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Business 1000 Final Exam > Finals > Flashcards

Finals Flashcards

1
Q

Craft union

A

An organization of skilled specialist in a particular craft/trade

Ex)
American federation of labor (AFL) 1886

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2
Q

American Federation of Labor (AFL) 1886

A

An organization of craft unions that championed labor issues

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3
Q

Industrial union

A

Labor union of unskilled or semiskilled workers in mass production industries

Ex)
Congress of industrial organization (CIO)

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4
Q

Congress of industrial organization (CIO)

A

Union organization of unskilled or semiskilled workers; who broke away from the AFL IN 1935 and rejoined in 1955

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5
Q

Wagnar Act (NLRA)

A

National Labor Relations Board

Oversees labor-management issues and provides guidelines for unionization

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6
Q

Certification (considering NLRB)

A

NRLB recognizes the union as the bargaining agent for employees

“We want them to represent us”

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7
Q

De-certification (considered NLRB)

A

Employees take way unions right to represent them

“We don’t want them to represent us”

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8
Q

Norris La Guardia Act

A

Prohibits the use of yellow-dog contracts

Basically prohibits (that employees are required to agree to not to join union)

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9
Q

Taft Hartley Act of 1947

A

Granted the state the power to outlaw closed shop agreements
- pass right to work laws

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10
Q

Right to work laws

A

Gives workers the right to join or not to join a union

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11
Q

Shop steward

A

It is a union official who represents employees

A person elected by workers to represent them in dealing with management

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12
Q

Yellow dog contracts

A

A contract btw a worker and an employer in which the worker agrees not to remain in or join a union

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13
Q

Union security agreement (the different ones name each)

A

Closed shop
Union shop
Agency shop
Open shop

CUAO

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14
Q

Closed shop

A

Only hire labor members

Outlawed by Taft hardy Act of 1947

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15
Q

Union shop

A

You have to join the union

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16
Q

Agency shop

A

Don’t have to join the union but you have to pay a fee

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17
Q

Open shop

A

People join voluntarily

Agreement is an agreement in right to work states

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18
Q

Mediation (“to mediate”)

A

Third party encourages both sides to resolve key issues

—- neutral party gives suggestions

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19
Q

Arbitration

A

Third party render a binding agreement (they listen to both sides of disagreement and give ruling)

Used most often

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20
Q

Bargaining zone

A

Range of options that each party will consider in a disagreement

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21
Q

Management tactic in conflicts

A 
Lockout 
-close business 
Injunction 
-court order: court say something
-strike breakers: workers are hired to replace striking workers

LI

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22
Q

Union tactics in conflict

A 
Strike 
-refuse to work 
Boycotts 
-primary: not buy product 
-secondary: convince other to stop doing business 
Work slowdowns
-reduce productivity or efficiency 
Pickets 
-protest outside

SBWP

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23
Q

Sexual harassment

A

Unwelcome sexual advances, request for a sexual favor or other verbal or physical conduct that creates a hostile work environment

Cover all employee and foreign company doing business

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24
Q

Kind of sexual harassment:

Quid pro quo

A

Sexual harassment involving threats

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25
Q

Kind of sexual harassment:

Hostile work environment

A

Sexual harassment is a conduct that interferes with workers performance or creates an intimidating offensive work environment

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26
Q

Marketing Eras (evolution: in order)

A 
Production
Selling
Marketing
Concept
Customer relationship eras

PSMCC

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27
Q

Production and selling era

A

“Produce what you can because the market is limitless”

After production, focus on persuasion
After you produce sell it

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28
Q

Marketing concept era (1941-1945)

A

After WWII consumers began to spend so Business need to be responsive

“What do they want”

3 marketing concepts
Customer orientation
Service orientation
Profit orientation

CSP

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29
Q

Customer orientation

A

Find out what customers want and provide it

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30
Q

Service orientation

A

Committed to customer satisfaction

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31
Q

Profit orientation

A

Focus on goods and services that will earn the most profit

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32
Q

Customer relationship era

A

Customer relationship management (CRM)

  • learns about customers to satisfy or exceed their expectations
  • long term relationships
  • ——Priceline and Travelocity use
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33
Q

Emerging mobile marketing era

A

Consumer demands

  • Now: anywhere anytime
  • can I?: use information to create value
  • For me: personalized experience
  • Simply: easy interactions
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34
Q

Customer relationship management (CRM)

A

Learns about customers to satisfy or exceed their expectations

Long term relationship
Ex) Priceline and Travelocity use CRM

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35
Q

Marketing mix (4 p’s)

A

Product
Price
Place
Promotion

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36
Q

Product

A

A good, service or idea that satisfies a consumers want or need

— concept testing and test marketing (used to find wants)

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37
Q

Price

A

“Amount the customer is willing to pay and have the ability to pay”

