and sales. 2. Boost market share. 3. Maintain the status quo. 4. Survival
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24
Q

What is price?

A

the value placed on the object involved in an exchange between a buyer and seller. THE MOST FLEXIBLE VARIABLE

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25
Q

What are examples of new product pricing strategies?

A

price skimming and penetration pricing

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26
Q

What are examples of psychological pricing strategies?

A

even/odd and symbolic/prestige pricing

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27
Q

What are examples of price discounting strategies?

A

quantity discounts, seasonal discounts, and promotional discounts

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28
Q

What are the distribution strategies?

A

Marketing channel-moves product from producer to consumer. Retailer-buys from manufacturer and sells to customer. Wholesalers-intermediaries that buy from producers or other wholesalers and sell to retailers

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29
Q

What are the two types of promotion strategies?

A

Push & Pull

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30
Q

What is a push strategy?

A

motivate middlemen to push the product down to their customers

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31
Q

What is a pull strategy?

A

creates consumer demand for the products, so consumers will exert pressure on marketing channel to make product available

32
Q

What is the evolution of the marketing concept?

A

Production Orientation, Sales Orientation, Market Orientation

33
Q

What characterized the product orientation stage?

A

19th century, Industrial Revolution. Manufacturing Efficiency

34
Q

What characterized the sales orientation stage?

A

Early 20th century. Supply exceeds demand, and creates a need to “sell” products

35
Q

What characterized the market orientation stage?

A

1950’s. First determine what customers want.

36
Q

What does FASB stand for and when was it established?

A

Financial Accounting Standards Board- since 1973. Today the Public Company Accounting Oversight Board est. rules, req, and policies

37
Q

What is the difference between bookkeeping and accounting?

A

Bookkeeping is the routine day-to-day recording of business transactions, while accountants will then analyze

38
Q

What are the four steps of the accounting cycle?

A
  1. Examine source documents 2. Record transactions in an accounting journal 3. Post transactions to a ledge 4. Prepare financial statements and have them certified by an accountant
39
Q

What is the income statement?

A

overall profitability or loss over a period of time. Firm’s bottom line.

40
Q

What is depreciation?

A

Spreading the costs of long-lived assets over the total number of accounting periods

41
Q

What is net income?

A

total profit or loss after all expenses are deducted from revenue

42
Q

What is the balance sheet?

A

snapshot of organization’s financial position

43
Q

What is an example of a current asset?

A

Accounts Receivable

44
Q

What is the difference between current assets and long-term assets?

A

Current can be converted to cash within a calendar year, while Long-term represent a commitment of funds for more than a year

45
Q

What are the types of ratio analysis?

A

Profitability rations, Asset utilization ratios, Liquidity rations, Debt utilization ratios, and per share data. compared to other companies in same field

46
Q

What is a liquidity ratio?

A

Shows how quickly a company can turn assets into cash to match liabilities.
Current Ration=Current Assets/Current Liabilities
Quick Ratio=Current Assets-Inventory/ Current Liabilities

47
Q

What are the characteristics of money?

A

Acceptability, Divisibility, Portability, Stability, Durability & Difficult to Counterfeit

48
Q

Why is acceptability the most important characteristic?

A

People must believe in and trust the value what they use as money. Instability destroys confidence e.g. Greece and the dracma

49
Q

What are the functions of money?

A

Medium of exchange, Measure of Value, Store of Value

50
Q

What is finance?

A

study of money, how it’s made, how it’s lost and how it’s managed

51
Q

What is money?

A

anything generally accepted in exchange for good and services

52
Q

What is fiat money?

A

paper money, not readily convertible to a precious metal such as gold, it didn’t gain acceptance until the 1930’s

53
Q

What are the types of money?

A

Paper money, Coins, Checking account (demand deposit), Savings account (time deposit), Credit Cards

54
Q

What is a NOW account?

A

Negotiable Order of Withdrawal, interest-bearing checking account

55
Q

What are credit cards?

A

preapproved lines of credit granted by a bank or finance company

56
Q

What is The Card Accountability Responsibility and Disclosure Act of 2009?

A

Limits the ability of card companies to raise interest rates, limits young adults’ access to credit cards, and gives more time to pay off bills

57
Q

What is the Federal Reserve Board?

A

guardian of the American financial system, independent agency of the federal government, established in 1913 to regulate. Currently Ben Bernanke, will be Janet Yellon

58
Q

What are the four major functions of The Fed?

A
  1. Controls the money supply with monetary policy. 2. Regulates financial institutions. 3. Manages regional and national check-clearing procedures. 4. Supervises the federal deposit insurance of commercial banks in the Federal Reserve system
59
Q

Effect of buying government securities?

A

money supply increases, economic activity increases

60
Q

Effect of selling government securities?

A

money supply decreases, economic activity slows

61
Q

Effect of raising discount rate?

A

interest rate increases, money supply decreases, economic activity slows

62
Q

Effect of lowering discount rate?

A

interest rate decreases, money supply increases, economic activity increases

63
Q

Effect of increasing reserve requirements?

A

banks make fewer loans, money supply declines, economic activity slows

64
Q

Effect of decreasing reserve requirements?

A

banks make more loans, money supply increases, economic activity increases

65
Q

Effect of relaxing credit controls?

A

more people encouraged to make major purchases, economic activity increases

66
Q

Effect of restricting credit controls?

A

people are discouraged from making major purchases, economic activity slows

67
Q

What is the FDIC?

A

Federal Deposit Insurance Corporation, est in 1933, insures personal accounts ups to 250,000

68
Q

What was the FSLIC?

A

Federal Savings and Loan Insurance Corporation, used to insure savings and loan associations accounts until it became insolvent

69
Q

What is the NCUA?

A

National Credit Union Association, regulates and charters credit unions, similar to FDIC

70
Q

What is transaction balance?

A

Cash kept on hand by firm to pay normal daily expenses such as employee wages and bills. Want this to be low

71
Q

What is a lockbox?

A

Address, usually a commercial bank, where a company receive payments in order to speed collections from customers

72
Q

What is a prime rate?

A

interest rate that a commercial bank would charge its best customer for short-term loans.

73
Q

When are floating rate loans appealing?

A

when interest rates are falling but not when they rise

74
Q

What is trade credit?

A

credit extended by suppliers for the purchase of their goods and services, most important account payable and most widely used source of short-term financing

75
Q

What is capital budgeting?

A

analyzing needs of business and selecting the assets that will maximize its value. CONTINUAL REEVALUATION

76
Q

How can you invest idle cash?

A

Marketable Securities, Treasury Bills

Intro to Business (2 decks)

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