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Business Success Seminar > Final Exam > Flashcards

Final Exam Flashcards

1
Q

Process of creating, communicating, and delivering, goods & services to customers and clients.

A

Marketing

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2
Q

Marketing to individuals that want products for personal use (end consumer).

A

Consumer Market

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3
Q

Individuals and organizations that buy goods and services to use in production or to sell to others.

A

Business to Business

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4
Q

Good or service that meets the demands of the market with a competitive advantage.

A

Product

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5
Q

Involves getting product from producer to end user.

A

Placing

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6
Q

Depends on:

  • Competitors’ prices
  • Production costs
  • High or low price strategies
A

Pricing

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7
Q

All the techniques that sellers use to inform people about their products and motivate them to buy

A

Promotion

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8
Q

Advertising, Personal selling, Public relations, word of mouth, sales promotions are examples of……

A

Promotion

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9
Q

Identifying products consumers have used in the past and what they want in the future.

A

Marketing Research

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10
Q

Existing data that has previously been collected by sources like the government

A

Secondary Data

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11
Q

In depth info gathered by marketers from their own research

A

Primary Data

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12
Q

A group of people who meet under the direction of a discussion leader to communicate.

A

Focus Group

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13
Q

Divides the total market into groups with similar characteristics

A

Market Segmentation

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14
Q

Dividing the market by cities, counties, states, or regions

A

Geographic Segmentation

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15
Q

Dividing the market by age, income, education, and other demographic variables.

A

Demographic Segmentation

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16
Q

Dividing the market by group values, attitudes, and interests.

A

Psychographic Segmentation

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17
Q

Selecting which segments an organization can serve profitably.

A

Target Marketing

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18
Q

The process of identifying factoring that affect marketing success.

A

Environment Scanning

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19
Q

The process of finding small but profitable market segments and designing or finding products for them.

A

Niche Marketing

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20
Q

Developing products promotions to please groups of people

A

Mass Marketing

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21
Q

Marketing strategy with the goal of keeping individual customers over time by offering them products that exactly meet their requirements

A

Relationship Marketing

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22
Q

Pricing measures cost of producing a product including materials, labor, and overhead.

A

Cost-based Pricing

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23
Q

A strategy based on what the competition is charging for its products

A

Competition-Based Pricing

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24
Q

Pricing new high to recover costs and make high price competition is limited

A

Skimming Price Strategy

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25
Q

The creation of perceived product differences

A

Product Differences

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26
Q

The value of the brand name associated symbols

A

Brand Equity

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27
Q

The degree to while consumers are satisfied and are committed to further purchases

A

Brand Loyalty

28
Q

How quickly a giver brand comes to mind when one mentions a product category

A

Brand Awareness

29
Q

Linking a brand to other favorable images like celebrities or a specific lifestyle

A

Brand Association

30
Q

A theoretical model of what happens to sales and profits for a product over time

A

Product Life Cycle

31
Q

What are the states of the Product Life Cycle?

A
  1. ) Introduction
  2. ) Growth
  3. ) Maturity
  4. ) Decline
32
Q

The process used to determine profitability at various levels of sales.
Revenues = cost

A

Break-Even Analysis

33
Q

All costs that remain the same no matter how much is produced or sold

A

Total Fixed Costs

34
Q

Costs that change according to the level of production

A

Variable Costs

35
Q

Paid, non-personal communication through various media by organizations and individuals who are in some way identified in the message.

A

Advertising

36
Q

Any information about an individual, product, or organization thats distributed to the public through the media and is not paid for or controlled by the seller

A

Publicity

37
Q

People tell others about products they have purchased

A

Word-of-Mouth Promotion

38
Q

Core business area responsible for the financial health (meeting and money goals) and overall fund management of the org.

A

Finance

39
Q

Process of recording, summarizing, and interpreting financial transactions

A

Accounting

40
Q

Shows what the company owns (assets), what it owes its creditors (liabilities), and the value of its shares (Owners equity)

A

Balance Sheet

41
Q

Shows that the company earned by selling its products compared to it’’s COGS and expenses. Also called a profit/loss statement

A

Income Statement

42
Q

Shows specific sources of how the company generates cash (inflows? and spends cash (outflows).

A

Statement of cash flows

43
Q

One of the most important aspects of business and personal finance.

A

Time Value of Money

44
Q

Certificate indicating that an investor has lent money to a firm or a government

A

Bonds

45
Q

Shares of ownership in a company

A

Stocks

46
Q

Part of a firms profits that are distributed to shareholders

A

Dividends

47
Q

Strategy of saving a specific amount of money periodically

A

Pay yourself first

48
Q

Timing strategy of investing dollar amounts regularly and periodically

A

Dollar Cost Averaging

49
Q

Simplified way of determining how long it will take for an investment to double in value given the expected rate of return or number of years

A

Rule of 72’s

50
Q

Buying several different types of investments to spread the risk of investing

A

Diversification

51
Q

Tax-deferred investment plans that enable a person to save part of their income for retirement

A

Individual Retirement Accounts

52
Q

A contract to make fixed payments from a lump sum to a person for life; guarantees income until you die.

A

Annuity

53
Q

Backed by collateral

A

Secured Loans

54
Q

Don’t require collateral from the borrower

A

Unsecured Loans

55
Q

A given amount of money the bank will provide so long as the funds are available

A

Line of Credit

56
Q

A line of credit that guaranteed but comes with a fee

A

Revolving Credit Agreement

57
Q

A secured loan to the property that you purchase

A

Morgage

58
Q

The difference in the amount owed on the home and the value it is worth.

A

Equity of home

59
Q

The amount actually owed or borrowed on the home

A

Principal

60
Q

The finance charge that you will pay back to the lender for borrowing money

A

Interest

61
Q

Property taxes that you must pay determined by the amount the property’s worth

A

Taxes

62
Q

An account set up to save money for your taxes and insurance payments

A

Escrow

63
Q

Principal, interest, taxes, and insurance the total of your mortgage payments

A

P.I.T.I

64
Q

Your contract will the insurance company

A

Policy

65
Q

The periodic amount you pay for coverage

A

Premium

66
Q

The dollar amount you must pay before the insurance co. pays you

A

Deductible

67
Q

Pure insurance protection for a given number of years that typically costs less the younger you buy it

A

Term Insurance

Business Success Seminar (7 decks)

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