Cost of the item/service

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38
Q

What is price determined by

A

Competitors price
Production cost
Distribution
Price strategies

CPDP

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39
Q

Place

A

Where the item is located

Middlemen (distributors) intermediaries

Manufacturers—> Middlemen—-> Consumer

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40
Q

Promotion

A

Techniques sellers used to inform people about their product and motivate them to purchase those products

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41
Q

Different types of promotions

A

Advertising (paid advertising)

Personal selling (go there and sell in person)

Public relations (build relation no pay)

Word of mouth (continue to share pass product on)

Sales promotion

APPWS

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42
Q

Test marketing

A

An experiment conducted in a field laboratory comprising of actual stores and real life buying situations, without buyers now ng they are participating in evaluation exercise

Experiment that secretly evaluate customer behavior on what they like

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43
Q

Market research

A

Analyze markets to determine challenges and opportunities and finding info needed to make good decisions

“Know your customers”

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44
Q

Marketing research process (4 steps)

A

Define the problem

Collect data

Analyze the data

Choose best solution and implement

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45
Q

Define the problem/ opportunities

A 
Present situation 
- strength and weakness 
Alternatives?
What info needed?
Haw to gather info?
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46
Q

Collect data: secondary data

A

Existing data
-has been already gathered

No expense, easy access

Doesn’t give you all of info (draw back)

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47
Q

Collect data: primary data

A

Gathered by marketers (conducted own research, collect your own data)

Survey, interviews, focus groups

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48
Q

Focus groups

A

Group of people who meet under the direction of a discussion leader to communicate opinions

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49
Q

Analyzing the data and implement decision

A

Turn data into useful info

Use analysis strategies and recommendations

Evaluate to see if further research is needed

50
Q

Application of concept: how to find out what your customers think

A

Consumer survey

Focus group

Listen to competitors customer

Survey your sales force

Phantom customer

51
Q

Environmental scanning

A

The process of identifying factors that affect marketing success

Global
Technological 
Sociocultural 
Competitive
Economic

GSECT

52
Q

Market segmentation

A

Divides the total market into groups with similar characteristics

53
Q

Market segmentation types

A

Geographical

Demographical

Psycholographical

Benefit

Volume

GD PBV

54
Q

Geographical segmentation

A

Decide considering

Cities, counties, states, region, zip

55
Q

Demographics segmentation

A

Age
Income
Education

56
Q

Psychographic segmentation

A

Values
Attitude
Interest

(How they perceive certain situations)

57
Q

Benefit segmentation

A

Product Benefits the customer prefers

Is it convenient to customer is it beneficial

58
Q

Volume (usage) Segmentation

A

Volume of product use (How often do they use it)

59
Q

Relationship marketing

A

Custom made goods and services for customers

“Takes a lot of money to get new customer then to get old customers”

60
Q

Niche marketing

A

Small but profitable market segments

“Going after very specific small what group”

61
Q

One to one marketing

A

Unique mix of goods and service for each consumer

62
Q

Mass marketing

A

For large groups of people

“For the same large group”

63
Q

Promotion mix

A

Combination of promotional tools a organization uses

64
Q

Promotion mix types

A 
Advertising 
Personal selling
Public relations 
Sales promotion 
Other tools

APPS

65
Q

Advertising

A

Paid, non personal communication through various media by organization and individual who are in some way identified in the message

66
Q

Advertising types

A 
Television ad
Product placement 
Informercial 
Online ad
Interactive promotion 
Social media
Global ad

TPIO ISG

67
Q

Tv ad

A

Ads on tv

68
Q

Product placement

A

Advertisers pay to put their product into tv shoes and movies where audience will see them

69
Q

Informercial

A

A full length tv program devoted exclusive to promoting a particular good or service

70
Q

Online ad

A

To get potential customers online (demonstrate how product work)

71
Q

Social media

A

Test ads before airing on traditional media like tv

72
Q

Global ad

A

Specific ads for each country or specific groups within country

73
Q

Personal selling

A

Is the face to face presentation and promotion of goods and services

Salesperson search for new prospect and follow up service after sale

74
Q

Steps in personal selling

A 
Prospect and qualify 
Pre approach
Approach 
Make presentation 
Answer objections 
Close sale 
Follow up

PQ PAMAC F

75
Q

Prospect

A

Researching potential buyers and choosing the most likely to buy

Section process is called qualifying

76
Q

Qualifying

A

Making sure that people have a need for the product, the authority to buy, and willingness to listen to sales message

77
Q

Pre-approach

A

Learning as much as possible about customers and their wants and needs

78
Q

Approach

A

“First impression is important”

when you call customer for the first time , create impression of impressiveness

79
Q

Make presentation

A

The presentation is a great time to use testimonial, showing potential buyers that they’re joining leaders In Other firms who are using the product

80
Q

Close sale

A

After sale person has answered questions and objections he may present a trail close question to move selling process to actual purchase

81
Q

Follow up

A

Order approved customer is happy

82
Q

Public relations

A

The function that evaluate public attitudes, change policies and procedures in response to public request, and executes a program of action and information earn public understanding and accepted

83
Q

3 step of public relations

A

Listen to the public

Change policies and procedures

Inform people you’re responsive to their needs

84
Q

Publicity

A

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

85
Q

Sales promotion

A

The promotional tool that stimulates consumer purchasing and dealer interest by means of short term activities

86
Q

Promotional tool

A

Tool that stimulate consumer purchasing and dealer interest by short term activities

87
Q

Sampling

A

Allowing consumers to have a small sample of the product for no charge

88
Q

Word of mouth

A

People tell other people about products they have purchase

89
Q

Viral marketing

A

Any strategy that encourages people to pass on a marketing message to others, creating exponential growth in the messages influence as the message reaches thousand, to millions

90
Q

Podcasting

A

A means of distributing multimedia digital files on the internet for downloading to a portable media player

Good for catching customer and making it simple to understand

91
Q

Contest vs sweepstake

A

Contest winners are selected by judges using a set of criteria

Sweepstakes winners are selected randomly

92
Q

Push strategy

A

Producers use promotional tools to get their products on shelve

Target:
Wholesale and retailers

Producers get their product to sellers

93
Q

Pull strategy

A

Directs promotions effort toward consumers and get them to request product from retailers

People want stuff form sellers

94
Q

Accounting

A

Recording, classifying, summarizing and interpreting of financial events and transactions in an organization to provide interest parties needs financial info

95
Q

Who’s uses firms accounting info

A 
Employees
Owners 
Creditors
Unions 
Investors 
Govt
96
Q

Managerial accounting

A

Provides info and analysis to managers inside the organizations to assist them in decision making

Concerned with measuring and reporting costs of production, marketing, and other function

Prepare budget
Stay in budget
Minimize tax

INSIDE

97
Q

Financial accounting

A

The financial info and analysis it generates are for people primarily outside the organization

Info can go to creditors and lenders, employees unions customers suppliers govt agencies and general public

OUTSIDE

98
Q

Private accountant

A

An accountant who works for a single firm, government agency or non profit organization

99
Q

Public accountant

A

An accountant who provides accounting services to individuals or businesses on a fee basis

100
Q

Bookkeeping

A

Recording of business transactions

Decide all work into categories

Book them in journals

101
Q

Auditing

A

The job of revising and evaluating the info used to prepare a company’s financial statement

102
Q

Independent audit

A

An evaluation and unbiased opinion about the accuracy of a company’s financial statement

103
Q

Accounting cycle

A 
Analyze sourced documents 
Record transaction into journal 
Transfer journal entries into ledger
Take trial balance 
Prepare financial statement 
Analyze financial statement

ARTT PA

104
Q

Trial balance

A

A summary of all the financial data in the account ledgers that ensures the figure are correct and balance

105
Q

Ledger

A

A specialized accounting book or computer program, which information from accounting journals is accumulated into specific categories and posted

so that managers can find all the information about in account in the same place

106
Q

Accounting equation

A

Fundamental accounting equation is bases for balance sheet

Assets = Liabilities + Owners Equity

107
Q

3 financial statements

A

Balance sheet

Income statement.

Statement of cash flow

108
Q

Balance sheet

A

Reports the firms financial condition on a specific date

109
Q

Income statement

A

Summarizes revenue, cost of goods and expenses (including taxes) for a specific period and highlights the total profit or loss the firm experience during that period

110
Q

Statement of cash flow

A

Provides a summary of money coming into and going out of the firm

Track company’s cash receipts and cash payment

111
Q

Ratio analysis

A

The assessment of a firms financial condition using calculations and financial ratios

112
Q

Liquidity ratios

A

Measure a firms ability to turn assist into cash to pay its short term debts

113
Q

Current ratio

A

Current asset/ current liability

114
Q

Acid test ratio

A

Cash + Acc Rec + marketable securities / current liabilities

Found on balance sheet

115
Q

Leverage (debt) ratio

A

Measure degree to which a firm relies on borrowed funds in its operation

116
Q

Debt owner equity ratio

A

Total liabilities/ owners equity

If # very high the owner account in lot of debt

Found on balance sheet

117
Q

Profitability ratio

A

Measure how effectively a firms manager are using the firms various resources to achieve profits

118
Q

Basic earning per share

A

Net income after tax/ common stock (#ofshares)

119
Q

Return sales

A

Net income after tax / net sales

120
Q

Return equity

A

Net income tax / owners equity

High # = high profit

Found on balance sheet and income statement

121
Q

Activity ratio

A

Measure how effectively management is turning over inventory

122
Q

Inventory turnover ratio

A

Cost of goods / Average inventory

Found on balance sheet and income statement

Business 1000 Final Exam (1 decks)

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